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Musgrave Minerals enters trading halt ahead of capital raising

The company is developing the Cue Gold Project in Western Australia’s Murchison region.
Musgrave Minerals enters trading halt ahead of capital raising
The Cue project is about 50 kilometres north of Mt Magnet

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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