- Musgrave Minerals has received high-grade gold assays from its Cue Gold Project in Western Australia
- Follow-up reverse circulation drilling has returned a peak gold result of 20 grams per tonne
- Further drilling will now be undertaken at Lena and Break of Day to extend and grow the existing resources
- Musgrave has ended the day up 5.41 per cent, with shares priced at 7.8 cents apiece
Musgrave Minerals has received high-grade gold assays from its flagship Cue Gold Project in Western Australia.
Follow-up reverses circulation drilling has returned a result of 3 metres at 13.9g/t gold from 53 metres downhole, including 2 metres at 20g/t gold from 53 metres in a potential southern extension to the Break of Day deposit.
This intercept is approximately 75 metres south of the current resource boundary and remains open down plunge.
The intercept is up dip of a drill hole that intersected 2 metres at 9g/t gold.
The Break of Day deposit has a JORC 2012 resource of 868,000 tonnes at 7.15g/t gold for 199,000 ounces of gold.
The deposit consists of a number of high-grade gold lodes with significant potential at depth and along strike to grow the existing resource.
Gold has been intercepted at Break of Day over a north-south extent of 475 metres, with follow-up drilling to test the vertical and lateral extents of the high-grade intercepts scheduled to begin in early November.
Musgrave has also been undertaking earlier stage exploration activities at the newly purchased Mainland prospect.
Rock chip sampling at Mainland has returned a highly encouraging ultra high-grade gold assay result from an iron-quartz breccia sample in an area of no previous drilling.
The sample assayed 3449g/t gold with visible gold obvious in the sample.
This sample was collected from the field and cut using a diamond core saw with half the sample submitted for screen fire assay, while the first half was kept as a specimen.
This ultra high-grade rock sample is located in an area with minor shallow historical workings but no historical drilling.
Reverse circulation (RC) follow-up drilling is currently being planned and is scheduled to begin in early November.
Musgrave is now expecting further assay results from diamond drilling at Lena while follow-up RC drilling at Mainland is scheduled to begin in three weeks.
It will also undertake further drilling and Lena and Break of Day to extend and grow the existing resources.
Musgrave Minerals has ended the day up 5.41 per cent, with shares priced at 7.8 cents apiece in a $28.62 million market cap.