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

  • November 04, 2020 04:28 PM AEDT
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Musgrave Minerals’ (ASX:MGV) Regional Program Reaches New Heights with High-Grade Gold Hits

Summary

  • The regional drilling program undertaken by Musgrave Minerals (ASX:MGV) intersected high-grade gold at Target 9 (Leviticus), which is 1.8km south of Break of Day. 
  • The drilling program is testing additional Starlight analogue targets in the belt. 
  • Musgrave Minerals has completed Aircore/RC traverses over 20 of the 25 targets where drilling was planned, with assays received for the initial 12 traverses. 
  • At 10 of the targets, anomalous gold has been intersected. 
  • Regional drill testing for further Starlight analogues and the follow-up drilling at Targets 2 and 9 is currently underway. 

The exploration undertakings of Australian gold-focused explorer, Musgrave Minerals Limited (ASX: MGV) continues to yield robust outcomes, enhancing the potential of its Cue Project located in Murchison district of Western Australia. 

The Company announced assay results for a further 56 aircore/reverse circulation (RC) holes, drilled as a part of the ongoing regional exploration program. The regional drilling intersected high-grade gold at the Leviticus target (Target 9), which lies 1.8km south of Break of Day. 

Post the significant announcement, Musgrave shares marked an uptick of 4%, trading at $0.530 on 4 November 2020 (at 12:39 PM). 

ALSO READ: Musgrave Minerals’ (ASX: MGV) Exploration Strikes Victory with Robust Gold Recoveries in Starlight Metallurgical Test work

Lens through the Regional Drill Program

The regional drill program underway is testing new Starlight analogue targets in the belt, where recent robust gold discoveries have enhanced the exploration and discovery potential. Significantly, Starlight gold discovery at the Break of Day deposit returned series of high-grade results. 

ALSO READ: Starlight Discovery: A Driving Force to Musgrave Minerals’ (ASX: MGV) Expanding Resources and Potential

The Company is completing single traverses of aircore/RC drill holes as a first pass test over ~25 individual targets, with the regional program extended to over 18,000m. To date, a total of 273 aircore/RC holes have been completed across 16,000m over 20 of a planned 25 targets, where drilling was planned. Musgrave has received assays for 105 holes across 12 targets. Targets derived from geochemical, geological, and geophysical data are being tested.

Casting an Eye over Leviticus Target

The Leviticus target or Target 9 returned the best results in the latest batch of assays. To date, the Company has received assays for 12 of the completed 20 traverses. Notably, Musgrave intersected anomalous gold at 10 of the targets, which also includes the high-grade, near-surface results from Targets 2 and 9. 

Leviticus is roughly 1.4km south of Target 2, where the Company recently reported robust aircore/RC results. At Leviticus, historical east-west drilling intersected high-grade gold. 

An existing inferred resource of 42,000t @ 6.0g/t Au for 8,000oz is hosted by the Leviticus target. Implementation of Starlight’s geological knowledge and re-interpretation of the new intercepts at Target 9 suggest a north-northwest strike, permissive for the gold lodes. 

Considering the possibility of north-north-west striking lodes, it seems like that northern limit or depth extent of the gold mineralisation at Leviticus have not been tested in the historical drilling. Musgrave is planning further drilling to test the hypothesis in the next few weeks. 

Discussion of Results

One-metre individual samples have been analysed from aircore/RC holes drilled in the current program, with all reported intervals assaying 6m above 0.1g/t Au are of potential significance.

The initial drilling indicates the possibility of two sub-parallel gold lodes which strikes north- northwest. To define the strike as well as depth extent of the mineralised position, the Company would be required to undertake additional follow-up drilling

Anomalous gold results were also returned from drilling at targets 8, 10, 11 and 23 in the regolith, with further assessment ongoing before follow-up drilling.

Furthermore, low-moderate grade gold mineralisation was intersected from the drilling of Target 6 at Lena. The mineralisation is consistent with the current geological model of Lena. 

ALSO READ: Musgrave Minerals (ASX:MGV) Reports High-Grade Gold at a New Target to the South Of Starlight

Ongoing Exploration

 

 


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