Musgrave Minerals (ASX:MGV) - Managing Director, Rob Waugh
Managing Director, Rob Waugh
Source: Musgrave Minerals
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  • The diamond drilling campaign at Musgrave Minerals’ (MGV) West Island tenement in Western Australia has intersected high-grade gold
  • The West Island zone is part of a wider seven kilometre long anomalous gold corridor within MGV’s Cue joint venture with Evolution Mining
  • Best results included 4.26 metres at 41.5 grams per tonne (g/t) of gold from 160.74 metres including 0.41 metres at 400.2 g/t of gold from 160.74 metres
  • Evolution joined the project as an earn-in manager from January 1 for MGV’s 100 per cent owned tenement
  • Musgrave shares down 1.69 per cent, selling for 29 cents a share

A diamond drilling campaign at Musgrave Minerals’ (MGV) West Island tenement has intersected high-grade gold.

The West Island zone in the Murchison region of Western Australia is part of a wider seven kilometre long anomalous gold corridor within MGV’s Cue joint venture with Evolution Mining.

Diamond drilling has identified multiple new northwest-trending lodes, oblique to the favourable dolerite host unit at West Island, each with strike lengths of over 200m and open in all directions.

Best results found 4.26 metres at 41.5 grams per tonne (g/t) of gold from 160.74 metres including 0.41 metres at 400.2 g/t of gold from 160.74 metres.

Additional air-core drilling was performed at West Island on Lake Austin and has extended the mineralised dolerite envelope, and mineralisation along the dolerite remains open in both directions.

Significant aircore gold intercepts may indicate that the zones in dolerite are likely to extend roughly 1.6 kilometres in strike.

Aircore results found 34 metres at 0.64 g/t of gold from 124 metres, 10 metres at 1.43 g/t of gold from 78 metres and 12 metres at 0.93 g/t of gold from 78 metres.

Evolution joined the project as an earn-in manager from January 1 for MGV’s 100 per cent owned tenement. This will free up Musgrave staff to accelerate activity on the company’s 100 per cent tenure assets.

“The gold system at the Cue JV with Evolution continues to deliver strong results with diamond drilling confirming the potential for multiple high-grade basement gold lodes within the dolerite sill at West Island,” Musgrave Managing Director Rob Waugh said.

“Evolution increasing the exploration budget in H2 2022 (to a minimum total of $8 million for the full year) and electing to act as earn-in manager from 1 January 2022 is a positive move and an indication of the upside potential of the joint venture ground.”

Musgrave Minerals shares were down 1.69 per cent at 29 cents at 12:30pm AEDT.

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