- Musgrave Minerals (MGV) strikes high grade results at the Leviticus deposit within its flagship Cue gold project in Western Australia
- The company received assays from its 46-hole reverse circulation program which returned results including one metre at 79 grams per tonne (g/t) gold from 22 metres from outside its current mineral resource estimate
- The mineralisation remains open in all directions, with follow-up drilling now being planned to follow up the results
- Musgrave shares closed at 23 cents at 4:00 pm AEST
Musgrave Minerals (MGV) has struck high grade intercepts at the Leviticus deposit, within its flagship Cue gold project in Western Australia’s Murchison district.
The company received results from its reverse circulation drilling program, made up of 46 holes for 2799 metres, where a combination of infill and extensional drill holes returned intersections from outside Cue’s current mineral resource estimate (MRE).
Intersections from outside of the MRE, but within its current stage one pre-feasibility study (PFS) open pit design included two metres at 41.5 grams per tonne (g/t) gold from 22 metres, including one metre at 79 g/t gold from 22 metres.
Additional hits from within the MRE included four metres at 20.9 g/t gold from 38 metres, and three metres at 3.5 g/t gold from 51 metres, confirming the continued high-grade prospectivity along the tend.
The infill drilling aimed to convert the resource within the stage one pre-feasibility study (PFS) open pit design from the inferred resource to the indicated category.
With the “strong” start to stage one, Musgrave Minerals is pushing on to stage two PFS, with a strong focus on enhancing the project’s economic output.
MGV shares closed at 23 cents at 4:00 pm AEST.