Join our daily newsletter At The Bell to receive exclusive market insights
- Musgrave Minerals (MGV) has had further drilling success at its Cue Gold Project in WA’s Murchison district, identifying a potential new deposit
- The company designed an aircore drilling program to target extensions to known gold zones and to test possible new zones
- 23 of the 25 planned targets have now been tested, with 19 returning anomalous gold results
- One target area in particular — now dubbed White Light — returned shallow, high-grade intersections grading up to 11.6 grams per tonne
- Infill reverse circulation drilling is underway at a number of priority targets to confirm the finds
- Musgrave Minerals is up 2.50 per cent, trading for 41 cents
Musgrave Minerals (MGV) has had further drilling success at its Cue Gold Project in WA’s Murchison district, identifying a potential new deposit.
Stepping out
The company designed an aircore drilling program to target possible extensions to known gold zones and to test possible new zones across the Cue project.
23 of the 25 planned targets have now been tested, with 19 returning anomalous gold results.
One target area in particular — now dubbed White Light by the company — returned shallow, high-grade intersections.
Strong results have been returned from three separate drill holes across 70 metres of strike, and the prospect appears to be open to the east, the west and down dip.
Results peaked at six metres at 11.6 grams per tonne (g/t) gold from 24 metres, and six metres at 8.3g/t from 36 metres.
Those results come from holes drilled either side of the original intersections which defined the target.
Further high-grade intersections were also returned from targets five and 20 at the southern extent of the drill traverses.
While both holes returned lower grades than the White Heat intersections, the mineralisation appears to be open to the south and along strike.
Step-out drilling to the west of the Lena deposit has also revealed two potential gold corridors across over two kilometres of strike.
Multiple intercepts have returned grades above 2.0g/t across the two corridors, which both appear 150 to 250 metres wide, and sit under shallow cover eight to 20 metres deep.
Next steps
So far, 353 aircore holes, for 21,900 metres, have been completed over 23 of the 25 planned targets.
Assays have been received for 249 holes, with results to be incorporated in the next phase of drill planning.
Infill reverse circulation drilling is underway across a number of priority targets to confirm the positive aircore results at depth.
The company is hoping to add to the Starlight and Break of Day resource estimates, which already total almost 600,000 ounces of gold.
Musgrave Minerals is up 2.50 per cent, trading for 41 cents at 10:52 am AEDT.
