What it does
Musgrave Minerals Ltd (ASX:MGV) is an Australian gold and base metals explorer, dedicated to discovering new deposits of economic mineralisation using systematic, well-resourced exploration methods and programs.
Its key development is the Cue Project in the Murchison Province of Western Australia, with additional projects in the Musgrave and Southern Gawler Craton of South Australia.
How it is doing
A reverse circulation programme of six holes for 786 metres intersected high-grade gold in a ‘link’ position joining the two main Twilight and Velvet gold lodes at Break of Day, within the Cue project.
This programme has extended high-grade gold mineralisation to the south and has the potential to add upside to the high-grade Break of Day gold resource.
The Mainland project in Western Australia revealed high-grade gold of up to 2 metres at 55.4 grammes per tonne from 52 metres including 1-metre at 108.3 g/t in reverse circulation.
Musgrave has an option to acquire 100% of the basement gold rights at Mainland, which lies within the boundaries of the Cue Gold Project and covers the northern extension of the shear corridor that hosts Musgrave’s Break of Day and Lena gold deposits.
What the boss says: Rob Waugh, managing director
“Drill hole 19MORC037 was drilled to test a new hypothesis and structural interpretation and is a fantastic high-grade result for Break of Day on intersecting a potential new link-lode."
"This result opens numerous possibilities and opportunities to discover additional lodes and grow the Break of Day resource, which continues to deliver consistent high grades."
- Additional follow-up drilling at Cue scheduled for Q1 2020, leading to a resource update in Q2 2020