Proactiveinvestors Australia Musgrave Minerals Ltd https://www.proactiveinvestors.com.au Proactiveinvestors Australia Musgrave Minerals Ltd RSS feed en Wed, 24 Apr 2019 20:49:03 +1000 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Musgrave Minerals hit of 5 metres at 14.8 g/t highlights potential of gold system ]]> https://www.proactiveinvestors.com.au/companies/news/217275/musgrave-minerals-hit-of-5-metres-at-148-gt-highlights-potential-of-gold-system-217275.html Musgrave Minerals Ltd’s (ASX:MGV) result of 5 metres at 14.8 g/t gold highlights the potential for further discoveries at Lake Austin North system within the Cue Gold Project in WA’s Murchison region.

This result from 135 metres is within a 38-metre intersection from 111 metres downhole that graded 2.08 g/t and also included a 1-metre intercept from 136 metres at 65.4 g/t.

An ongoing regional scout aircore drilling program has identified the high-priority basement target, which Musgrave will follow-up this week with a diamond drill hole.

READ: Musgrave Minerals encouraged by scale of Lake Austin North gold system at Cue project

Musgrave managing director Rob Waugh said “This is another excellent result from the regional scout aircore drilling on Lake Austin and supports the company’s positive view that a large gold system is hidden below the salt lake.

“This regional drilling continues to define geochemical gold ‘halos’ to focus basement drill testing, with this intercept being the highest grade intersected from aircore drilling to date.

“The goal is to define all the individual high-grade basement deposits beneath this gold halo.”

These new drill results are from an area northeast of A-Zone at Lake Austin North which highlights a new extension to the D-Zone basement target.

This target may represent a splay off the main A-Zone shear and has potential to host high-grade basement gold mineralisation in fresh rock beneath the gold halo.

Location plan showing regional gold targets.

Other results include 52 metres at 0.29 g/t from 116 metres to the end of hole and 20 metres at 0.21 g/t from 111 metres.

READ: Musgrave Minerals secures new ground with potential to add to Cue’s golden bounty

Waugh said: “The new target is close to A-Zone where we have been conducting deeper drilling and having a rig in the area means it can be tested immediately.

“Diamond drilling will commence this week to test this new high-grade gold target.”

The regional aircore drilling program is about 80% complete with 123 drill holes completed for 14,016 metres.

READ: Musgrave Minerals’ joint venture partner to be acquired by ARC Exploration

Lake Austin North comprises multiple zones of anomalous gold mineralisation, many of which are yet to be tested with basement drilling.

This prospect is around 3 kilometres north of the company’s Break of Day and Lena gold deposits.

Potential to add to resources

Break of Day hosts 868,000 tonnes at 7.15 g/t for 199,000 ounces and Lena hosts 2.682 million tonnes at 1.77 g/t for 153,000 ounces.

Development studies on these deposits are ongoing and are aimed at enabling the company to evaluate options to optimise cash flow and maximise shareholder returns.

Cue project location plan and tenure.

Musgrave believes there is potential to extend existing mineralisation and discover new gold deposits within the Cue project area, as demonstrated by the drilling success at Lake Austin North.

The company also continues to compile historical data for the new Mainland project area with initial drilling expected next quarter.

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Wed, 27 Mar 2019 10:11:00 +1100 https://www.proactiveinvestors.com.au/companies/news/217275/musgrave-minerals-hit-of-5-metres-at-148-gt-highlights-potential-of-gold-system-217275.html
<![CDATA[Media files - Musgrave Minerals’ high-grade gold result supports potential of large-scale system ]]> https://www.proactiveinvestors.com.au/companies/stocktube/12742/musgrave-minerals-high-grade-gold-result-supports-potential-of-large-scale-system-12742.html Wed, 27 Mar 2019 01:29:00 +1100 https://www.proactiveinvestors.com.au/companies/stocktube/12742/musgrave-minerals-high-grade-gold-result-supports-potential-of-large-scale-system-12742.html <![CDATA[News - Musgrave Minerals’ joint venture partner to be acquired by ARC Exploration ]]> https://www.proactiveinvestors.com.au/companies/news/217069/musgrave-minerals-joint-venture-partner-to-be-acquired-by-arc-exploration-217069.html Musgrave Minerals Ltd (ASX:MGV) had granted Cyprium Australia an option to earn-in and joint venture for an 80% interest in the non-gold rights over its tenements at the Cue Project in Western Australia.

ARC Exploration Ltd (ASX:ARX) has now executed a binding heads of agreement to acquire 100% of the issued capital of Cyprium Australia.

READ: Musgrave Minerals encouraged by scale of Lake Austin North gold system at Cue project

Musgrave’s drilling is continuing to boost its confidence about the size of the gold system at the Lake Austin North prospect within the Cue Project.

Ongoing diamond drilling is intersecting thick zones of gold mineralisation in the basement at the A-Zone target.

Best results include 295 metres at 0.33 g/t gold from 83.8 metres downhole, including 6.4 metres at 3.0 g/t from 83.8 metres, and 90.6 metres at 0.33 g/t from 152.2 metres, including 2.2 metres at 4.83 g/t from 152.2 metres.

 

Whilst Musgrave is focused on the gold component of the project, the base metals component will be advanced through the joint venture.

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Mon, 25 Mar 2019 12:14:00 +1100 https://www.proactiveinvestors.com.au/companies/news/217069/musgrave-minerals-joint-venture-partner-to-be-acquired-by-arc-exploration-217069.html
<![CDATA[News - Musgrave Minerals encouraged by scale of Lake Austin North gold system at Cue project ]]> https://www.proactiveinvestors.com.au/companies/news/216131/musgrave-minerals-encouraged-by-scale-of-lake-austin-north-gold-system-at-cue-project-216131.html Musgrave Minerals Ltd (ASX:MGV) is encouraged by the size of the gold system at Lake Austin North prospect within its Cue Gold Project in WA and drilling continues to boost confidence.

Ongoing diamond drilling is intersecting thick zones of gold mineralisation in the basement at A-Zone target.

Musgrave managing director Rob Waugh said: “The ongoing focus will be to define the higher-grade zones within the system and drill test the new targets defined by the current lake aircore drilling.

“The supergene gold blanket that sits in the weathered zone is up to 350 metres wide on some sections, so there is the potential for multiple ore positions on each section that are yet to be drill tested.

“We remain highly encouraged by the size of the gold system at Lake Austin North, and as each hole is drilled our understanding of the system increases.”

READ: Musgrave Minerals aircore drilling identifies two basement targets at Cue Gold Project

Seven holes have been completed for 2,072 metres in the second phase of diamond drilling on the A-Zone.

Assay results for the first six holes have been received.

Best results are 295 metres at 0.33 g/t gold from 83.8 metres downhole, including 6.4 metres at 3.0 g/t from 83.8 metres, and 90.6 metres at 0.33 g/t from 152.2 metres, including 2.2 metres at 4.83 g/t from 152.2 metres.

Location plan showing the Lake Austin North gold target.

Basement mineralisation at A-Zone has now been defined over 500 metres of strike below an 800-metre-long regolith gold halo identified from aircore drilling.

This work is enabling Musgrave to further develop the geological model with mineralisation characterised by high-strain, higher grade gold zones surrounded by crackle breccia zones of lower grade gold.

High-grade target zones untested

The majority of this phase of diamond drilling has not adequately tested the high-grade target zones and further drilling is required.

Phase II diamond drilling is continuing at A-Zone and is expected to continue until April with the next assays expected in late April.

Understanding of structural controls on the high-grade mineralisation is evolving as the program progresses and the phase 2 program will continue testing the developing geological model.

Cue project location plan and tenure.

Basement testing of the new D-Zone target will begin later this month

Aircore drilling continues

The company is continuing the regional lake aircore drilling program with the aim of defining the extents of the Lake Austin North regolith mineralisation to enable accurate basement diamond drill targeting.

This program will also include preliminary first pass testing of new lake gold targets.

READ: Musgrave Minerals secures new ground with potential to add to Cue’s golden bounty

Musgrave is also compiling available open-file data of the new Mainland tenements and defining targets for follow-up drilling.

Development studies on the Break of Day and Lena gold deposits are ongoing with the intention of evaluating options to optimise cash flow and maximise shareholder returns.

Discussions are also continuing regarding a mining and processing profit sharing agreement over the existing gold resources at Cue.

Break of Day hosts 868,000 tonnes at 7.15 g/t for 199,000 ounces and Lena has 2.682 million tonnes at 1.77 g/t for 153,000 ounces.

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Mon, 11 Mar 2019 10:50:00 +1100 https://www.proactiveinvestors.com.au/companies/news/216131/musgrave-minerals-encouraged-by-scale-of-lake-austin-north-gold-system-at-cue-project-216131.html
<![CDATA[Media files - Musgrave Minerals growing and advancing Cue project in WA ]]> https://www.proactiveinvestors.com.au/companies/stocktube/12503/musgrave-minerals-growing-and-advancing-cue-project-in-wa-12503.html Wed, 06 Mar 2019 20:35:00 +1100 https://www.proactiveinvestors.com.au/companies/stocktube/12503/musgrave-minerals-growing-and-advancing-cue-project-in-wa-12503.html <![CDATA[News - Musgrave Minerals secures new ground with potential to add to Cue’s golden bounty ]]> https://www.proactiveinvestors.com.au/companies/news/215861/musgrave-minerals-secures-new-ground-with-potential-to-add-to-cues-golden-bounty-215861.html Musgrave Minerals Ltd (ASX:MGV) has secured more key tenure with potential to add to the 440,000-ounce gold bounty at the Cue project in WA’s Murchison Goldfields.

The company has entered into an option agreement to acquire 100% of the non-alluvial gold rights to the Mainland project, which sits within the Cue project boundaries.

Northern extension of shear corridor

This ground covers the northern extension of a shear corridor that hosts Musgrave’s Break of Day and Lena gold deposits and its new Lake Austin North gold discovery.

Mainland project location plan and tenure.

Musgrave managing director Rob Waugh said: “This opportunity consolidates Musgrave’s holding of the prospective Break of Day/Lena gold corridor adding another 4 kilometres of prospective strike in this exciting gold district.

“The Mainland project area has a long history of alluvial gold production accompanied by historical high-grade basement gold production.

“The project has seen very limited basement drilling and modern exploration as it has been largely held by various prospectors focused on alluvial mining for many years.”

Untested potential

Musgrave believes the new ground has significant untested basement gold potential.

READ: Musgrave Minerals aircore drilling identifies two basement targets at Cue Gold Project

The acquisition delivers on the company’s strategy to secure additional priority gold tenure in the district.

Mainland comprises a group of seven contiguous prospecting licences covering about 837 hectares.

Alluvial gold was first discovered at Mainland in 1893 with the first basement shaft on a gold-bearing quartz reef sunk shortly thereafter.

Historical production

The area hosts many recorded historical mines with the largest being Mainland Consols and Eureka.

Alluvial gold is still being mined from the tenements including some large alluvial nuggets and coarse gold in quartz veins that is likely to be in proximity to the primary source.

Mainland area looking south from the historical Eureka mine.

A number of initial structural and surface geochemical targets have been identified for drill testing in areas of limited previous exploration.

READ: Musgrave Minerals enters earn-in joint venture to advance base metal exploration at Cue

The option agreement outlines the following consideration to the vendor:

- $125,000 on the later of the date of signing of the agreement and the vendor satisfying the condition precedent;

- A further $100,000 within 18 months; and

- An additional $300,000 paid as milestone payments in Musgrave shares or cash (at Musgrave’s discretion) before the fourth anniversary of the agreement.

Following completion, the vendor will be entitled to receive a 1% gross royalty in respect of any gold produced by the purchaser from the tenements excluding any alluvial gold.

READ: Musgrave Minerals aims to define multi-million-ounce gold deposit at Cue

Musgrave will manage the project and has started compiling, plotting and reviewing historical data from the new ground to enable future drill planning to test high-priority basement gold targets.

The company’s objective is to define a high-grade gold resource through discovery that when combined with existing resources and potential future Lake Austin resources, will underpin studies on a standalone development at Cue.

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Wed, 06 Mar 2019 10:11:00 +1100 https://www.proactiveinvestors.com.au/companies/news/215861/musgrave-minerals-secures-new-ground-with-potential-to-add-to-cues-golden-bounty-215861.html
<![CDATA[News - Musgrave Minerals term sheet with Westgold covering Cue gold resources expires ]]> https://www.proactiveinvestors.com.au/companies/news/215662/musgrave-minerals-term-sheet-with-westgold-covering-cue-gold-resources-expires-215662.html Musgrave Minerals Ltd (ASX:MGV) advises that a non-binding term sheet with Westgold Resources Ltd (ASX:WGX) covering existing gold resources at its Cue project in Western Australia has expired.

The term sheet was signed last July and outlined a possible mine management and profit-sharing arrangement for the project in the Murchison district.

READ: Musgrave Minerals aims to define multi-million-ounce gold deposit at Cue

In a statement, Musgrave said: “Westgold remains a major shareholder and Musgrave will continue to engage with Westgold on a mutually beneficial processing option for the existing resources.”

If the agreement had proceeded Musgrave would have received 50% of profits from operations that would have been financed, managed and operated by Westgold.

The agreement applied to the existing JORC-compliant gold resources at the Lena, Break of Day, Jasper Queen, Gilt Edge and Rapier South deposits at Cue.

Continued engagement

As well as continued engagement with Westgold, Musgrave will also explore the potential development of its existing gold resources with other gold producers in the region.

READ: Musgrave Minerals aircore drilling identifies two basement targets at Cue Gold Project

In the near term, the company’s primary focus is drilling the new Lake Austin North gold discovery at Cue and further unlocking the exploration potential to grow resource inventory.

Musgrave has recently used results from ongoing aircore drilling to identify two new basement drill targets at Lake Austin North.

This program has identified the D-Zone and E-Zone targets, which may represent splays off the main A-Zone shear.

READ: Musgrave Minerals enters earn-in joint venture to advance base metal exploration at Cue

The company also recently executed a binding term sheet with Cyprium Australia Pty Ltd for an option, earn-in and joint venture on non-gold rights over the northern tenements at Cue.

These tenements host the Hollandaire copper deposit and multiple base metal targets that require follow-up drill testing.

Cyprium has an exclusive 90-day option period to earn an 80% interest in the non-gold rights following an initial $10,000 payment.

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Mon, 04 Mar 2019 12:24:00 +1100 https://www.proactiveinvestors.com.au/companies/news/215662/musgrave-minerals-term-sheet-with-westgold-covering-cue-gold-resources-expires-215662.html
<![CDATA[News - Musgrave Minerals aircore drilling identifies two basement targets at Cue Gold Project ]]> https://www.proactiveinvestors.com.au/companies/news/215466/musgrave-minerals-aircore-drilling-identifies-two-basement-targets-at-cue-gold-project-215466.html Musgrave Minerals Ltd (ASX:MGV) has identified two new basement drill targets in a recent aircore drilling program at its Lake Austin North deposit in the Murchison region of WA.

The program, which is 55% complete with 61 drill holes for 8,065 metres, was undertaken directly west of Lake Austin North and identified the D-Zone target and E-Zone target.

These basement targets may represent splays off the main A-Zone shear and have the potential to host gold mineralisation.

“An excellent early result”

Musgrave managing director Rob Waugh said: “This is an excellent early result from the regional lake aircore drilling and validates the company’s view that Lake Austin North has the potential to be a large gold system with multiple mineralised structures.

“Similar regolith gold mineralisation was intersected in first pass aircore drilling of the A-Zone basement mineralisation in 2018.

“These new targets are still open to the south with drilling ongoing.”

READ: Musgrave Minerals aims to define multi-million-ounce gold deposit at Cue

The D-Zone target, which is 400 metres long and defined by strong alteration as well as shearing along the southern margin of the tonalite contact, returned gold intersections including 26 metres at 0.62 g/t from 81 metres and 45 metres at 0.18 g/t from 91 metres.

The E-Zone target is 700 metres long and is defined by the following intersections:

12 metres at 0.97 g/t from 99 metres; 18 metres at 0.76 g/t from 105 metres; and 4 metres at 1.09 g/t from 105 metres.

Both zones are open to the south and many of the aircore drill holes terminated in mineralisation, further highlighting the basement targets for drill testing.

READ: Musgrave Minerals enters earn-in joint venture to advance base metal exploration at Cue

Phase II of diamond drilling at A-Zone consists of 15 drill holes for around 4,000 metres and continue until April with the next assays expected in early March.

The regional lake aircore drilling is also continuing and aims to define the extents of the Lake Austin North regolith mineralisation as well as enable accurate basement diamond drill targeting.

Development studies on the Break of Day and Lena gold deposits are ongoing and are designed to evaluate options to optimise cash-flow and maximise shareholders returns.

Discussions are ongoing regarding a mining and processing profit sharing agreement over the existing gold resources at Cue.

- Jessica Cummins

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Wed, 27 Feb 2019 20:51:00 +1100 https://www.proactiveinvestors.com.au/companies/news/215466/musgrave-minerals-aircore-drilling-identifies-two-basement-targets-at-cue-gold-project-215466.html
<![CDATA[News - Musgrave Minerals enters earn-in joint venture to advance base metal exploration at Cue ]]> https://www.proactiveinvestors.com.au/companies/news/214840/musgrave-minerals-enters-earn-in-joint-venture-to-advance-base-metal-exploration-at-cue-214840.html Musgrave Minerals Ltd (ASX:MGV) has executed a binding term sheet for an option, earn-in and joint venture on non-gold rights over the northern tenements at Musgrave’s Cue Gold Project.

The term sheet was signed with Cyprium Australia Pty Ltd which will have an exclusive 90-day option period to earn an 80% interest in Cue’s non-gold rights following an initial $10,000 payment.

Cue’s northern tenements host the Hollandaire copper deposit and multiple base metal targets that require follow-up drill testing.

 

Musgrave managing director Rob Waugh said: “This is an excellent outcome as it will allow Musgrave to retain 100% of the gold rights while advancing base metal targets through the discovery phase and reducing the company’s holding costs.

“This will enable the company to focus solely on gold exploration and development at the Cue project where Lake Austin North looks like developing into a significant gold system.”

READ: Musgrave Minerals aims to define multi-million-ounce gold deposit at Cue

Upon electing to exercise the option, Cyprium will be required to pay $250,000 immediately to Musgrave and then spend $2 million on exploration within two years to acquire the 80% interest.

Musgrave will retain a 20% free-carried interest to the completion of a definitive feasibility study.

Gold exploration and development at Cue will continue to be Musgrave’s focus.

This includes drilling of the new Lake Austin North discovery as well as additional prospective targets on the salt lake which represent further potential to grow Cue’s resource inventory.

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Tue, 19 Feb 2019 00:17:00 +1100 https://www.proactiveinvestors.com.au/companies/news/214840/musgrave-minerals-enters-earn-in-joint-venture-to-advance-base-metal-exploration-at-cue-214840.html
<![CDATA[News - Musgrave Minerals aims to define multi-million-ounce gold deposit at Cue ]]> https://www.proactiveinvestors.com.au/companies/news/213563/musgrave-minerals-aims-to-define-multi-million-ounce-gold-deposit-at-cue-213563.html Musgrave Minerals Ltd (ASX:MGV) is focused on gold and base metal exploration in Australia, developing its flagship Cue Gold Project in WA and its silver-lead-zinc Corunna joint venture project in SA.

Drilling at Cue is continuing to define the scope of the new Lake Austin North gold discovery and has potential to make additional discoveries and extend mineralisation at the Break of Day and Lena prospects.

The company is also advancing development studies at Break of Day and Lena to evaluate options for cash flow optimisation and to maximise shareholder returns.

A share placement of nearly 60 million shares was made during the quarter, raising $5.5 million to advance drilling at Lake Austin.

 

During the quarter Musgrave completed a seven hole 1,950-metre diamond drilling program at Lake Austin North, confirming and extending the discovery’s thick, high-grade basement gold mineralisation.

The drilling included a substantial intersection of 242 metres at 1 g/t gold from 61 metres.

Speaking to Proactive Investors last month, Musgrave managing director Rob Waugh said the company had seen thick mineralisation at the project, lots of alteration and “some really good signs”.

He added: “We want to focus our work on the Lake going forward and that’s where we think there is potential for these multi-million-ounce type deposits, the really big ones.

“That will be our focus for exploration over the next 6-12 months.”

READ: Musgrave Minerals extends gold mineralisation at Lake Austin discovery in Cue project

Lake Austin North is about 3 kilometres north of Break of Day and Lena and sits within a 28-kilometre-long prospective corridor called A-zone that also hosts the Break of Day and Lena gold resources.

Break of Day contains 868,000 tonnes at 7.15 g/t for 199,000 ounces of gold and Lena has 2.682 million tonnes at 1.77 g/t for 153,000 ounces.

Total project resources at Cue are 4.83 million tonnes at 2.84 g/t for 441,000 ounces of gold.

The southern area of Cue hosts most of this resource, with a combined JORC 2012 and 2014-compliant resource of 3.87 million tonnes at 3.07 g/t containing 382,000 ounces across four deposits.

Cue's project location

  READ: Musgrave Minerals raises $5.5 million to advance drilling at Cue Gold Project

Mineralisation at Lake Austin North has substantial strike potential and is open to the south, north and down-dip.

The A-zone is on a highly-prospective tonalite-mafic contact and is a new gold discovery with early results, suggesting a significant gold system.

Musgrave believes the basement mineralisation is extensive and the limits are yet to be defined below a large 800-metre-long regolith gold halo.

The basement mineralisation is now defined over more than 350 metres of strike and was intersected in the northern-most and southern-most basement holes at A-zone.

A new diamond drilling program has begun to further extend the strike extent of A-zone’s mineralisation and to better define the depth potential of the system.

This program will consist a minimum of 15 holes for about 4,000 metres and will continue until April.

READ: Musgrave Minerals surges 25% after results confirm gold discovery at Lake Austin North

While progressing Cue’s main prospects, the company also advanced regional exploration during the quarter, completing an 82-hole aircore program to test gold and base metal targets on the northern Cue tenements.

These targets included the Laterite Hill and Lady Stardust gold targets and the Hollandaire North and Mt Eelya West base metal targets.

Drilling is also being undertaken at Vostock, 2 kilometres east of the Westgold Resources Ltd (ASX:WGX) Comet mine, to test an induced polarisation and soil geochemical anomaly.

Negotiations with Westgold regarding a mining and processing profit sharing agreement over Cue’s existing resources is ongoing.

The proposed arrangement does not include Lake Austin North or new targets.

  READ: Musgrave Minerals MD demonstrates his confidence in the company’s gold strategy

Situated in the Gawler Craton region in South Australia, Musgrave’s Corunna joint venture project was drill tested during the quarter for prospective silver-lead-zinc targets.

An aircore drilling program at Corunna was completed by joint venture partners Petratherm Limited (ASX:PTR) in the December 2018 quarter, drilling 42 holes for 1,573 metres.

Petratherm can earn up to 75% in the Corunna project through staged expenditure of $1 million over 2.5 years.

Best results included: 12 metres at 20 g/t silver, 0.8% lead and 0.2% zinc from 20 metres; 20 metres at 12 g/t silver, 0.3% lead and 0.2% zinc from 12 metres; and 12 metres at 9 g/t silver, 0.5% lead and 0.3% zinc from 20 metres.

 

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Tue, 29 Jan 2019 20:08:00 +1100 https://www.proactiveinvestors.com.au/companies/news/213563/musgrave-minerals-aims-to-define-multi-million-ounce-gold-deposit-at-cue-213563.html
<![CDATA[News - Musgrave Minerals MD demonstrates his confidence in the company’s gold strategy ]]> https://www.proactiveinvestors.com.au/companies/news/212743/musgrave-minerals-md-demonstrates-his-confidence-in-the-companys-gold-strategy-212743.html Musgrave Minerals Ltd (ASX:MGV) managing director Rob Waugh has demonstrated his confidence in the company’s gold strategy by purchasing shares on-market.

The MD has today bought 260,000 shares with a total value of more than $22,000 for an indirect interest.

More than 1.717 million shares held

This interest now holds more than 1.717 million shares along with more than 6 million unlisted options in four lots expiring at various stages between November 2019 and November 2021.

READ: Musgrave Minerals extends gold mineralisation at Lake Austin discovery in Cue project

Earlier this week the WA explorer announced new assay results from the Lake Austin North discovery of the Cue Gold Project.

The broad gold intersections of up to 137.2 metres at 0.6 g/t from 97.8 metres, including 20.2 metres at 2.3 g/t from 194 metres, have extended mineralisation at the A-Zone.

Phase II drilling underway

A phase II diamond drilling program of a minimum of 15 drill holes for about 4,000 metres is underway with first assay results expected in late February.

Musgrave will also begin regional aircore drilling this week aimed at defining the extents of the A-Zone and C-Zone mineralisation to enable accurate diamond drill targeting along strike.

This program will also include preliminary first pass testing of new lake gold targets.

Aircore drilling is also underway to test three new gold targets on Cue’s northern tenure including the Vostock target, which is only 2 kilometres east of Westgold Resources Ltd’s (ASX:WGZ) Comet mine.

This week Waugh has also discussed the company progress at Cue, its raising of $5.5 million in a placement and the gold outlook in an interview with Proactive Investors’ Stocktube.

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Thu, 17 Jan 2019 15:59:00 +1100 https://www.proactiveinvestors.com.au/companies/news/212743/musgrave-minerals-md-demonstrates-his-confidence-in-the-companys-gold-strategy-212743.html
<![CDATA[Media files - Musgrave Minerals' MD discusses cash raise, drilling results, and gold outlook ]]> https://www.proactiveinvestors.com.au/companies/stocktube/11843/musgrave-minerals--md-discusses-cash-raise-drilling-results-and-gold-outlook-11843.html Tue, 15 Jan 2019 14:10:00 +1100 https://www.proactiveinvestors.com.au/companies/stocktube/11843/musgrave-minerals--md-discusses-cash-raise-drilling-results-and-gold-outlook-11843.html <![CDATA[News - Musgrave Minerals extends gold mineralisation at Lake Austin discovery in Cue project ]]> https://www.proactiveinvestors.com.au/companies/news/212539/musgrave-minerals-extends-gold-mineralisation-at-lake-austin-discovery-in-cue-project-212539.html Musgrave Minerals Ltd’s (ASX:MGV) (FRA:6MU) diamond drilling continues to extend gold mineralisation at the Lake Austin North discovery of the Cue Gold Project in WA’s Murchison district.

The latest assay results have revealed broad gold intersections, thus extending basement gold mineralisation at A-Zone to more than 350 metres in strike.

READ: Musgrave Minerals surges 25% after results confirm gold discovery at Lake Austin North

Best result was 137.2 metres at 0.6 g/t gold from 97.8 metres down hole, including 20.2 metres at 2.3 g/t from 194.0 metres and the zone remains open in all directions.

Musgrave managing director Rob Waugh said: “Diamond drilling continues to extend the basement gold mineralisation at A-Zone with recent assays returning further thick intervals of mineralisation.

“The system remains open in all directions with further drilling underway.”

 

Lake Austin North is 3 kilometres north of the Break of Day gold deposit within the flagship Cue project.

The first phase of diamond drilling at the A-Zone discovery was completed before Christmas with seven holes drilled for 1,950 metres.

Location plan showing Lake Austin North gold target.

Assay results have now been received for the final four of these holes.

Other results:

- 239.4 metres at 0.4 g/t from 71.6 metres down hole, including 43.2 metres at 1.0 g/t from 115.0 metres; and - 128.1 metres at 0.5 g/t from 133.3 metres down hole, including 32 metres at 1.5 g/t from 133.3 metres which also included 9.7 metres at 3.1 g/t from 133.3 metres. Phase II program begins

A phase II diamond drilling program is underway at A-Zone with assay results expected in late February.

Waugh said: “Two drill rigs are operating and a third is expected to commence this week.

“Diamond drilling will continue to step-out and test the extents of the mineralisation along strike and down dip with the aim to outline the size and grade of this potentially large and exciting gold discovery.”

READ: Musgrave Minerals raises $5.5 million to advance drilling at Cue Gold Project

This program consists of a minimum of 15 drill holes for about 4,000 metres and drilling will continue until April.

Regional aircore drilling to start

The company will also begin regional lake aircore drilling this week aimed at defining the extents of the A-Zone and C-Zone mineralisation to enable accurate diamond drill targeting along strike.

This program will also include preliminary first pass testing of new lake gold targets.

Cue project location plan and tenure.

Aircore drilling is also underway to test three new gold targets on Cue’s northern tenure including the Vostock target, which is only 2 kilometres east of Westgold Resources Ltd’s (ASX:WGZ) Comet mine.

Assays are expected in March.

Development studies

Musgrave is continuing development studies on the Break of Day and Lena deposits to evaluate options to optimise cash flow.

Break of Day hosts 868,000 tonnes at 7.15 g/t for 199,000 ounces and Lena host 2.682 million tonnes at 1.77 g/t for 153,000 ounces.

The company believes there is significant potential to extend existing mineralisation and discover new gold deposits within the project area.

Negotiations are continuing with Westgold regarding a mining and processing profit sharing agreement over the existing gold resources at Cue.

This proposed arrangement does not include Lake Austin North.

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Tue, 15 Jan 2019 10:33:00 +1100 https://www.proactiveinvestors.com.au/companies/news/212539/musgrave-minerals-extends-gold-mineralisation-at-lake-austin-discovery-in-cue-project-212539.html
<![CDATA[News - Musgrave Minerals raises $5.5 million to advance drilling at Cue Gold Project ]]> https://www.proactiveinvestors.com.au/companies/news/211101/musgrave-minerals-raises-55-million-to-advance-drilling-at-cue-gold-project-211101.html Musgrave Minerals Ltd (ASX:MGV) has received commitments to raise $5.5 million through a share placement of nearly 60 million shares.

The placement was supported by corporate, institutional, professional and sophisticated investors and Musgrave expects to issue shares on or around December 19.

Veritas Securities Limited and Canaccord Genuity (Australia) Limited acted as joint lead managers for the placement.

 

Musgrave managing director Rob Waugh welcomed the new investors to the company and thanked existing investors who participated in the placement.

He said: “The funding will allow Musgrave to secure three drill rigs in the new year to accelerate drilling at the exciting new Lake Austin North discovery and other targets on the Cue Project.”

READ: Musgrave Minerals surges 25% after results confirm gold discovery at Lake Austin North

Musgrave confirmed the Lake Austin North discovery earlier this month with broad drilling results.

The first diamond drill holes into the A and C-zone targets returned up to 242 metres at 1 g/t gold from 61 metres, including a high-grade zone of 45 metres at 3.3 g/t from 70 metres.

As well as hole 18MODD008, hole 18MODD005, also in A-zone, returned 20 metres at 4.5 g/t from 102.2 metres with the zone remaining open in all directions.

READ: Musgrave Minerals to follow-up high-grade gold results at Cue project in Western Australia

Lake Austin North is 3 kilometres north of the Break of Day gold deposit, which is also within the Cue project in WA’s Murchison district.

Diamond drilling at A-zone is continuing with four holes completed to date for a total of 1,052 metres and assays received for three of these holes.

This program consists of a minimum of seven drill holes for about 1,500 metres and drilling will continue until late December.

A-zone consists of a broad regolith gold halo extending up to 300 metres wide and covering a strike extent of more than 700 metres.

  Potential for multi-million-ounce deposits

Speaking to Proactive Investors earlier this month, Waugh said the company had seen thick mineralisation at the project, lots of alteration and “some really good signs”.

He added: “We want to focus our work on the Lake going forward and that’s where we think there is potential for these multi-million-ounce type deposits, the really big ones.

“That will be our focus for the exploration over the next 6-12 months.”

READ: Musgrave Minerals intersects high-grade gold at Cue project

At the Break of Day and Lena gold deposits, Musgrave is continuing development studies to evaluate options to optimise cash flow.

Break of Day hosts 868,000 tonnes at 7.15 g/t for 199,000 ounces and Lena hosts 2.682 million tonnes at 1.77 g/t for 153,000 ounces.

Negotiations are also continuing with Westgold Resources Ltd (ASX:WGX) regarding a mining and processing profit sharing agreement over the existing gold resources at Cue.

This proposed arrangement will not include Lake Austin North.

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Wed, 12 Dec 2018 20:25:00 +1100 https://www.proactiveinvestors.com.au/companies/news/211101/musgrave-minerals-raises-55-million-to-advance-drilling-at-cue-gold-project-211101.html
<![CDATA[News - Musgrave Minerals enters trading halt ahead of capital raising ]]> https://www.proactiveinvestors.com.au/companies/news/210915/musgrave-minerals-enters-trading-halt-ahead-of-capital-raising-210915.html Musgrave Minerals Ltd (ASX:MGV) has been granted a trading halt by the ASX pending an announcement regarding a capital raising.

The halt will remain in place until the earlier of the start of trading on Thursday, December 13, or until an announcement is released to market.

Musgrave recently confirmed a gold discovery at the Lake Austin North prospect within its flagship Cue Gold Project in WA.

The first diamond drill holes into the A and C-zone targets have returned up to 242 metres at 1.0 g/t gold from 61 metres, which included a high-grade zone of 45 metres at 3.3 g/t from 70 metres.

As well as hole 18MODD008, hole 18MODD005, also in A-Zone, returned 20 metres at 4.5 g/t from 102.2 metres with the zone remaining open in all directions.

READ: Musgrave Minerals surges 25% after results confirm gold discovery at Lake Austin North

At the Break of Day and Lena gold deposits, Musgrave is continuing development studies to evaluate options to optimise cash flow.

Break of Day hosts 868,000 tonnes at 7.15 g/t for 199,000 ounces and Lena hosts 2.682 million tonnes at 1.77 g/t for 153,000 ounces.

Negotiations are also continuing with Westgold Resources Ltd (ASX:WGX) regarding a mining and processing profit sharing agreement over the existing gold resources at Cue.

This proposed arrangement does not include Lake Austin North.

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Mon, 10 Dec 2018 20:47:00 +1100 https://www.proactiveinvestors.com.au/companies/news/210915/musgrave-minerals-enters-trading-halt-ahead-of-capital-raising-210915.html
<![CDATA[News - Musgrave Minerals surges 25% after results confirm gold discovery at Lake Austin North ]]> https://www.proactiveinvestors.com.au/companies/news/210343/musgrave-minerals-surges-25-after-results-confirm-gold-discovery-at-lake-austin-north-210343.html Musgrave Minerals Ltd (ASX:MGV) has confirmed a gold discovery at the Lake Austin North prospect within its flagship Cue Gold Project in WA with strong, broad drilling results.

The first diamond drill holes into the A-Zone and C-Zone targets have returned up to 242 metres at 1.0 g/t gold from 61 metres, which included a high-grade zone of 45 metres at 3.3 g/t from 70 metres.

As well as hole 18MODD008, hole 18MODD005, also in A-Zone, returned 20 metres at 4.5 g/t from 102.2 metres with the zone remaining open in all directions.

Shares reach new 12-month high

Shares jumped 25% in early trade to 11.5 cents,  a new 12-month high.

Musgrave’s managing director Rob Waugh said: “The diamond drilling is confirming what we’ve seen in the RC results and extending the mineralisation.

“Drill hole 18MODD008 has returned another exceptionally thick intercept with a high-grade core on our southern-most drill traverse at A-Zone.

“The basement mineralisation remains open and untested to the south and at depth."

Waugh said: “Diamond drilling will now continue to step out and test the extents of the mineralisation along strike and aim to further outline the size and grade of this potentially large and exciting gold discovery.”

Lake Austin North is 3 kilometres north of the Break of Day gold deposit, which is also within the Cue project in WA’s Murchison district.

Cue project location plan and tenure.

Also, within the 45-metre intersection in hole 18MODD008 were 9 metres at 4.6 g/t from 70 metres and 18.9 metres at 4.7 g/t from 96.3 metres while further down was an intercept of 5.8 metres at 4.5 g/t from 199.8 metres.

The 20-metre intersection in hole 18MODD005 also included 2.6 metres at 11.0 g/t from 102.8 metres and 7.4 metres at 6.5 g/t from 114.9 metres.

READ: Musgrave Minerals extends high-grade gold at Cue Gold Project in WA

Diamond drilling at A-Zone is continuing with four holes completed to date for a total of 1,052 metres and assays received for three of these holes.

This program consists of a minimum of seven drill holes for about 1,500 metres and drilling will continue until late December.

A-Zone consists of a broad regolith gold halo extending up to 300 metres wide and covering a strike extent of more than 700 metres.

Location plan showing the Lake Austin North Gold Target.

Aircore results expected in January

Musgrave completed an aircore drilling program in November testing two new gold targets and two base metal targets on the northern tenure at Cue with assays expected in January.

Results of an induced polarisation (IP) survey completed to better define targets on the northern tenements are being interpreted.

The company has also completed a regional gravity survey over newly granted tenement applications adjacent to the existing gold tenure at Cue and has defined new targets for drill testing.

Development studies ongoing

At the Break of Day and Lena gold deposits, Musgrave is continuing development studies to evaluate options to optimise cash flow.

Break of Day hosts 868,000 tonnes at 7.15 g/t for 199,000 ounces and Lena hosts 2.682 million tonnes at 1.77 g/t for 153,000 ounces.

Negotiations are also continuing with Westgold Resources Ltd (ASX:WGX) regarding a mining and processing profit sharing agreement over the existing gold resources at Cue.

This proposed arrangement does not include Lake Austin North.

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Mon, 03 Dec 2018 10:50:00 +1100 https://www.proactiveinvestors.com.au/companies/news/210343/musgrave-minerals-surges-25-after-results-confirm-gold-discovery-at-lake-austin-north-210343.html
<![CDATA[Media files - Musgrave Minerals’ broad drilling results at Lake Austin North confirm gold discovery ]]> https://www.proactiveinvestors.com.au/companies/stocktube/11402/musgrave-minerals-broad-drilling-results-at-lake-austin-north-confirm-gold-discovery-11402.html Mon, 03 Dec 2018 00:42:00 +1100 https://www.proactiveinvestors.com.au/companies/stocktube/11402/musgrave-minerals-broad-drilling-results-at-lake-austin-north-confirm-gold-discovery-11402.html <![CDATA[News - Musgrave Minerals extends high-grade gold at Cue Gold Project in WA ]]> https://www.proactiveinvestors.com.au/companies/news/208013/musgrave-minerals-extends-high-grade-gold-at-cue-gold-project-in-wa-208013.html Musgrave Minerals Ltd (ASX:MGV) has extended high-grade gold mineralisation with reverse circulation (RC) drilling at the Lake Austin North prospect within its  Cue Gold Project.

The southern-most RC hole intersected the best result to date in the A zone of the prospect, grading 94 metres at 2.4 g/t gold from 156 metres.

Within this intersection was higher grade assays of 52 metres at 4.1 g/t including 12 metres at 8.8 g/t from 204 metres and 6 metres at 6.3 g/t from 240 metres.

Diamond drilling has begun at Lake Austin North and first assay results are expected in early December.

 

Musgrave managing director Rob Waugh said: “Drill hole 18MORC057 has returned another thick high-grade result and delivered our best intercept to date at A zone.

“It is the most southerly hole drilled to date testing the basement on A zone and the results indicate the system is open to the south as well as to the north and at depth.

“Lake Austin North is proving to be a large, well-mineralised system and the current diamond drilling program will aim to further outline the size and grade of this new and exciting gold discovery.”

READ: Musgrave Minerals to follow-up high-grade gold results at Cue project in Western Australia

The hole drilled in A zone was terminated in mineralisation at the depth capacity of the rig, with the mineralisation open up-dip, down-dip and along strike to the north and south.

The hole also intersected an upper regolith gold halo of 30 metres at 0.3 g/t from 102 metres.

Drilling at Lake Austin’s C zone was terminated early and did not reach the planned depth.

Mineralisation at C zone is hosted within a silica-sericite-pyrite altered tonalite intrusive with quartz veining.

Orientation and extent of the gold mineralisation is unknown and Musgrave intends to test the target with aircore drilling.

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Mon, 29 Oct 2018 04:41:00 +1100 https://www.proactiveinvestors.com.au/companies/news/208013/musgrave-minerals-extends-high-grade-gold-at-cue-gold-project-in-wa-208013.html
<![CDATA[Media files - Musgrave Minerals leverages Westgold agreement for near-term development opportunity ]]> https://www.proactiveinvestors.com.au/companies/stocktube/10814/musgrave-minerals-leverages-westgold-agreement-for-near-term-development-opportunity-10814.html Fri, 12 Oct 2018 10:30:00 +1100 https://www.proactiveinvestors.com.au/companies/stocktube/10814/musgrave-minerals-leverages-westgold-agreement-for-near-term-development-opportunity-10814.html <![CDATA[News - Musgrave Minerals to follow-up high-grade gold results at Cue project in Western Australia ]]> https://www.proactiveinvestors.com.au/companies/news/201704/musgrave-minerals-to-follow-up-high-grade-gold-results-at-cue-project-in-western-australia-201704.html Musgrave Minerals Ltd (ASX:MGV) will start follow-up drilling next month after receiving more strong assays from the Cue Gold Project in Western Australia’s Murchison region.

The company said new intersections from the Lake Austin North target’s A Zone confirmed the potential for a large gold system.

Among the highlights was 26 metres grading 1.11 g/t gold from 120 metres, including 14 metres at 1.97 g/t from 132 metres to the end of the hole.

READ: Musgrave Minerals intersects high-grade gold at Cue project

Musgrave reported the target was open in all directions and gravity data indicated the untested contact could extend 2 kilometres further along strike.

Another zone labelled C Zone was identified 300 west of A, with a standout intersection of 30 metres at 0.56 g/t seen from 66 metres and included 6 metres at 1.44 g/t gold from 90 metres to end-of-hole.

Resampling also confirmed higher grade results, with intersections such as: 2 metres grading 10.46 g/t gold from 131 metres to end of hole; and 2 metres at 7.83 g/t gold from 139 metres.

 

Musgrave managing director Rob Waugh said: “This is another strong result and with the mineralisation open in multiple directions along the granodiorite contact, it indicates we have identified a significant gold system.”

Many of the holes at the wholly-owned project ended in mineralisation.

Waugh said the company’s follow-up reverse circulation drilling campaign would aim to establish the thickness, tenor and extent of the unweathered rock mineralisation and define the system’s scale.

“Modelling of the recent gravity data also suggests the mineralised contact could extend for a significant strike extent under the salt lake in areas of no previous basement drilling,” he said.

A larger drill rig has been tracked down which can drill deeper than the depths of Musgrave’s prior drilling.

Cue project also includes the Numbers prospect which hosts a near-surface gold resource of 278,000 tonnes at 2.5 g/t gold over a 260-metre strike extent.

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Fri, 27 Jul 2018 00:54:00 +1000 https://www.proactiveinvestors.com.au/companies/news/201704/musgrave-minerals-to-follow-up-high-grade-gold-results-at-cue-project-in-western-australia-201704.html
<![CDATA[News - Musgrave Minerals intersects high-grade gold at Cue project ]]> https://www.proactiveinvestors.com.au/companies/news/200153/musgrave-minerals-intersects-high-grade-gold-at-cue-project-200153.html Musgrave Minerals Ltd (ASX:MGV) has intersected shallow high-grade gold mineralisation while conducting infill drilling at its Cue Gold Project in Western Australia.

The Numbers prospect hosts a near-surface gold resource of 278,000 tonnes at 2.5 g/t gold and has been defined over a 260-metre strike extent.

Drilling aimed to improve confidence in the continuity of the mineralisation and was conducted predominantly within the boundaries of the existing resource.

Best intersections include: 11 metres at 2.45 g/t from 28 metres down hole, including 6 metres at 4.05 g/t from 29 metres; and 12 metres at 2.09 g/t from 54 metres downhole, including 1 metre at 7.65 g/t from 54 metres and 5 metres at 3.03 g/t from 61 metres.

Regional drilling ongoing

The Numbers mineralisation is hosted in sedimentary iron formation and consists of multiple parallel gold lodes projected over more than 260 metres in strike length and is open to the north, south and at depth.

The regional drilling program consists of a combination of aircore and shallow RC drill holes to identify new gold mineralisation by testing 10 near-surface targets.

These targets occur along a 20 kilometre-long prospective gold corridor that hosts the Break of Day and Lena gold resources, which together hold an estimated 350,000 ounces of contained gold.

The next batch of assays from the Lake Austin North target are expected in late July with follow-up RC drilling to commence in early August.

WATCH: Musgrave Minerals drilling to grow resource base with a view to production

Musgrave managing director Rob Waugh said this was a good result and added to the company’s understanding and confidence in the project.

He said: “[The project] continues to deliver on our exploration objective of making new discoveries and growing the resource base.

“Further drilling results from the new Lake Austin North, A Zone target are expected in late July.”

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Thu, 05 Jul 2018 11:41:00 +1000 https://www.proactiveinvestors.com.au/companies/news/200153/musgrave-minerals-intersects-high-grade-gold-at-cue-project-200153.html
<![CDATA[Media files - Musgrave Minerals drilling to grow resource base with a view to production ]]> https://www.proactiveinvestors.com.au/companies/stocktube/9238/musgrave-minerals-drilling-to-grow-resource-base-with-a-view-to-production-9238.html Wed, 09 May 2018 10:09:00 +1000 https://www.proactiveinvestors.com.au/companies/stocktube/9238/musgrave-minerals-drilling-to-grow-resource-base-with-a-view-to-production-9238.html <![CDATA[News - Musgrave Minerals to lift cash for high-grade gold ]]> https://www.proactiveinvestors.com.au/companies/news/185223/musgrave-minerals-to-lift-cash-for-high-grade-gold-185223.html Musgrave Minerals Ltd (ASX:MGV) is preparing to get the drill spinning again at The Break of Day gold deposit, part of the company’s Cue Project in the Murchison region of Western Australia.

Drilling will follow-up recent intersections such as: 11 metres at 54g/t gold.

Musgrave is now heading to market, with the ASX granting a trading halt to prepare.

The halt will remain in place until the opening of trade on Wednesday 11th October 2017, or earlier if an announcement is made to the market.

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Mon, 09 Oct 2017 12:09:00 +1100 https://www.proactiveinvestors.com.au/companies/news/185223/musgrave-minerals-to-lift-cash-for-high-grade-gold-185223.html
<![CDATA[News - Musgrave Minerals identifies new gold targets at the Cue Project ]]> https://www.proactiveinvestors.com.au/companies/news/181959/musgrave-minerals-identifies-new-gold-targets-at-the-cue-project-181959.html Musgrave Minerals (ASX:MGV) has identified new high-priority gold targets for drill testing on the Cue Project in the Murchison region of Western Australia.

The company’s soil sampling has identified an extensive gold soil anomaly, Louise Prospect, circa 600 metres south of the high-grade Break of Day gold deposit.

The anomaly has a peak gold value of 1.3 g/t gold in soils and has never been effectively drill tested.

The Louise Prospect gold target is over 500 metres long and 250 metres wide and covers the southern extensions of both the Break of Day and Lena shear zones.

Musgrave also completed a drilling program in late May comprising 16 drill holes for a total of 2,720 metres.

The drilling has identified anomalous gold in shear zones highlighting three new priority targets within 10 kilometres of Tuckabianna mill on the northern tenements.

Importantly, highly anomalous copper and zinc was also identified in a number of drill holes.

The drilling is scheduled to recommence at Break of Day next week, testing extensional positions to extend both the Twilight and Velvet lodes to the south and to test the new Louise target.

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Fri, 04 Aug 2017 12:39:00 +1000 https://www.proactiveinvestors.com.au/companies/news/181959/musgrave-minerals-identifies-new-gold-targets-at-the-cue-project-181959.html
<![CDATA[News - Musgrave Minerals upgrades gold resource at Cue Project ]]> https://www.proactiveinvestors.com.au/companies/news/180875/musgrave-minerals-upgrades-gold-resource-at-cue-project-180875.html Musgrave Minerals Ltd (ASX:MGV) has upgraded the resource at the Break of Day and Lena gold deposits on the Cue Project in the Murchison region of Western Australia.

The total indicated and inferred resource is 3,550,000 tonnes at 3.09 g/t gold for 352,000 ounces gold, including:

- Break of Day: 868,000 tonnes at 7.15 g/t gold for 199,000 ounces gold; and
- Lena: 2,682,000 tonnes at 1.77 g/t gold for 153,000 ounces gold.

This is a significant milestone for Musgrave that will enable the company to assess multiple processing options going forward to maximise shareholder value. 

The Cue Project is a joint venture with Silver Lake Resources (ASX:SLR) where Musgrave holds a 60% interest and has elected to increase its interest to 80%.

Musgrave has now drilled more than 22,000 metres on the project.

The new resource estimate strengthens the open-cut potential of Lena and the underground potential of Break of Day.

This, together with the proximity to existing road and processing infrastructure, increases the future development potential of the project.

Break of Day is still open in all directions and the company is yet to define the limits to the high grade gold mineralisation.

Further drilling is planned for early August with the aim to further grow the resource base.

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Fri, 14 Jul 2017 10:00:00 +1000 https://www.proactiveinvestors.com.au/companies/news/180875/musgrave-minerals-upgrades-gold-resource-at-cue-project-180875.html
<![CDATA[News - Musgrave Minerals Ltd to reveal new gold resource from Western Australia ]]> https://www.proactiveinvestors.com.au/companies/news/180720/musgrave-minerals-ltd-to-reveal-new-gold-resource-from-western-australia-180720.html Musgrave Minerals Ltd (ASX:MGV) outlined mid-July for a new gold resource from the Break of Day and Lena deposits, and the company is delivering.

Musgrave has been granted a trading halt this morning by the ASX to prepare the new details.

The halt will remain in place until the opening of trade on Friday 14th July 2017, or earlier if an announcement is made to the market.

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Wed, 12 Jul 2017 09:30:00 +1000 https://www.proactiveinvestors.com.au/companies/news/180720/musgrave-minerals-ltd-to-reveal-new-gold-resource-from-western-australia-180720.html
<![CDATA[News - Musgrave Minerals eyes gold resource upgrade at Cue Project ]]> https://www.proactiveinvestors.com.au/companies/news/179372/musgrave-minerals-eyes-gold-resource-upgrade-at-cue-project-179372.html Musgrave Minerals (ASX:MGV) has reported further high grade gold results from the recently completed drilling program at the Cue Project in the Murchison region of Western Australia.

The Cue Project is a joint venture with Silver Lake Resources (ASX:SLR) where Musgrave holds a 60% interest and has elected to increase its interest to 80%.

Phase two of the drill program at Break of Day and Lena prospects was completed in late May with 35 drill holes and three hole extensions completed for a total of 6,644 metres.

All drill hole assay results have now been received with all seven of the latest drill holes returning significant gold intercepts, including:

- 4 metres at 8.0 g/t gold from 35 metres down hole;
- 8 metres at 1.9 g/t gold from 12 metres down hole; and
- 3 metres at 7.2 g/t gold from 38 metres down hole.

Importantly, the near surface gold intersections continue to highlight the open-cut potential of the Lena deposit.

These results are the final gold results for the recently completed reverse circulation drilling program and will be included in the resource estimate currently on track for mid-July 2017.

Musgrave has identified a significant potential to extend existing mineralisation and also discover new mineralisation within the project, shown by the recent drilling success at Break of Day and Lena.

Last month, the company raised $3 million via the placement of shares to professional and sophisticated investors at $0.07.

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Fri, 16 Jun 2017 13:00:00 +1000 https://www.proactiveinvestors.com.au/companies/news/179372/musgrave-minerals-eyes-gold-resource-upgrade-at-cue-project-179372.html
<![CDATA[News - Musgrave Minerals bags $3M to expand gold drilling at Cue Project ]]> https://www.proactiveinvestors.com.au/companies/news/177830/musgrave-minerals-bags-3m-to-expand-gold-drilling-at-cue-project-177830.html Musgrave Minerals (ASX:MGV) has received firm commitments to raise $3 million via the placement of shares to professional and sophisticated investors at $0.07.  

The placement was significantly oversubscribed with interest from new investors, including institutional investors and existing professional and sophisticated shareholders.

Musgrave will use the new funds towards further drilling of the high-grade Break of Day and Lena gold deposit on the Cue Project in Western Australia.

The Cue Project is a joint venture with Silver Lake Resources (ASX:SLR) where Musgrave holds a 60% interest and has elected to increase its interest to 80%.

The project includes the Moyagee Gold and Hollandaire Copper Projects in the highly prospective Murchison province.

The company recently received assays for a further six drill holes from the phase two reverse circulation drilling campaign at Break of Day and Lena.

Infill drilling at Break of Day intersected:
- 4 metres at 22.3 g/t gold from 126 metres; and
- 6 metres at 5.7 g/t gold from 222 metres.

The phase two drill program is continuing with 28 drill holes of a planned 35 drill hole program completed to date.

Musgrave is planning further drilling to define the strike extent and commence a scoping study on the Moyagee Development Project (which includes the Lena and Break of Day gold deposits).

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Tue, 16 May 2017 09:30:00 +1000 https://www.proactiveinvestors.com.au/companies/news/177830/musgrave-minerals-bags-3m-to-expand-gold-drilling-at-cue-project-177830.html
<![CDATA[News - Musgrave Minerals gets ready to raise ]]> https://www.proactiveinvestors.com.au/companies/news/177687/musgrave-minerals-gets-ready-to-raise-177687.html Musgrave Minerals (ASX:MGV) has been granted a trading halt by the ASX, pending details of a capital raising.

The halt will remain in place until the opening of trade on Tuesday 16th May 2017, or earlier if an announcement is made to the market.

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Fri, 12 May 2017 10:30:00 +1000 https://www.proactiveinvestors.com.au/companies/news/177687/musgrave-minerals-gets-ready-to-raise-177687.html
<![CDATA[News - Musgrave Minerals shares rise on drilling more high-grade gold ]]> https://www.proactiveinvestors.com.au/companies/news/177416/musgrave-minerals-shares-rise-on-drilling-more-high-grade-gold-177416.html Musgrave Minerals (ASX:MGV) has received further high-grade gold results from the first ten drill holes at the Break of Day and Lena gold prospects on the Cue Project in Western Australia.

The company’s shares were last trading 5.88% higher intra-day on Monday, at $0.09.

The Cue Project is a joint venture in the Murchison region with Silver Lake Resources (ASX:SLR) where Musgrave holds a 60% interest and has elected to increase its interest to 80%.

Musgrave’s drilling has identified a new shoot plunge and extension at Break of Day intersecting:

- 15 metres at 16.6 g/t gold from 170 metres down hole; and
- 6 metres at 5.4 g/t gold from 156 metres down hole.

At Lena, drilling identified shallow gold mineralisation of 6 metres at 3.3g/t gold from 24 metres down hole.

Further extensional drilling at Break of Day and Lena is underway to extend the high-grade gold lodes, with 20 drill holes of a planned 35 drill holes completed to date.

In March, Musgrave achieved exceptional gold recoveries from the initial metallurgical test work at the Cue Project.

The company’s test work demonstrated very rapid leaching kinetics for collected fresh rock samples and overall gold recovery of between 95.7% and 96.3% (average 96%).

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Mon, 08 May 2017 15:00:00 +1000 https://www.proactiveinvestors.com.au/companies/news/177416/musgrave-minerals-shares-rise-on-drilling-more-high-grade-gold-177416.html
<![CDATA[News - Musgrave Minerals achieves high gold recovery at Cue Project ]]> https://www.proactiveinvestors.com.au/companies/news/175729/musgrave-minerals-achieves-high-gold-recovery-at-cue-project-175729.html Musgrave Minerals (ASX:MGV) has achieved exceptional gold recoveries from the initial metallurgical test work at the Cue Project in the Murchison region of Western Australia.

Three composite fresh rock samples were collected from nine representative drill holes across the strike of the Break of Day prospect.

The samples were representative of the various gold lodes, ore types and feed grades for potential future mining and processing activities.

Musgrave’s test work has demonstrated very rapid leaching kinetics for all three samples and overall gold recovery of between 95.7% and 96.3% (average 96%).

In addition, high gravity recoveries of between 80.8% and 86.1% (average 84.2%) were achieved from a single pass through the Knelson concentrator.

It is worth noting the gravity recoveries are very high in comparison to typical Yilgarn gold ores.

Further metallurgical test work is currently being planned for the Lena gold deposit with samples being provided from the current drill program.

Assay results for 38 drill holes are expected over the next four weeks.

Musgrave is also planning an additional drilling program to continue infill and extend the gold mineralisation at both Break of Day and Lena prospects.

This is in preparation for a new resource upgrade expected in June 2017 to underpin studies to demonstrate a viable path to near term development.

The Cue Project is a joint venture with Silver Lake Resources (ASX: SLR) where Musgrave holds a 60% interest and has elected to increase its interest to 80%.

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Fri, 31 Mar 2017 14:00:00 +1100 https://www.proactiveinvestors.com.au/companies/news/175729/musgrave-minerals-achieves-high-gold-recovery-at-cue-project-175729.html
<![CDATA[News - Musgrave Minerals drilling to extend gold resources at Cue Project ]]> https://www.proactiveinvestors.com.au/companies/news/173960/musgrave-minerals-drilling-to-extend-gold-resources-at-cue-project-173960.html Musgrave Minerals (ASX:MGV) has commenced a drilling program at the Break of Day and Lena gold prospects on the Cue Project in the Murchison region of Western Australia.

The drilling is part of an earn-in agreement with Silver Lake Resources (ASX:SLR).

Musgrave has met the stage 1 earn-in and acquired a 60% joint venture interest in the project and has elected to progress to stage 2 and increase its equity to 80%.

The latest drilling will focus on extending and infilling the high grade gold mineralisation at both the prospects to enable a resource estimate to be completed in the second quarter of 2017.

Musgrave is expecting the assay results from the drilling in late March.

The drilling program will consist of about 40 drill holes for a total of circa 4,000 metres.

Importantly, the Lena deposit is currently defined along a 1.6 kilometre strike length and hosts a total combined mineral resource of 1.273 million tonnes at 1.86 g/t gold for 76,000 ounces of gold.

The near surface high grade gold at Lena has the potential to be mined through open cut methods.

Musgrave’s objective is to increase the high grade gold resource to underpin studies that will demonstrate a viable path to development.

The company had a cash balance of circa $2.9 million as at 31 December 2016.

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Wed, 01 Mar 2017 09:00:00 +1100 https://www.proactiveinvestors.com.au/companies/news/173960/musgrave-minerals-drilling-to-extend-gold-resources-at-cue-project-173960.html
<![CDATA[News - Musgrave Minerals Ltd intersects highest grade of gold at Break of Day ]]> https://www.proactiveinvestors.com.au/companies/news/166347/musgrave-minerals-ltd-intersects-highest-grade-of-gold-at-break-of-day-71179.html Musgrave Minerals Ltd (ASX:MGV) has intersected the highest grade gold interval to date at the Break of Day prospect on the Cue Project in the Murchison region of Western Australia.

The highest grade interval was 6 metres at 41.4 g/t gold from 157 metres down hole which included 3 metres at 79.4 g/t gold from 159 metres on a hanging-wall vein.

Additionally, a footwall vein returned a high grade intersection of 1 metre at 21.6 g/t gold from 195 metres down hole.

Both the hanging wall and the footwall mineralisation show significant potential to extend down plunge.

Musgrave has now completed 17 drill holes for over 3300 metres of the 5000 metre, 26 drill hole reverse circulation drilling program.

Assay results have been received only for the first four drill holes.

Musgrave’s goal is to delineate a high grade gold resource at Break of Day to underpin studies that will demonstrate a viable path to development.

The Cue Project is a farm-in agreement with Silver Lake Resources Ltd (ASX:SLR) in which Musgrave can earn up to 80% interest.

The current gold resource of the project is 161,200 ounces of gold.

Musgrave’s share price has increased substantially in 2016, more than tripling its value from $0.020 In January to $0.073 now.

 

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Fri, 23 Sep 2016 08:30:00 +1000 https://www.proactiveinvestors.com.au/companies/news/166347/musgrave-minerals-ltd-intersects-highest-grade-of-gold-at-break-of-day-71179.html
<![CDATA[News - Musgrave Minerals Ltd drills for more gold resources at Cue Project ]]> https://www.proactiveinvestors.com.au/companies/news/165487/musgrave-minerals-ltd-drills-for-more-gold-resources-at-cue-project-70746.html Musgrave Minerals Ltd (ASX:MGV) has commenced a drill program focusing on possible extensions to the existing high grade gold mineralisation at the Break of Day gold prospect.

The Break of Day prospect is situated within Musgrave’s Cue project in the Murchison region of Western Australia.

Highlight results from the past drilling programs include 6 metres at 12.8 g/t gold from 155 metres and 4 metres at 12.3 g/t gold from 189 metres.

The new reverse circulation drilling program will consist of circa 30 drill holes for 4,000 metres and is expected to take 3 weeks to complete. First assay results are expected from late September.

Musgrave will target two high grade gold veins, with the hanging-wall vein extending over a strike length of 360 metres – but only drill tested up to a depth of 80 metres to date.

The high grade footwall vein has been traced over a strike extent of 80 metres and is open to the north and down dip and has only been shallowly drill tested to date.

The drilling will focus on possible extensions to the existing high grade gold mineralisation in both the footwall and hanging-wall veins at Break of Day.

Musgrave’s objective is to increase the high grade gold resource (presently 161,200 ounces of gold) at the Cue Project to underpin studies that will demonstrate a viable path to development.

The company’s share price has increased substantially in 2016, more than tripling its value from $0.020 In January to $0.073 now.

 

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Wed, 31 Aug 2016 07:00:00 +1000 https://www.proactiveinvestors.com.au/companies/news/165487/musgrave-minerals-ltd-drills-for-more-gold-resources-at-cue-project-70746.html
<![CDATA[News - Musgrave Minerals Ltd assays more high grade gold at Break of Day ]]> https://www.proactiveinvestors.com.au/companies/news/165486/musgrave-minerals-ltd-assays-more-high-grade-gold-at-break-of-day-70416.html Musgrave Minerals Ltd (ASX:MGV) has intersected further high grade gold in follow-up drilling at the Break of Day prospect on the Cue Project in the Murchison region of Western Australia.

Assay results for five drill holes in the program contained results up to 4 metres at 12.3 g/t gold from 189 metres.

This intersection is 80 metres north of a drill hole where Musgrave intersected 6 metres at 12.8 g/t gold in June.

The remaining five drill holes did not penetrate deep enough to intersect the footwall vein.

These drill holes will be extended to intersect the projection of the footwall gold mineralisation in the upcoming program that will start in three weeks.

Besides, assays are expected for a further seven drill holes in the next two weeks.

The Cue Project is a farm-in agreement with Silver Lake Resources Ltd (ASX:SLR) in which Musgrave can earn up to 80% interest.

The project contains a resource of 161,200 ounces of gold and 53,500 tonnes of copper, as on November 2015.

The company is well resourced to explore its project portfolio with more than $4 million in cash after the recent share purchase and top‐up placements.

 

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Mon, 15 Aug 2016 08:00:00 +1000 https://www.proactiveinvestors.com.au/companies/news/165486/musgrave-minerals-ltd-assays-more-high-grade-gold-at-break-of-day-70416.html
<![CDATA[News - Musgrave Minerals Ltd commences gold drilling program at Cue Project ]]> https://www.proactiveinvestors.com.au/companies/news/139308/musgrave-minerals-ltd-commences-gold-drilling-program-at-cue-project-69980.html Musgrave Minerals Ltd (ASX:MGV) has commenced a reverse circulation drill program targeting extensions of mineralisation at the Cue gold and copper project in the Murchison region of Western Australia.

The drilling will consist of about 17 drill holes for 3,000 metres starting with the Break of Day gold target and will take about 3 weeks to complete.  First assay results are expected in late August.

The Cue Project is a farm-in agreement with Silver Lake Resources Ltd (ASX:SLR) in which Musgrave can earn up to 80% interest.

The advanced stage project contains a resource of 161,200 ounces of gold and 53,500 tonnes of copper, as on November 2015.

Further drilling to date by Musgrave at Break of Day has intersected high-grade mineralisation including 3 metres at 24.3 g/t gold from 158 metres and 2 metres at 25.2 g/t gold from 96 metres.

The new drilling will focus on possible extensions to the existing high grade gold mineralisation at Break of Day, basement testing of the new Purple Rain gold prospect and follow-up of the massive sulphide copper-gold discovery at Mt Eelya.

Earlier this month, the company raised $750,000 from a share placement to institutional and sophisticated investors.

Musgrave is also offering a fully underwritten share purchase plan at $0.059 per share to raise up to $1.25 million from shareholders. The offer closes on 5th August 2016.

 

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Fri, 22 Jul 2016 11:30:00 +1000 https://www.proactiveinvestors.com.au/companies/news/139308/musgrave-minerals-ltd-commences-gold-drilling-program-at-cue-project-69980.html
<![CDATA[News - Musgrave Minerals Ltd gets ready to raise ]]> https://www.proactiveinvestors.com.au/companies/news/139307/musgrave-minerals-ltd-gets-ready-to-raise-69535.html Musgrave Minerals Ltd (ASX:MGV) is heading to market with a capital raising, and the ASX has granted the company a trading halt to prepare.

Recently the company intersected sulphide mineralisation at the Cue Project in
the Murchison region of Western Australia.

The halt will remain in place until the opening of trade on Monday 4th July 2016, or earlier if an announcement is made to the market.

 

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Thu, 30 Jun 2016 11:30:00 +1000 https://www.proactiveinvestors.com.au/companies/news/139307/musgrave-minerals-ltd-gets-ready-to-raise-69535.html
<![CDATA[News - Musgrave Minerals Ltd rifles more high grade gold at Break of Day ]]> https://www.proactiveinvestors.com.au/companies/news/139306/musgrave-minerals-ltd-rifles-more-high-grade-gold-at-break-of-day-69061.html Musgrave Minerals Ltd (ASX:MGV) has encountered high grade gold of 24.3g/t from follow-up reverse circulation drilling at the Cue Project in Western Australia.

Today's assays from drilling at Break of Day prospect included 6 metres at 12.8 g/t gold including the 3 metre at 24.3g/t  intercept from 158 metres.

This follows earlier results in May of 2 metres at 25.2g/t Au including 1 metre at 46.7g/t Au and 2 metres at 22.0g/t Au including 8 metres at 4.9g/t Au.

The Cue Project is a farm-in agreement with Silver Lake Resources Ltd (ASX:SLR) in which Musgrave can earn up to 80% interest.

The advanced stage project, situated in the highly prospective Murchison province, contains a resource of 161,200 ounces of gold and 53,500 tonnes copper.

The assay results for the remainder of the drill holes are expected over the next three to four weeks.

extensional drilling and new target testing at the Cue Project will follow to increase the resource to define enough sufficient gold resource to underpin a evelopment scenario.

At the end of the March 2016 quarter, the company was well resourced to explore its project portfolio with $2.1 million in cash.

 

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Mon, 06 Jun 2016 16:00:00 +1000 https://www.proactiveinvestors.com.au/companies/news/139306/musgrave-minerals-ltd-rifles-more-high-grade-gold-at-break-of-day-69061.html
<![CDATA[News - Musgrave Minerals kicks off multi-metal drilling at Menninnie Dam ]]> https://www.proactiveinvestors.com.au/companies/news/139305/musgrave-minerals-kicks-off-multi-metal-drilling-at-menninnie-dam-58921.html Musgrave Minerals (ASX:MGV) has commenced a drilling program to test three gold and base metal targets at the Menninnie Dam Project in the southern Gawler Craton region of South Australia.

The drilling program will test both zinc-lead-silver and copper-gold targets at Erebus, Mallee and Taal with a minimum of 1500 metres of drilling.

The targets appear prospective and each is of large enough extent to potentially host significant volumes of mineralisation.

All datasets to date align to support the mineralisation model and the targets.

Musgrave entered a Joint Venture Agreement with Menninnie Metals, a wholly-owned subsidiary of Terramin Australia (ASX:TZN) to earn a 51% interest in the Menninnie Dam Project in the first stage, and up to 75% thereafter.

Musgrave recently completed detailed soil sampling and gravity surveys over a number of specific target areas.

Soil geochemistry returned anomalous silver, gold and copper values at Erebus coincident with an induced polarization chargeability anomaly, versatile time domain electromagnetic response and gravity low.

The geophysical characteristics of the target are similar to that at the Menninnie Central silver-lead-zinc deposit located 4 kilometres to the north-east.

The Mallee target is a coincident gravity high, rimmed magnetic high and IP chargeability response with anomalous copper, lead, antimony, gold and zinc geochemistry at surface. This is consistent with the possible presence of a copper-gold porphyry body.

The Taal target is a coincident gravity high and VTEM anomaly located at the intersection of two significant regional structures. A ground electromagnetic survey at Taal is scheduled to commence in the next two weeks to further refine a drilling target.

The drilling will involve reverse circulation and diamond holes and is estimated to take four weeks to complete. Assay results are expected in late January 2015.

Musgrave is modestly valued at $5 million.

 

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Thu, 13 Nov 2014 14:00:00 +1100 https://www.proactiveinvestors.com.au/companies/news/139305/musgrave-minerals-kicks-off-multi-metal-drilling-at-menninnie-dam-58921.html
<![CDATA[News - Musgrave Minerals is exploring for nickel-copper in Fraser Range ]]> https://www.proactiveinvestors.com.au/companies/news/139304/musgrave-minerals-is-exploring-for-nickel-copper-in-fraser-range-57218.html Musgrave Minerals (ASX:MGV) has commenced a detailed aeromagnetic survey over its new Mamba nickel-copper project in the Fraser Range, Western Australia.

The survey will cover the entire 180 square kilometre tenement at a 100 metre line spacing. 

Mamba lies in the same belt as the Nova-Bollinger nickel-copper sulphide discoveries of Sirius Resources (ASX:SIR) - tenement is along strike from Nova deposit and only 5 kilometres from the Trans Australian rail line access corridor.

It is also in a favourable tectonic setting with very little previous exploration undertaken.

Musgrave has identified a number of magnetic targets that are comparable in shape and size to Sirius’s Nova “Eye” feature.

The results from this higher resolution aeromagnetic survey will be used to prioritise targets for follow-up exploration upon grant of the tenement and will include surface geophysical surveys and drilling.
 
The tenement is expected to be granted in the first quarter 2015, and the current survey will take around 5 days to complete, with results available in late September.

Musgrave is also involved in the Menninnie Dam silver project in the southern Gawler Craton region of South Australia.

Musgrave previously entered a joint venture with Menninnie Metals, a subsidiary of Terramin Australia (ASX:TZN) to earn a up to a 75% interest.

In addition, the company holds substantial ground in the Musgrave nickel-copper province in Western Australia, close to the Nebo Babel discovery by BHP, and now owned by Cassini Resources (ASX:CZI).

 

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Thu, 28 Aug 2014 17:00:00 +1000 https://www.proactiveinvestors.com.au/companies/news/139304/musgrave-minerals-is-exploring-for-nickel-copper-in-fraser-range-57218.html
<![CDATA[News - Musgrave Minerals extends Frakes silver target in South Australia ]]> https://www.proactiveinvestors.com.au/companies/news/139303/musgrave-minerals-extends-frakes-silver-target-in-south-australia-55178.html Musgrave Minerals (ASX:MGV) has extended the silver anomaly from detailed surface geochemistry at the Frakes target on the Menninnie Dam Project in the southern Gawler Craton region of South Australia.

Notably, the highest silver numbers in surface geochemistry are in untested areas offset from the existing drilling.

Musgrave has entered into a Joint Venture Agreement with Menninnie Metals, a subsidiary of Terramin Australia (ASX:TZN) to earn a 51% interest in the Menninnie Dam Project in the first stage, and up to a 75% interest thereafter.

The company recently completed a detailed soil sampling grid over the Frakes target to better define the silver anomalism, which has returned highly anomalous silver values including a peak value of 407.3ppb at the western edge of the grid, where the anomalism remains open.

Follow-up drilling to test this target is required and planned.

An eight hole diamond drilling program on three separate targets was completed in April and intersected epithermal alteration and anomalism in all drill holes.

Results from the Spare Rib target, located less than 2 kilometres east of the Menninnie Central and Viper deposits show evidence of anomalous silver, lead and zinc mineralisation.

Individual assays returned up to 1.1% lead, 0.7% zinc and 46.4g/t silver in an altered marble unit.

This is similar to mineralisation at Menninnie Central, and consistent with the carbonate replacement porphyry-epithermal geological model Musgrave is targeting.

Further infill geochemistry and a gravity survey will be a priority at Frakes, Spare Rib, Sidley, Erebus and Shank to refine targets for further drilling.

This infill geochemical sampling will commence in June.

Musgrave is well funded and capitalised at a modest $6.5 million.

 

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Fri, 23 May 2014 17:00:00 +1000 https://www.proactiveinvestors.com.au/companies/news/139303/musgrave-minerals-extends-frakes-silver-target-in-south-australia-55178.html
<![CDATA[News - Musgrave Minerals targets silver, gold and base metals with diamond drilling in South Australia ]]> https://www.proactiveinvestors.com.au/companies/news/139302/musgrave-minerals-targets-silver-gold-and-base-metals-with-diamond-drilling-in-south-australia-53401.html Musgrave Minerals (ASX: MGV) has started diamond drilling at the Frakes silver prospect of its Menninnie Dam Project in South Australia’s southern Gawler Craton region.

Previously drilling at Frakes had intersected 10 metres at 990 grams per tonne silver, 0.3g/t gold, 0.2% copper, 0.4% lead and 0.3% zinc from 43 metres including 2 metres at 3,942g/t silver, 1g/t gold, 0.9% copper, 0.7% lead and 0.8% zinc from 44 metres.

This will be followed by drilling at the Spare Rib lead-zinc where previous drilling had intersected 20 metres at 2% lead from 67 metres, 9 metres at 1.4% zinc from 88 metres and 12 metres at 1.6% zinc from 54 metres.

The company plans to drill six holes for a minimum of 1,000 metres on the two prospects.

Menninnie Dam is located in a new and very prospective silver province just 20 kilometres east of Investigator Resources’ (ASX: IVR) Paris silver discovery.

It is also located about 100 kilometres west of Port Augusta and is well positioned in regards to infrastructure and proximity to the coast.

Mineralisation remains open along strike and downdip at both prospects.

Musgrave is earning a 51% interest in Menninnie Dam from Terramin Australia (ASX: TZN) in the first stage of their farm-in agreement and has the option to increase this up to 75%.

With $7.4 million in cash as of 31 December 2013, the company is funded to successfully follow-up any encouraging results identified at Menninnie Dam.



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Wed, 05 Mar 2014 13:40:00 +1100 https://www.proactiveinvestors.com.au/companies/news/139302/musgrave-minerals-targets-silver-gold-and-base-metals-with-diamond-drilling-in-south-australia-53401.html
<![CDATA[News - Musgrave Minerals hits 10 metres at 990g/t silver at Menninnie Dam, South Australia ]]> https://www.proactiveinvestors.com.au/companies/news/139301/musgrave-minerals-hits-10-metres-at-990gt-silver-at-menninnie-dam-south-australia-52531.html Musgrave Minerals (ASX:MGV) is likely to trade significantly higher today following a stellar intersection of 10 metres at 990 grams per tonne silver at the new Frakes target within its Menninnie Dam project in the Gawler Craton, South Australia.

The intersection was from 43 metres and included 2 metres at 3,942 grams per tonne silver, 1 gram per tonne gold, 0.9% copper, 0.7% lead and 0.8% zinc from 44 metres.

Notably, the mineralisation remains open along strike and down dip, and magnetic interpretation suggests that the deposit may be structurally controlled.

The Frakes surface geochemical silver anomaly is more than 1.5 kilometres wide, with multiple structures yet to be drill tested.

Musgrave has entered into a joint venture agreement with Menninnie Metals, a wholly-owned subsidiary of Terramin Australia (ASX:TZN), to earn a 51% interest in the Menninnie Dam project in the first stage, and up to a 75% interest thereafter.

The project lies in a high impact geological setting, just 20 kilometres east of Investigator Resources’ (ASX:IVR) recent Paris silver discovery.

Follow up drilling is slated to commence as soon as possible, and with $7.4 million in cash, Musgrave has the firepower for a comprehensive program.

Trading at just above cash backing at a cap of around $9 million, silver intersections of almost 4 kilograms per tonne, this is one to watch.

 

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Wed, 05 Feb 2014 12:40:00 +1100 https://www.proactiveinvestors.com.au/companies/news/139301/musgrave-minerals-hits-10-metres-at-990gt-silver-at-menninnie-dam-south-australia-52531.html
<![CDATA[News - Musgrave Minerals asks for halt pending drilling results ]]> https://www.proactiveinvestors.com.au/companies/news/139300/musgrave-minerals-asks-for-halt-pending-drilling-results-52418.html Musgrave Minerals (ASX:MGV) has requested a trading halt for its securities pending release of drilling results, which is in place until 5 February 2014.

Recently, Musgrave completed an aircore drilling program at Menninnie Dam in the southern Gawler Craton region of South Australia and intersected significant lead, zinc and silver mineralisation at the Spare Rib target on one of the tenements.

 

 

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Mon, 03 Feb 2014 10:00:00 +1100 https://www.proactiveinvestors.com.au/companies/news/139300/musgrave-minerals-asks-for-halt-pending-drilling-results-52418.html
<![CDATA[News - Musgrave Minerals targets silver-lead-zinc and copper-gold with aircore drilling in South Australia ]]> https://www.proactiveinvestors.com.au/companies/news/139299/musgrave-minerals-targets-silver-lead-zinc-and-copper-gold-with-aircore-drilling-in-south-australia-50193.html Musgrave Minerals (ASX: MGV) has started aircore drilling at its Menninnie Dam Project in South Australia’s Gawler Craton region to test seven priority near surface silver-lead-zinc and copper-gold targets.

Menninnie Dam covers 2,471 square kilometres about 100 kilometres west of Port Augusta and just 20 kilometres east of Investigator Resource’s (ASX: IVR) Paris Silver Deposit. It is well positioned in regards to infrastructure and proximity to the coast.

Follow-up sampling on the seven VTEM anomalies with co-incident surface silver geochemical anomalism have returned up to 14.2g/t silver, 0.15% molybdenum, 39ppb gold and 416ppm copper.

The company plans to drill 60 holes totalling 3,000 metres with hole depths ranging from 20 metres to 100 metres.

This is expected to take between two to three weeks to complete with assay results available early next quarter.

Menninnie Dam hosts the Menninnie Central and Viper zones with an Inferred Resource of 7.7 million tonnes at 27 grams per tonnes silver, 3.1% zinc and 2.6% lead.

 

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Thu, 14 Nov 2013 13:00:00 +1100 https://www.proactiveinvestors.com.au/companies/news/139299/musgrave-minerals-targets-silver-lead-zinc-and-copper-gold-with-aircore-drilling-in-south-australia-50193.html
<![CDATA[News - Musgrave Minerals drilling for nickel-copper at Pallatu, South Australia ]]> https://www.proactiveinvestors.com.au/companies/news/139298/musgrave-minerals-drilling-for-nickel-copper-at-pallatu-south-australia-49800.html Musgrave Minerals (ASX: MGV) has commenced drilling at its Pallatu nickel-copper prospect in South Australia, following electromagnetic confirmation of strong basement conductors.

The ground electromagnetic targets are near surface, coincident with gravity responses and cover a prospective area of Giles Complex gabbroic intrusives.

A minimum 500 metres of diamond drilling is planned over at least three priority targets.

The exploration model is targeting massive nickel-copper sulphide mineralisation similar to the large deposits at Voisey’s Bay in Canada and Sirius Resources' (ASX:SIR) Nova deposit in the Fraser Range of Western Australia.

Surveys are continuing at Pallatu with a view to generating further drilling targets.

 

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Mon, 04 Nov 2013 15:20:00 +1100 https://www.proactiveinvestors.com.au/companies/news/139298/musgrave-minerals-drilling-for-nickel-copper-at-pallatu-south-australia-49800.html
<![CDATA[News - Musgrave Minerals targeting massive nickel sulphides at Deering Hills, South Australia ]]> https://www.proactiveinvestors.com.au/companies/news/139297/musgrave-minerals-targeting-massive-nickel-sulphides-at-deering-hills-south-australia-49102.html Musgrave Minerals (ASX: MGV) has commenced a ground electromagnetic survey over the Minbar, Caliban and Pallatu nickel-copper sulphide targets at its Deering Hills project, South Australia.

The exploration target is mafic/ultramafic hosted massive nickel-copper sulphide mineralisation, which is similar to the large deposits at Voisey’s Bay in Canada and Sirius Resources' (ASX:SIR) Nova deposit in Western Australia's Fraser Range.

The targets cover a prospective area of gabbroic intrusives co-incident with electro-magnetic conductors and strongly anomalous regolith nickel-copper-PGM features.

A heritage survey has been successfully completed at Pallatu ahead of basement drilling expected to begin in early November.

The project is located about 200 kilometres west of the Stuart Highway and Adelaide to Darwin rail line.

 

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Tue, 15 Oct 2013 12:20:00 +1100 https://www.proactiveinvestors.com.au/companies/news/139297/musgrave-minerals-targeting-massive-nickel-sulphides-at-deering-hills-south-australia-49102.html
<![CDATA[News - Musgrave Minerals discovers new nickel-copper sulphide gossan at Smeagol, South Australia ]]> https://www.proactiveinvestors.com.au/companies/news/139296/musgrave-minerals-discovers-new-nickel-copper-sulphide-gossan-at-smeagol-south-australia-48902.html Musgrave Minerals (ASX: MGV) has defined a new nickel-copper sulphide gossan at the Smeagol target on the Bryson Hill tenement, Musgraves province, South Australia.

Mineralisation was traced over 110 metres in surface rock-chip samples with coincident regional soil geochemical anomalism in a new, never before explored area.

The gossan float at surface assays up to 0.23% nickel, 0.17% copper, and 220 parts per billion platinum-palladium, associated with a gabbroic intrusive.

A nickel-copper gossan is the iron rich weathered product of nickel-copper sulphide. The gossan is also characterized by high iron and low zinc, manganese, titanium, vanadium and chromium.

Notably, these features indicate the mineralisation is likely to be associated with a magmatic nickel-copper sulphide event.

Musgrave Minerals is earning a 75% interest in the project from Pitjantjatjara Mining Company and Zeil No. 1 Pty Limited.

No airborne or ground electromagnetics have been undertaken over the area to date and will be the next step prior to drilling.

 

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Wed, 09 Oct 2013 11:40:00 +1100 https://www.proactiveinvestors.com.au/companies/news/139296/musgrave-minerals-discovers-new-nickel-copper-sulphide-gossan-at-smeagol-south-australia-48902.html
<![CDATA[News - Musgrave Minerals identifies new silver targets in the Gawler Craton ]]> https://www.proactiveinvestors.com.au/companies/news/139295/musgrave-minerals-identifies-new-silver-targets-in-the-gawler-craton-44974.html Musgrave Minerals (ASX: MGV) has used an airborne geophysical survey (VTEM) to identify new silver targets at the company's Menninnie Dam Project, which is located in the prospective southern Gawler Craton region of South Australia.

The company is well-funded with $10.7 million in cash at the end of March 2013.

Musgrave has recently flown a 398 line kilometre airborne VTEM survey at the project that identified seven high priority targets co-incident with surface silver geochemical anomalism.

Mineralised rock-chip samples up to 13.3g/t silver have been identified within a strongly altered epithermal zone at the Erebus target.

Further assays received from the Tank Hill drilling program delivered: 2 metres at 4.2% zinc, 0.9% lead, 267g/t silver and 0.44g/t gold.


Graphite encountered

Musgrave added that analysis of graphitic zones intersected in reverse circulation drilling at the Mannequin prospect returned: 10 metres at 6.3% total graphitic carbon,


Earning in to the Menninnie Dam Project

In October 2012, Musgrave Minerals entered into an Agreement with Menninnie Metals Pty Ltd, a wholly-owned subsidiary of Terramin Australia (ASX:TZN) to earn a 51% interest in the Menninnie Dam Project in the first stage, and up to a 75% interest thereafter.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Fri, 28 Jun 2013 11:00:00 +1000 https://www.proactiveinvestors.com.au/companies/news/139295/musgrave-minerals-identifies-new-silver-targets-in-the-gawler-craton-44974.html
<![CDATA[News - Musgrave Minerals to reveal drilling results ]]> https://www.proactiveinvestors.com.au/companies/news/139294/musgrave-minerals-to-reveal-drilling-results-41630.html Musgrave Minerals (ASX: MGV) is in pre-open this morning following the ASX granting a trading halt, as the company prepares to announce drilling results.

Last month Musgrave commenced a vacuum drilling program over new versatile time-domain electromagnetic (VTEM) and geochemical targets at its Deering Hills project in the Musgrave Province in far north South Australia.

The program will consist of up to 200 infill vacuum drill holes for around 3000 metres, with the target is mafic/ultramafic hosted massive nickel-copper sulphide mineralisation.

The halt will last until the earlier of an announcement being made to the market, or the opening of trade on Tuesday 9th April 2013.


Analysis

The company had $11.6 million in cash at the end of December 2012, yet currently has a market cap. of around $9 million - with the under-cash backing position meaning that the company is highly leveraged to any exploration success.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Fri, 05 Apr 2013 09:40:00 +1100 https://www.proactiveinvestors.com.au/companies/news/139294/musgrave-minerals-to-reveal-drilling-results-41630.html