logo-loader
Musgrave Minerals Ltd

Musgrave Minerals drills 25 g/t gold at Cue Project

Drilling has intersected high-grade gold below the Lena deposit’s JORC resource.

Musgrave Minerals Ltd - Musgrave Minerals drills 25 g/t gold at Cue Project
Drilling continues at the Lena deposit

Musgrave Minerals Ltd (ASX:MGV) has received assay results from drilling at the Lena deposit and Mainland prospect within its Cue Gold Project in Western Australia.

Drill results at Lena including 1-metre at 25.7 g/t gold from 110 metres and 24 metres at 3.2 g/t gold from 140 metres highlight the potential to extend the deposit at depth.

Lena’s existed JORC compliant resource is 2.68 million tonnes grading 1.77 g/t gold for 153,000 ounces of gold, which is estimated down to a maximum depth of 160 metres only.

High-grade gold of 3 metres at 5.4 g/t from 74 metres has also been intersected in maiden drilling at the recently acquired tenement that hosts the Mainland prospect.

Drilling continues at Lena, more drilling planned for Mainland

Musgrave’s managing director Rob Waugh said: “These are exciting results at Lena and Mainland.

“At Mainland, the initial program has returned strong results and further drilling is planned.

“The upside at Lena is significant with drilling confirming high-grade gold mineralisation below the existing resource that remains open.

“Our reinterpretation of the geology and shoot control has highlighted the excellent potential to extend the current Lena resource and we look forward to further strong results as drilling continues.”

Diamond drill now spinning at Lena

The current program at Lena consists of a combination of shallower reverse circulation (RC) drilling and deeper diamond drilling.

The aim of the program is to improve the geological confidence in the continuity of the mineralisation by reducing the drill spacing to enable an upgrade to the JORC estimate.

Three RC pre-collars have now been completed at Lena and diamond drilling has commenced.

At Mainland, Musgrave has completed the first phase of RC drilling, 11 holes for 1,373 metres, testing below three sets of historical gold workings.

The best intersection of 3 metres at 5.4 g/t gold was from the Consols prospect and follow-up drilling there is now being planned.

Quick facts: Musgrave Minerals Ltd

Price: $0.08

Market: ASX
Market Cap: $30.94 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Musgrave Minerals Ltd named herein, including the promotion by the Company of Musgrave Minerals Ltd in any Content on the Site, the Company...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Full interview: Musgrave Minerals signs $18 million earn-in JV with...

Musgrave Minerals Ltd (ASX:MGV) managing director Robert Waugh updates Proactive on the signing of an $18 million earn-in joint venture agreement with Evolution Mining centred on the Lake Area of the Cue Project in W.A.  Evolution can earn 75% in the area by sole funding $18 million in...

21 hours, 15 minutes ago

2 min read