New intercepts include:
• 43.9 metres at 2 g/t gold from 85.8 metres down hole including;
o 18 metres at 3.5g/t gold from 92 metres
• 93.0 metres at 1.3g/t gold from 98.7 metres down hole including;
o 8.9 metres at 4.3g/t gold from 102 metres
o 7.1 metres at 4.3g/t gold from 164.9 metres
Location plan showing Lake Austin North gold target
The results are encouraging and continue to support Musgrave’s view that a large gold system is present under the lake.
Once all diamond drilling assays and aircore results are received, the data will be compiled and interpreted. Further follow-up drilling will be a priority.
Musgrave managing director Rob Waugh said “This is another positive result at Lake Austin North and confirms the new interpretation of the dip of the gold mineralisation at A-Zone.
“The company has identified a large gold system where diamond drilling is continuing to intersect thick zones of alteration and high-grade gold mineralisation.
“The A-Zone remains open along strike and at depth with the broader target area at Lake Austin North showing potential for multiple mineralised zones.”
Assay results are awaited from the current diamond drilling program testing D-Zone, Lake Austin North. These results are expected in late May.
The regional scout aircore drilling program on Lake Austin has now been completed with further assay results expected in mid-late May.
An RC drilling program to test gold targets at Mainland is currently being planned and will be scheduled for late in the June quarter.
Optimising cash flow and maximising returns
Musgrave is continuing development studies on the Break of Day and Lena gold deposits to evaluate options to optimise cash flow and maximise shareholder returns.
Discussions are also ongoing regarding options for the mining and processing of the existing gold resources at Cue.