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Musgrave Minerals intersects high-grade gold at Cue project

Drilling has confirmed geological continuity and gold mineralisation is open along strike and at depth.

drill rig in operation
Drilling at the Cue project in Western Australia

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.”

Quick facts: Musgrave Minerals Ltd

Price: 0.24 AUD

Market: ASX
Market Cap: $111.15 m

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