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Musgrave Minerals discovers new gold lode just 75 metres from Starlight discovery

The company is working towards a resource update for Break of Day including Starlight and White Light in late quarter three of 2020.

Musgrave Minerals Ltd - Musgrave Minerals discovers another lode 75 metres south of new Starlight discovery
The initial RC drilling is now 90% complete with further assays expected within two weeks

Musgrave Minerals Ltd (ASX:MGV) has identified a second high-grade lode 75 metres to the south and striking parallel to the new Starlight gold discovery at Break of Day, within the company’s 100%-owned ground at its flagship Cue Gold Project in Western Australia’s Murchison district.

The ‘White Light’ lode aligns with several historical isolated gold intersections over a strike extent of more than 100 metres.

Highly encouraging results have been returned from White Light, prompting the company to extend the reverse circulation (RC) drilling campaign at Break of Day.

Results include:

  • 6 metres at 54.4 g/t from 211 metres;
  • 6 metres at 5.4 g/t from 111 metres; and
  • 9 metres at 5.1 g/t from 21 metres.

“Confident lodes can be extended”

Musgrave managing director Rob Waugh said: “This is another positive result for the company as we build the high-grade gold resource base at Cue.

“Drilling is continuing and we are confident we can extend the lodes and make new discoveries as our geological knowledge of the system grows.”

The intercepts at Starlight and White Light are outside the existing Break of Day resource of 868,000 tonnes at 7.2 g/t for 199,000 ounces contained gold.

Starlight assay results

The current RC drilling program at Break of Day has been extended following the discovery of the new White Light lode with 42 RC holes completed to date with assay results received for 31 holes.

Assays for 1-metre individual samples have been received for previously reported intersections based on 6-metre composites and confirm the high-grade gold results at Starlight, which include:

  • 6 metres at 35.8 g/t from 131 metres; and
  • 5 metres at 7.2 g/t from 230 metres.

Further assays are expected within two weeks.

Plan showing surface projection of Starlight and White Light gold lodes, drill collars and recent assay results at Break of Day

Ongoing drilling

Both the Starlight and White Light lodes remain open to the southeast and down dip where drilling is continuing.

Drilling will also continue to test for new lodes within the Break of Day and Lena system.

Waugh said: “We have extended our RC drill program following the new White Light discovery as we build towards a resource update late in quarter three 2020.”

The diamond drilling program at Starlight to test depth extensions to the mineralisation is progressing well with first assays expected in four weeks.

Further drilling on the newly discovered White Light lode at Break of Day will commence next week.

Evolution JV

Musgrave has executed an $18 million earn-in and exploration joint venture with Evolution Mining Ltd (ASX:EVN) over the Lake Austin portion of the Cue Project.

The Break of Day, Lena and Mainland areas are excluded from this JV arrangement.

Evolution has approved the FY20-21 budget and the phase two follow-up aircore drilling of high-priority gold targets is scheduled to begin in late July 2020.

Quick facts: Musgrave Minerals Ltd

Price: 0.41 AUD

Market: ASX
Market Cap: $194.66 m

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