Total
0
Shares
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Highly encouraging results have been returned from two prospects at Musgrave Minerals’ Cue Gold Project
  • The Lena deposit has an existing JORC 2012 of 2682kT at 1.77g/t gold for 153,000 ounces of gold
  • Diamond drilling has now begun at Lena to test for further extension below the existing resource
  • Results from this drill are expected in mid-September

Musgrave Minerals has intersected highly encouraging results from two prospects within its Cue Gold Project in Western Australia.

Assays from the first reverse circulation (RC) holes at Lena have been received as well as those from its maiden drilling program at Mainland.

The Lena deposit has an existing JORC 2012 resource of 2682kT at 1.77g/t gold for 153,000 ounces of gold.

Lena consists of a number of gold lodes, with some having significant high-grade potential below the existing resource.

Three RC drill holes were completed at Lena with one of the holes intersecting two separate high-grade lodes. Both of these intercepts are below the existing resource estimate.

Better results include 1 metre at 42.8g/t gold from 153 metres and 1 metre at 25.7g/t gold from 110 metres.

This new drilling supports the re-interpretation of historical drill data and has identified a high-grade southernly plunging shoot that remains open.

A number of historical high-grade diamond core intercepts lie within this extension of the high-grade gold lode.

The second hole in this program was drilled 110 metres, along strike, to the north of Break Day.

Results of 1 metre at 8g/t gold and 3 metres at 3.9g/t gold were intersected and it’s interpreted to be a potential northern extension of Break Day and will require follow up drilling.

“The upside at Lena is significant with drilling confirming high-grade gold mineralisation below the existing resource,” Managing Director at Musgrave, Rob Waugh, said.

“Our reinterpretation of the geology and shoot control has highlighted the excellent potential to extend the current Lena resource and we look forward to further strong results as drilling continues.”

Diamond drilling has now begun at Lena to test for further extensions to the mineralisation below the existing resource.

MGV by the numbers
More From The Market Herald

" Beacon Minerals (ASX:BCN) declares fully franked dividend

Beacon Minerals (BCN) has declared a fully franked dividend of 0.125 cents per share.

" Alchemy’s (ASX:ALY) subsidiary wins tenement ballots at Lake Rebecca

Alchemy Resources’ (ALY) subsidiary, Goldtribe Corporation, has won ballots for three exploration licence applications within ALY’s Lake Rebecca Project in Western Australia.

" Tigers Realm Coal (ASX:TIG) recounts positive September quarter

Tigers Realm Coal (TIG) has released its quarterly report for the three months ending September 30.

" Chase Mining’s (ASX:CML) Red Fox applies for more tenements in Queensland

Chase Mining’s (CML) 40 per cent-owned company Red Fox Resources has applied for another three exploration permits in northwest Queensland.