Musgrave Minerals Ltd (ASX:MGV) (OTCMKTS:MGVMF) has received high-grade near-surface gold results from aircore drilling of a new regional target at the Break of Day deposit within the flagship Cue Gold Project in Western Australia’s Murchison district.
The company has completed a further 97 aircore drill holes in the current regional exploration program with the latest results from Target 17, which is 300 metres east of Break of Day.
This program targeting Starlight analogues at Cue delivered strong high-grade results of up to 6 metres at 11.5 g/t gold from 18 metres within a broader interval of 24 metres at 3.4 g/t from 18 metres.
Mineralisation is hosted within a sheared dolerite in an analogous position to the Starlight deposit below 2 metres of hardpan cover and is open along strike and down dip.
“Finding gold wherever we look”
The program is focused on the potential for near-surface, high-grade gold mineralisation on structures cross-cutting stratigraphy like that seen at Starlight and potential new structural gold corridors parallel to the Lena/Break of Day corridor.
Musgrave managing director Rob Waugh said: “This is another excellent set of results from our regional drilling program.
“Wherever we look, we are finding gold, which continues to highlight the upside gold potential of the belt and supports the new geological interpretation.
“The Target 17 hit is another strong result in close proximity to Break of Day with follow-up drilling underway.
“Further regional drilling assays are expected later this month.”
White Heat prospect
The company has also received 1-metre assays from previously reported composite samples from the White Heat Prospect. These have confirmed high-grades:
- 2 metres at 30.3 g/t from 41 metres including 1-metre at 59.5 g/t from 41 metres;
- 5 metres at 8.3 g/t from 23 metres including 1-metre at 33.5 g/t from 24 metres; and
- 1-metre at 12 g/t from 28 metres.
Further assays are awaited for the remaining drill holes and basement reverse circulation (RC) resource drilling is scheduled to begin in mid-January to test the depth extent of the mineralisation.
Targets 14 and 15
Regional broad infill drill traverses across Targets 14 and 15 continue to return anomalous gold mineralisation with these targets prioritised for drill testing in the new year.
Both these target corridors have a strike length of more than 2.5 kilometres and remain open to the south.
Follow-up infill drilling at Target 14 (6 metres composite assays) returned:
- 12 metres at 1.46 g/t from 18 metres and;
- 6 metres at 2.21 g/t from 72 metres.
A detailed interpretation of the gravity data along these gold corridors is underway to define locations of possible cross-cutting structural targets, similar to that seen at Starlight.
Plan showing drill hole collars from the regional drill program across the White Heat Prospect (Target 2), Target 17 and Target 21.
Follow-up drilling
First pass aircore traverses have been completed across 25 regional targets with anomalous gold intersected on 20 targets, including high-grade gold at six targets.
Follow-up infill drilling is ongoing on the higher priority targets, including targets 2, 5, 9 14, 15, 17 and 20 after encouraging early results.
Additionally, regional aircore drilling of new structural and geochemical targets at Mainland has been completed and assays are pending.
Baseline environmental and broader heritage surveys at Break of Day and Lena are underway in preparation for further development studies.
Evolution JV
The Phase 2 aircore drilling program testing high-priority gold targets on the Lake Austin JV with Evolution Mining Ltd (ASX:EVN) is complete with assays expected through to late January 2021.
The compilation of full results will take place in the new year to rank and prioritise targets in what is developing as a large mineral system.
Diamond drilling to follow-up extensive regolith gold anomalies is scheduled to commence in late February 2021.
Initial substantial shareholder
Notably, on December 4, Invesco Australia Limited became a substantial shareholder in the company.
In the four months prior to becoming a substantial holder, Invesco acquired 7,473,023 shares for a consideration of $4,509,573.
This brings the company’s total shares to 23,902,908 which total a voting power of 5.004% based on 477,592,285 ordinary shares on issue.