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- Musgrave Minerals (MGV) has identified new basement gold targets at the Lake Austin deposit in Western Australia
- All up, 436 holes have been drilled on Lake Austin with aims to obtain geological and geochemical information for a basement drilling program
- Musgrave received initial results last year which saw many of the holes ending in anomalous gold, highlighting the possible proximity to basement gold mineralisation
- The company has now received new results with gold grades peaking at 7.57g/t
- Follow-up diamond drilling is scheduled to begin in early February to follow on from all results
- Musgrave has ended the day 1.33 per cent in the red with shares trading at 37 cents
Musgrave Minerals (MGV) has identified new basement gold targets at the Lake Austin joint venture with Evolution Mining (EVN).
Lake Austin lies within the Cue Project, which is located in the highly prospective Murchison province of Western Australia.
All up, 436 holes, for 48,895 metres, have been drilled on Lake Austin with aims to obtain geological and geochemical information for a basement drilling program.
Work was undertaken in two phases, with results from phase one reported on in June last year and results from phase two reported on in December.
Significantly, many of the holes ended in anomalous gold, highlighting the possible proximity to basement gold mineralisation.
Musgrave has received new results, with a best intercept of 50 metres at 1.17g/t gold from 70 metres to end of hole, including four metres at 7.57g/t gold from 114 metres.
Other results include 16 metres at 0.50g/t gold from 87 metres to end of hole, and 44 metres at 0.31g/t gold from 108 metres to end of hole.
Follow-up diamond drilling is scheduled to begin in early February to follow on from all results.
“The joint venture aircore drilling continues to define strong consistent gold anomalies under Lake Austin indicative of a large mineralised system in the basement,” Managing Director Rob Waugh said.
“We are looking forward to the commencement of diamond drilling in February to test the basement beneath a number of these large regolith gold targets,” he added.
Musgrave has ended the day 1.33 per cent in the red with shares trading at 37 cents in a $199.4 million market cap.
