Australian gold explorer and developer Musgrave Minerals (ASX:MGV) has recorded a gold intersection of more than 66g/t from diamond drilling (DD) at the Cue Joint Venture (JV) Project shared with Evolution Mining (ASX:EVN).
The company says 9 diamond drillholes completed by Evolution for 4,091m at the West Island prospect, continues to intersect ‘strong’ gold intersections within a basement dolerite host unit. This drilling is targeting key mineralised gold lodes to determine the scale of the mineral system at West Island.
Diamond drilling continues to confirm that the geology and structure of the West Island prospect is characterised by multiple, stacked narrow ‘high-grade’ intercepts within a broader ‘lower’ grade envelope along the 1.6km mineralised trend.
‘Significant’ results recorded in this drilling include hole 22CUDD022 with 1m @ 44.5g/t Au from 87m; and 22CUDD021 with 11.5m @ 8.71g/t Au from 235.5m including 1m @ 66g/t Au from 238m.
“These are another set of good results from West Island and continue to define the scope of the basement gold mineralisation”
Commenting on the results, Musgrave Minerals Managing Director Rob Waugh says: “These are another set of good results from West Island and continue to define the scope of the basement gold mineralisation. The joint venture committee will meet in February to approve the ongoing exploration program for H1 2023.”
Musgrave says it entered into the Cue JV with Evolution in October 2019, with Evolution earning a 75% interest in the JV by sole-funding $18 million on exploration. Evolution is the operator of the JV, and is also managing the ongoing drilling programs.
The Cue JV project with Evolution lies north of and excludes Musgrave’s 100% owned mineral resources at the Lena, Break of Day, White Heat-Mosaic, and Big Sky deposits, as well as the Mainland option area.
Musgrave reports a JV committee has been established and will meet in February to consider a program and budget for ongoing exploration. The company also notes a data review is currently underway.
Musgrave Minerals is an Australian gold explorer and developer focused on its Cue Project in the Murchison region of Western Australia. The company says it will be working to increase the gold resources through discovery and extensional drilling to underpin studies that will demonstrate a viable path to near-term development.