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Musgrave Minerals targets silver, gold and base metals with diamond drilling in South Australia

Last updated: 14:40 05 Mar 2014 AEDT, First published: 13:40 05 Mar 2014 AEDT

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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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