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Musgrave Minerals (ASX:MGV) - Managing Director, Rob Waugh - The Market Herald
Managing Director, Rob Waugh
Source: The West Australian
  • Musgrave Minerals (MGV) has uncovered high-grade gold mineralisation during its recent infill drilling program at the Break of Day deposit within its Cue Gold Project
  • The company has received results from 16 reverse circulation drill holes, which confirm and extend the high-grade gold mineralisation in the Twilight and Velvet lodes at Break of Day
  • Significantly, the majority of the drilling was within the limits of Break of Day's existing resource estimate, however, some intervals of high-grade gold were found outside the current resource
  • Because Musgrave extended the drilling program and the backlog of samples at the laboratory, there will be a delay in releasing the Break of Day resource estimate, which has been pushed back to late October 2020
  • On the market this morning, Musgrave is down 1.79 per cent and shares are trading for 55 cents

Musgrave Minerals (MGV) has uncovered high-grade gold mineralisation during its recent infill drilling program at the Break of Day deposit within its Cue Gold Project.

The company has received results from 16 reverse circulation drill holes during its recent infill campaign.

Significantly, drilling has confirmed a number of near-surface extensions to the gold mineralisation at the Twilight and Velvet gold lodes.

The aim of this drilling was to identify shallow extensions to the existing gold lodes and improve the confidence in the geological model. The majority of the drilling was conducted within the limits of Break of Day's existing resource estimate, however, some intervals of high-grade gold were found outside the current resource.

Drilling results included three metres at 40g/t of gold from 83 metres and nine metres at 3.1 g/t of gold from 30 metres.

The Twilight and Velvet gold lodes are located at the company's flagship Cue Gold Project in Western Australia.

Because Musgrave extended the drilling program coupled with the backlog of samples at the laboratory, there will be a delay in releasing the Break of Day resource estimate, which has been pushed back to late October 2020.

"These are encouraging results and confirm the near surface gold potential on the Twilight and Velvet gold lodes," Managing Director Rob Waugh said.

"The identification of high-grade results outside the existing Twilight and Velvet geological model increases the upside potential and the possibility of additional, previously unidentified lodes being discovered," he added.

Meanwhile, regional testing at the Starlight analogue targets is ongoing and Musgrave expects the first results from the analysis in October.

On the market this morning, Musgrave is down 1.79 per cent and shares are trading for 55 cents at 10:50 am AEST.


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