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Musgrave Minerals (ASX:MGV) Regional Exploration Highlights Upside Gold Potential Of The Belt

  • November 23, 2020 05:44 PM AEDT
  • Team Kalkine
Musgrave Minerals (ASX:MGV) Regional Exploration Highlights Upside Gold Potential Of The Belt

Summary

  • Musgrave Minerals (ASX:MGV) regional drilling program targeting Starlight returned anomalous near-surface gold mineralisation at several targets. 
  • Musgrave has tested 23 out of the planned 25 targets by a single traverse of aircore drill holes. 
  • Follow-up infill drilling on the highest priority targets, including targets 2, 5, 9 14, 15 and 20 has commenced. 
  • Follow-up aircore drilling at the White Heat Target (Target 2) intersected high-grade, near-surface regolith gold mineralisation.
  • The Phase 2 aircore drilling program on Lake Austin is continuing, with over 18,000m of a planned 21,900m program completed.  
Gold MTF non-AMP

The ongoing regional exploration program of Musgrave Minerals Limited (ASX:MGV) is hitting out of the park as exciting results repeatedly boost the Company’s gold-focused endeavours at the Cue Gold Project, Western Australia. 

Maintaining its encouraging momentum, the program targeting Starlight analogues has delivered a new round of strong results with several targets intersecting anomalous near-surface gold mineralisation and further high-grade successes at White Heat (Target 2). 

Musgrave (ASX:MGV) shares traded at $0.405, up 1.25% to $0.405 on 23 November 2020.

Commenting on the latest results, Musgrave’s Managing Director Rob Waugh said that another robust set of results from the Company’s regional drilling program highlight the upside gold potential of the belt. He also stated that new White Heat target is exhibiting substantial potential and the opportunity for further discoveries is opened with the identification of two new regional, parallel, gold-bearing corridors having no basement drilling. Mr Waugh indicated that regional drilling on targets is underway as well as further follow-up of the high-grade gold results at White Heat and other targets is also ongoing. 

ALSO READ: Musgrave Minerals’ (ASX:MGV) Exquisite Resource Advancement Fuelled by Break of Day Estimate

Walk Through Current Drilling Program

The current drill program is focussed on testing new Starlight analogue targets on-trend from the robust Starlight gold discovery at Break of Day. Significantly, several targets from the program returned highly encouraging results. 

Follow-up drilling at White Heat (formerly referred as Target 2) has intersected further high-grade gold and has extended the strike of the mineralisation to at least 70m. Meanwhile, two new parallel trends lying west of the Lena/Break of Day target corridor have been identified, showing strong gold anomalism under thin transported cover.

Source: MGV ASX Update, 23 November 2020

Musgrave has tested 23 out of the planned 25 targets by a single traverse of aircore drill holes. The assay results for 23 targets have been received, with 19 of the targets showing anomalous gold results. Musgrave has commenced follow-up infill drilling on the highest priority targets.

The Company has completed 353 aircore holes to date for a total advance of 21,900m. Assay results have been received for 249 holes. Following the encouraging early results, Musgrave extended the drill program to over 23,000m.

ALSO READ: Musgrave Minerals’ (ASX:MGV) Regional Program Reaches New Heights with High-Grade Gold Hits

Targets derived from geophysical, geological, and geochemical data is being tested from the program. The program is centred on the potential for near-surface, high-grade gold mineralisation on structures cross-cutting stratigraphy like Starlight. It is focussed on potential new structural gold corridors parallel to the Lena/Break of Day corridor.

Aircore/RC holes drilled in the current program have analysed a combination of 6-metre composites and 1-metre individual samples.

Drilling Outcomes on Potential High-Priority Targets

White Heat Target

At White Heat Target, the follow-up aircore drilling intersected high-grade, near-surface regolith gold mineralisation in 6m composite samples on traverses either side of the initial intersections. 

Drilling intersected:

  • 20MUAC236- 6m @ 11.6g/t Au from 24m30m east
  • 20MUAC233- 6m @ 8.3g/t Au from 36m 40m west of the initial gold intersections

The new intersections are stationed within the Archaean regolith, confirming a 290°-degree strike to the new gold mineralisation at White Heat. 

The drilling has defined high-grade regolith mineralisation over a strike length of over 70m, which remains open along strike and down dip. The Company is awaiting assay results from additional drill traverses and is planning basement reverse circulation to test the depth extent of the mineralisation.

Target 5

The anomalous gold mineralisation at Target 5 is on the extreme southern hole of the drill traverse, where it remains open to the south and along strike. The Company is scheduling follow-up drilling to extend the traverse. 

Target 20

The anomalous gold mineralisation at Target 20 also lies on the most southern hole of the traverse where it remains open to the south and along strike. 

Target 14

Target 14 is a regolith gold anomaly under ~8m of transported cover, lying 600m west of Lena. It has a strike length of more than 2.5km and a width of around 150m. 

Target 15

Target 15 lies 600m west of Target 14 and is present on a previously unidentified parallel structure to Lena/Break of Day. It is defined as a regolith gold anomaly under ~20m of transported cover. It has a strike length of over 2.5k and a width of approximately 200m. 

ALSO READ: Musgrave Minerals (ASX:MGV) Unveils September Quarter Report, Cue Gold Project Shines with Exploration Success

Ongoing Exploration

Musgrave 100% Exploration

  • Aircore/RC drilling program continues to test 25 regional and Starlight analogue targets. 
  • Follow-up drilling at high priority targets has commenced. 
  • Further drilling to test possible new lodes 100m to the south of White Light has commenced. 
  • Regional aircore drilling of new structural and geochemical targets at Mainland has begun. 
  • Baseline environmental and broader heritage surveys has started at Break of Day and Lena, in preparation for further development studies.

Evolution JV

The Phase 2 aircore drilling program on Lake Austin is continuing, with over 18,000m of a planned 21,900m program completed. 

 

 


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