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- Musgrave Minerals (MGV) has intersected high-grade gold at the Cue Gold Project in Western Australia
- The company and its joint venture partner, Evolution Mining (EVN), received results from aircore drilling at the Lake Austin prospect
- The latest intersections have extended the gold anomalism and defined high-grade zones for basement drill testing
- New intercepts include five metres at 12.1g/t of gold from 90 metres, including one metre at 53.7g/t of gold from 90 metres
- On the market today, Musgrave is up 1.25 per cent and trading at 40.5 cents per share
Musgrave Minerals (MGV) has intersected high-grade gold at its Cue Gold Project in Western Australia.
The company and its joint venture partner, Evolution Mining (EVN), received results from aircore drilling at the Lake Austin prospect.
The results have extended the gold anomalism and defined high-grade zones for basement drill testing. New intersections include five metres at 12.1g/t of gold from 90 metres, including one metre at 53.7g/t of gold from 90 metres.
The aircore drilling program is part of the joint venture with Evolution over the Lake Austin prospect. The program has now been completed.
Combined the phase one and two drilling programs totalled more than 48,895 metres and have successfully identified multiple high-priority basement gold targets for follow-up diamond drilling.
“This large regional scout drilling program as part of the Evolution joint venture, has generated some excellent regolith gold results and has significantly extended the gold anomaly around the Lake Austin North target highlighting the potential of the area to host significant basement gold mineralisation,” Musgrave Managing Director Rob Waugh said.
“Musgrave’s regional drilling program on its 100 per cent owned tenements is near completion and has also defined multiple targets for priority basement follow-up drilling in the new year,” he added.
Last year, Musgrave entered an earn-in and joint venture exploration agreement with Evolution over a select area of Lake Austin and surrounds within the Cue Project in the Murchison District of Western Australia.
Under the agreement, Evolution can earn a 75 per cent interest in the area by spending $18 million on exploration over five years.
On the market today, Musgrave is up 1.25 per cent and is trading for 40.5 cents per share at 11:01 am AEDT.
