Musgrave Minerals Ltd (ASX:MGV) (FRA:6MU) has strengthened the exploration model for a large gold system at the Lake Austin Joint Venture with Evolution Mining Ltd (ASX:EVN) (OTCMKTS:CAHPF) in WA where aircore drilling has generated multiple high-priority basement gold targets for follow-up drill testing.
The phase-2 regional scout aircore drilling program has been completed with the partners identifying multiple high-priority basement gold targets totalling more than 48,895 metres.
The work forms part of the JV over Lake Austin, which is within Musgraves's flagship Cue Gold Project in Western Australia’s Murchison district.
“Excellent regolith gold results”
Managing director Rob Waugh said: “This large regional scout drilling program as part of the Evolution JV, has generated some excellent regolith gold results and has significantly extended the gold anomaly around the Lake Austin North target highlighting the potential of the area to host significant basement gold mineralisation.
“Musgrave’s regional drilling program on its 100%-owned tenements is near completion and has also defined multiple targets for priority basement follow-up drilling in the new year.”
Diamond drilling to begin 2021
Encouraging gold intersections include:
- 5 metres at 12.1 g/t gold from 90 metres, including 1-metre at 53.7 g/t from 90 metres;
- 13 metres at 1.9 g/t from 96 metres, including 1-metre at 17.2 g/t from 106 metres; and
- 69 metres at 0.8 g/t from 126 metres to the end of hole, including 23 meres at 1.3 g/t from 159 metres.
Many of the aircore drill holes in both phases of the program terminated in anomalous gold, highlighting the possible proximity to basement gold mineralisation and the necessity for further basement drill testing.
Results for a further 87 holes are awaited from the Lake Austin North and West Island targets which, when received, will be integrated with existing datasets to define final basement drill hole locations for diamond drilling, expected to begin in late February 2021.
Evolution can earn a 75% interest in the JV area by sole funding A$18 million on exploration over a five-year term with a minimum commitment of A$4 million in the first two years.
The joint venture began in October 2019 and Musgrave is manager of the JV during the initial period.