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Musgrave Minerals (ASX:MGV) - Managing Director, Rob Waugh
Managing Director, Rob Waugh
Source: The Pick Magazine
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  • Musgrave Minerals (MGV) has extended the gold anomaly to more than 5.5 kilometres at the Lake Austin joint venture with Evolution Mining (EVN)
  • Lake Austin is situated within the Cue Project which is located in the highly prospective Murchison province of Western Australia
  • A 249-hole program was undertaken as part of the regional aircore program
  • Results from this program peaked at 4.2 grammes per tonne gold
  • Phase two follow-up aircore drilling to test the high priority targets will begin in late July
  • Musgrave shares are trading flat at 23.5 cents each

Musgrave Minerals (MGV) has extended the gold anomaly to more than 5.5 kilometres at the Lake Austin joint venture with Evolution Mining (EVN).

Lake Austin is situated within the Cue Project which is located in the highly prospective Murchison province of Western Australia.

A recently completed phase one aircore drilling program consisted of 249 holes, for 22,879 metres, and it aimed to obtain geological and geochemical information to provide outlines for future targets.

Significant results from this program include six metres at 4.2g/t gold from 116 metres including one metre at 18.2g/t gold from 117 metres, and nine metres at 2.25g/t gold from 136 metres.

These results have extended the Lake Austin gold anomalism to a length of more than 5.5 kilometres where it remains open to the north and southwest.

These results have also strengthened Musgrave’s exploration model for a large mineralised gold system beneath Lake Austin.

Strong areas were also identified at the West Island and Mainland East targets, returning two metres at 1.52g/t gold from 47 metres and four metres at 0.76g/t gold from 66 metres, respectively.

“These aircore results continue to show the large scale of the gold system lying hidden under Lake Austin and support the company’s view on the prospectivity of this large area,” Managing Director Rob Waugh said.

“The Lake Austin North gold anomaly now extends for over 5.5 kilometres in strike with additional new anomalies at West Island and Mainland East highlighting the potential of the system to host significant gold deposits,” he added.

Phase two follow-up aircore drilling to test the high priority targets is now planned and will begin in late July.

Once this program is completed, diamond drill testing of selected targets will begin.

Musgrave shares are trading flat at 23.5 cents each at 1:20 pm AEST.

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