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Musgrave Minerals delivers 31% increase in Break of Day gold resources to 262,000 ounces

A large proportion of the resource will be amenable to open pit mining with the top 175 metres averaging over 1,100 ounces per vertical metre.

Musgrave Minerals Ltd - Musgrave Minerals updates Break of Day mineral resource estimate
Ongoing regional drilling is focusing on defining further high-grade, near surface gold deposits

Musgrave Minerals Ltd (ASX:MGV) has delivered a 31% increase in gold resources at Break of Day deposit in Western Australia to 262,000 ounces, taking overall Cue Gold Project resources to 659,000 ounces.

The updated estimate includes maiden resources at Starlight and White Light and follows the completion of a further 30,000 metres of infill and extensional drilling and a re-interpretation of the mineralised lodes.

Resource update

Break of Day's new resource estimate is 797,000 tonnes at 10.2 g/t gold for 262,000 ounces of contained gold in the indicated and inferred categories.

This update delivers:

  • A 42% increase in gold grade to 10.2 g/t;
  • A 58% increase in indicated resources to 175,900 ounces; and
  • A 31% increase in total contained gold ounces.

When combined with the nearby Lena resource, only 130 metres to the west, the two deposits host a combined 5.1 million tonnes at 3.6 g/t gold for 587,000 ounces.

These two deposits and several smaller deposits take the overall Cue resource to 6.4 million tonnes at 3.2 g/t for 659,000 ounces.

The improved confidence and the very high-grade nature of the Break of Day near-surface indicated resource is a step towards future development and will enhance the open pit development economics.

“Significant milestone”

Musgrave managing director Rob Waugh said: “We are continuing to make new discoveries and grow the 100%-owned gold resources at Cue.

“This latest update increases the contained ounces in the Break of Day resource and improves the overall grade of the deposit while also delivering a major uplift in the geological confidence by refining the geological model and growing the indicated resource category.

“This is a significant milestone for the company with ongoing focus on grade and margin.

“It confirms Break of Day as a standout, high-grade, near-surface gold deposit that will largely be amenable to open pit mining.”

The total indicated and inferred mineral resources for the Cue Project (incorporating Break of Day, Lena and several smaller deposits), is 6.4 million tonnes at 3.2 g/t gold for 659,000 ounces of contained gold.

Regional drilling ongoing

The company is undertaking a regional drilling program to test analogues to the Starlight mineralisation along trend and has identified several new mineralised, near-surface, high-grade gold zones, including Target 2 and Target 9 (Leviticus).

Waugh said: “Undeveloped, near-surface, high-grade gold resources, close to existing infrastructure, are very rare in Australia.

“With drilling continuing to intersect high-grade gold on new regional targets, we are looking forward to further exciting results as the programs progress.”

Quick facts: Musgrave Minerals Ltd

Price: 0.41 AUD

Market: ASX
Market Cap: $195.81 m

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