The company has been granted a trading halt by the ASX and this will remain in place until the start of regular trade on Wednesday, June 3, 2020, or when an announcement is released to the market.
Shares last traded at 15.5 cents and are up from 7.4 cents at close on March 13.
Musgrave recently resumed reverse circulation (RC) drilling at the high-grade Starlight gold discovery at Break of Day within the Cue project.
This program of around 20 holes for 4,000 metres is focused on drill testing the strike and depth extension of the Starlight link-lode.
Once completed, diamond drilling will follow ahead of the anticipated resource update.
Potential to extend mineralisation
Musgrave believes there is potential to extend existing mineralisation and discover new gold deposits within the project area, as demonstrated by the recent drilling success at Break of Day, Lena and Lake Austin North.
The company’s intent is to investigate options to best develop a low-cost operation, capable of delivering strong financial returns for its shareholders.