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Musgrave Minerals halted with capital raising announcement pending

The trading halt will remain in place until Monday, April 27, or when an announcement is released to the market.

Musgrave Minerals Ltd - Musgrave Minerals in trading halt pending news of capital raising
Further RC drilling at the Starlight lode is scheduled in early May

Musgrave Minerals Ltd (ASX:MGV) has a capital raising announcement pending and has been granted a trading halt by the ASX.

This trading halt will remain in place until the start of normal trading on Monday, April 27, 2020, or when an announcement is released to the market, whichever occurs first.

Shares of the company which has a market cap of approximately $46.7 million last traded at 11.5 cents, up from 7.4 cents at market close on March 13.

High-grade gold at Break of Day

Musgrave’s 1-metre sampling within the Break of Day deposit at its flagship Cue Gold Project has confirmed recent high-grade gold assay results from reverse circulation (RC) drilling.

The drilling focused on testing the new high-grade Starlight link-lode intersected over a strike of more than 100 metres.

Best results were 3 metres at 118.4 g/t from 72 metres, including 1-metre at 351.2 g/t from 73 metres, and 55 metres at 2.8 g/t from 97 metres, including 1-metre at 61.4 g/t from 97 metres.

At the time managing director Rob Waugh said: “These results confirm the multiple high-grade gold lodes at Starlight and in many cases improve the grades from the composite sampling.

“Any upside resource growth at Starlight has the potential to significantly impact the future development economics of the Cue Gold Project.”

Quick facts: Musgrave Minerals Ltd

Price: 0.235 AUD

ASX:MGV
Market: ASX
Market Cap: $108.83 m
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Musgrave Minerals reports back on 'fantastic hits' from drilling at new...

  Musgrave Minerals Ltd's (ASX:MGV) Rob Waugh speaks to Proactive's Andrew Scott after announcing they've hit 12 metres at 112.9 g/t gold near-surface in reverse circulation (RC) drilling at the Starlight discovery within the flagship Cue Gold Project in Western Australia. ''We've got a...

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