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.”
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.