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    Musgrave hits high-grade gold from Mainland, Cue project

    Musgrave Minerals Ltd (ASX: MGV) has announced strong results from the RC drilling at Mainland on its flagship Cue Gold Project in Western Australia.

    The company reported that RC drilling has intersected high-grade gold at the Consols Prospect at Mainland area.

    Significant hits include 12m @ 8.1g/t Au from 108m down hole including 6m @ 14.2g/t Au from 114m; 2m @ 55.4g/t Au from 52m down hole, including 1m @ 108.3g/t Au from 52m; and 3m @ 5.2g/t Au from 73m down hole.

    MGV reported that the results extend gold mineralisation at the Consols Prospect along strike and down dip from the Company’s initial drill program. Musgrave said that Consols remains open and untested along strike and at depth.

    The company reported that the assay results for extensional drilling at Break of Day and Lena are expected in mid-December following completion of the recent RC drilling program.

    MGV reported that diamond drilling is underway at Lake Austin North as part of the Evolution joint venture.

    Cue project

    Musgrave’s flagship Cue Project is located in the Murchison district of Western Australia. The Cue Project consists of the Moyagee Gold and Hollandaire Copper areas in the highly prospective Murchison province of Western Australia.

    Important areas of Cue project include Break of Day prospect, Lena gold resources, Mainland, and the new Lake Austin North gold discovery.

    RC drilling at Mainland

    Following the execution of an Option Agreement to acquire the Mainland tenements near Cue in March 2019, the Company had completed an initial RC drilling program and intersected 3m @ 5.4g/t Au from 74m down hole (19MORC008) at the Consols target.

    The company announced that the follow-up RC drilling consisted of 12 holes for 1,006m across three targets and has extended the Consols gold mineralisation along strike and down dip where it remains open and untested.

    High-grade assays reported

    The company announced that the assay results from the latest RC drill program at Mainland returned high-grade gold in adjacent holes at the Consols Prospect where the mineralisation remains open at depth and along strike to the west.

    Hole 19MORC018

    The company reported that the drill hole 19MORC018 drilled 35m down dip of the previous gold intercept in 19MORC008 returned a high-grade result of 12m @ 8.1g/t Au from 108m down hole including 6m @ 14.2g/t Au from 114m from 6m composite samples.

    The mineralisation is hosted by quartz veining within a medium grained dolerite. Individual one metre samples are submitted for analysis.

    Hole 19MORC019

    MGV said that the drill hole 19MORC019, collared 25m to the north-east of 19MORC008 intersected 2m @ 55.4g/t Au from 52m down hole (1m individual samples), including 1m @ 108.3g/t Au from 52m.

    Hole 19MORC020

    Musgrave said that the drill hole 19MORC020 collared 25m to the south-west of 19MORC008 returned 6m @ 3.3g/t Au from 70m down hole including 3m @ 5.2g/t Au from 73m (1m individual samples).

    Other assays

    The company said that the assay results for a fourth RC hole drilled a further 25m to the south of 19MORC020 are awaited together with one metre individual assay results for six metre composite samples for drill hole 19MORC018. Additional follow-up drilling is currently being planned and will be scheduled for Q1 2020.

    Next steps

    The company reported that the remaining RC drill assay results and re-assays of anomalous 6m composite samples at one metre intervals from Mainland are expected in mid-December.

    MGV said that the initial composite assay results for RC drilling at Lena and Break of Day to extend and grow the existing resources, are expected in early December.

    The Company said that is working towards delivering a Lena resource update in Q1 2020.

    Musgrave reported that the diamond drilling on the Evolution JV at Lake Austin North is progressing well with drilling expected to continue into late December and assay results expected in February 2020.

    The company said that on the broader JV area over Lake Austin at Cue, Evolution and Musgrave are planning a large aircore drilling program to further define gold targets for basement drill testing. This drilling is scheduled to commence in Q1 2020. MHV said that heritage surveys are currently being organised prior to the commencement of this aircore program.

    The company reported that further follow-up RC drilling at Mainland is currently being planned for Q1 2020.

    Management comments

    Musgrave Managing Director Rob Waugh said: “This is a great early result at Mainland and supports the Company’s view that there are significant gold discoveries still to be made in the Murchison. These early results are not dissimilar to the early results at Break of Day with the gold mineralisation remaining open to the west and down dip. Mainland has a long history of alluvial gold production and to discover a basement source for some of this historical production is a significant step forward.”

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    • Delayed Prices (USD) - Last Updated 01-07-2022
    • Gold $1,819.00
    • Silver $20.75
    • Platinum $916.00
    • Palladium $1,898.00
    • Dalian Iron Ore i2209 $121.63
    • Aluminium $2,491.00
    • Cobalt $72,460.00
    • Copper $8,365.50
    • Lead $1,971.00
    • Nickel $23,158.00
    • Tin $26,800.00
    • Zinc $3,333.00