Total
0
Shares
Drilling at Musgrave’s Cue Gold Project. Source: Mugrave Minerals
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Drilling has hit more oxide gold mineralisation at Musgrave Minerals’ (MGV) Big Sky and Target 14 prospects in Western Australia’s Murchison district
  • The 15,000-metre reverse circulation drilling program is aiming to define the extent of gold mineralisation in the regolith and basement rock beneath
  • The latest results indicate continuous thick regolith gold mineralisation within the 2.6-kilometre-long aircore gold anomaly at the two prospects
  • Follow-up drilling continues while the company awaits further assay results which are expected mid-August
  • Shares have been trading 1.39 per cent lower at 35.5 cents at 12:23pm AEST

Drilling has hit more oxide gold mineralisation at Musgrave Minerals’ (MGV) Big Sky and Target 14 prospects in Western Australia’s Murchison district.

The prospects are located along the new gold corridor, southwest of Lena and Break of Day on MGV’s flagship Cue Gold Project.

The 15,000-metre reverse circulation drilling program is aiming to define the extent of gold mineralisation in the regolith and basement rock beneath.

So far, 118 drill holes have been completed.

The latest results from 19 holes indicate continuous thick regolith gold mineralisation within the 2.6-kilometre-long aircore gold anomaly at Big Sky and within the Target 14 area.

Specifically at Big Sky, results have been returned for 12 holes with the company reporting 48metres at 1.1 grams of gold per tonne (g/t) from 42 metres, including six metres at 4.4g/t gold from 66 metres and six metres at 4.5g/t gold from 108 metres as the most significant hits.

Over at Target 14, which is 800 metres north of Big Sky, MGV recorded 18 metres at 1.2g/t gold from 42 metres and in another hole, six metres 3.9g/t gold from 24 metres.

Commenting on the results, Musgrave’s Managing Director Rob Waugh said while it’s still “early days”, the results continue to be very positive.

Assay results for a further 75 holes are pending, the company said assay turnaround has been slow and expects the remaining results to be received by mid-August.

While waiting for the results, MGV is continuing the follow-up drill program at both prospects.

Additionally, works to progress the pre feasibility level studies at Break of Day and Lena are continuing, with additional metallurgical and geotechnical test work underway.

MGV also reported that Hydrological drilling has commenced.

Shares were trading 1.39 per cent lower at 35.5 cents at 12:23pm AEST.

MGV by the numbers
More From The Market Herald

" Moho Resources (ASX:MOH) eyes $1.51m & enters agreement with Whistlepipe

Mining company Moho Resources (MOH) has completed a bookbuild to undertake a $1.51 million placement.
The Market Herald Video

" ASX debutant Eastern Metals (ASX:EMS) to develop former Kidman Resources’ projects

Eastern Metals (EMS) began trading on the ASX today after raising $6 million through its IPO.

" Desert Metals (ASX:DM1) highlights PGEs at Innouendy

Desert Metals (DM1) has identified platinum group elements (PGEs) at the Innouendy project in Western Australia.
Auroch Minerals (ASX:AOU) - Managing Director, Aidan Platel

" Auroch Minerals (ASX:AOU) to begin drilling at Ragless Range

Auroch Minerals (AOU) will begin a diamond drilling program at the Ragless Range zinc target at its Arden Project in South Australia.