Musgrave Minerals Delivers Excellent High-Grade Gold Results Extending Starlight Gold Mineralisation

Summary

• The assay results of RC drilling and diamond drilling at the Starlight discovery at Break of Day confirm and extend the high-grade gold mineralisation where it remains open down plunge.
• Musgrave has kicked off the regional program aimed at making additional high-grade gold discoveries in the belt, while it is focussed on the depth extents at both Starlight and the new White Light discovery.
• The recent discoveries sit outside the Break of Day’s resource, with updated resource estimate scheduled for late Q3 2020 which would integrate the recent results from the new Starlight and White Light gold discoveries.

The list of robust gold intercepts for Musgrave Minerals Limited (ASX:MGV) continues to climb up a notch with the delivery of yet another string of high-grade gold results at the new Starlight discovery at Break of Day.

Musgrave has reported assay results for a further ten reverse circulation (RC) drill holes and four diamond drill (DD) holes from the current program carried out at the new Starlight gold discovery.

The Company’s latest news on ASX confirming and extending the high-grade nature of the Starlight appears to catapult the yellow metal exploration prospects at the Cue Project stationed in Western Australia’s Murchison district.

Musgrave, in its drilling program at Break of Day, earlier reported Bonanza grade gold at the Starlight discovery along with robust results from the newly discovered White light, which is 75m to the south and striking parallel to Starlight

Commenting on the latest results, Musgrave Managing Director Rob Waugh stated that the further excellent drill results from Starlight are showing great continuity in the top 200m. At the same time, the Company currently focuses on the depth extents at both Starlight as well as the new White Light discovery. He indicated that the regional program has also kicked off, centred on making additional high-grade gold discoveries in the belt.

ALSO READ: Another Exciting Discovery For Musgrave Minerals: New Gold Lode Identified Within Break Of Day

A Glimpse at the Latest Results

From the RC holes that are drilled in the current program, the Company has analysed a combination of six-metre composites and one-metre individual samples. Musgrave indicated that it would re-submit all 6m composite samples above 0.1g/t Au for individual 1m sample analysis.

Lens through Ongoing Gold Exploration Endeavours

Existing Resource Base

Musgrave continues the drilling at Starlight located at the Break of Day on the Musgrave’s wholly owned grounds at its Cue Gold Project. The focus on the drilling is on infilling as well as extending the high-grade gold mineralisation at depth.

The Cue project currently hosts 6.45Mt @ 3.0g/t Au for 613koz, including the Break of Day deposit consisting of 868Kt @ 7.2g/t Au for 199koz contained gold, along with 4.3Mt @ 2.3g/t Au for 325koz contained gold of Lena deposit. Significantly, the estimate does not incorporate any results from the new Starlight and White Light gold discoveries. The updated resource estimate integrating the recent results is scheduled for late Q3 2020.

ALSO READ: Musgrave Records Impressive Gold Results at Starlight, Stock Zooms Up by 24%

Progress Underway

Musgrave has reported the arrival of additional drill rig on-site for testing new lodes within the Break of Day or Lena mineralised corridor on Musgrave’s wholly owned ground. The Company during the program intends to test 18 new targets, which are derived from geochemical, geophysical, and geological data and is targeted on the high-grade gold mineralisation on structures cross-cutting stratigraphy like that witnessed at Starlight.

Up until now, the RC drilling for 66 holes at Starlight and White Light has been completed. Assay results have been received for 60 holes.

Furthermore, Musgrave has completed an additional 21 short RC holes for further testing the near-surface Twilight and Velvet lodes at Break of Day, with assays pending.

To date, nine deep diamond drill hole tails and four infill diamond holes have been completed, with assays being received for eight holes. The further assays are expected within three weeks.

ALSO READ: Musgrave Minerals Records Remarkable June Quarter, Stock Zooms Up 4%

Mineralisation

The mineralisation comprises quartz lodes, which are hosted within a foliated and altered basaltic stratigraphic sequence, typically dipping steeply to the south. Both lodes have a strike extent of over 100 metres and are open down plunge

Way Forward

Kalkine Image (Data Source: MGV ASX Update)

Notably, MGV stock traded at $0.585 on 19 August 2020. The stock has generated a return of 520% in the past six months.