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Musgrave Minerals in trading halt with capital raising announcement pending

The company is drilling new targets along trend from the high-grade Starlight gold discovery at Break of Day with this work returning strong results.

Musgrave Minerals Ltd - Musgrave Minerals in trading halt with capital raising announcement pending
The halt is in place until Monday, December 14, or when an announcement is released.

Musgrave Minerals Ltd (ASX:MGV) (OTCMKTS:MGVMF) has been granted a trading halt by the ASX with an announcement pending in regard to a capital raising.

The halt will remain in place until the beginning of regular ASX trade on Monday, December 14, or when an announcement is released to the market, whichever occurs earliest.

Musgrave has a market cap of approximately $203 million and shares last traded at 42.5 cents.

Drilling at new regional target

Recently, the company received high-grade near-surface results from aircore drilling of another regional target at Break of Day deposit within the flagship Cue Gold Project in Western Australia’s Murchison district.

A further 97 aircore drill holes have been completed in the current regional exploration program with the latest results from Target 17, which is 300 metres east of Break of Day.

This 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.

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.

Lake Austin JV

The company has also completed phase-2 aircore drilling testing high-priority gold targets on the Lake Austin JV with Evolution Mining Ltd (ASX:EVN) and assays are 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.

Quick facts: Musgrave Minerals Ltd

Price: 0.375 AUD

ASX:MGV
Market: ASX
Market Cap: $195.76 m
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