- Musgrave Minerals (MGV) significantly upgrades the mineral resource estimate (MRE) at its flagship Cue gold project in Western Australia
- The MRE has grown 41 per cent to 12.3 million tonnes at 2.3g/t gold for 927,000 ounces of contained gold
- Simultaneously to the MRE drilling programs, Musgrave has been undertaking pre-feasibility studies (PFS) at the Break of Day and Lena deposits
- Musgrave will continue to undertake regional, infill and extensional drilling programs to grow the resources at Cue with a particular focus on the Break of Day trend
- Shares in Musgrave are up 2.5 per cent and are trading at 30.8 cents at 11:25
Musgrave Minerals (MGV) has significantly upgraded the mineral resource estimate (MRE) at its flagship Cue gold project in Western Australia.
The MRE has grown 41 per cent to 12.3 million tonnes at 2.3 grams per tonne (g/t) gold for 927,000 ounces of contained gold.
Maiden MREs were released for the White Heat-Mosaic and Big Sky deposits of 185,000 tonnes at 11g/t gold for 65,000 ounces and 4.65 million tonnes at 1.2g/t gold for 173,000 ounces, respectively.
The update is expected to significantly enhance Musgrave’s exploration programs and will continue to focus on identifying and testing gold targets to further grow the resource base.
MREs were also updated at the Numbers, Gilt Edge, Jasper Queen, Leviticus and Rapier South deposits, however, there were no significant changes to the total ounces.
The near-surface nature of the resources suggests that a significant component of the deposits may be responsive to open-pit mining methods.
Simultaneously to the MRE drilling programs, Musgrave has been undertaking pre-feasibility studies (PFS) at the Break of Day and Lena deposits.
Musgrave will expand the studies to the White Heat-Mosaic and Big Sky deposits.
“This is a significant result for the company and the growth in mineral resources will improve the future development potential of the project,” Managing Director Rob Waugh said.
“The ongoing focus is to continue to grow our near-surface high-grade resources at Cue and progress PFS level studies to accommodate these new deposits and potential future resource upgrades.”
Musgrave will continue to undertake regional, infill and extensional drilling programs to grow the resources at Cue with a particular focus on the Break of Day trend.
Drilling to date has identified near-surface moderate to high-grade gold zones where resource estimates are yet to be defined.
Shares in Musgrave were up 2.5 per cent and were trading at 30.8 cents at 11:25 am AEST.