Musgrave Minerals strikes new zinc-silver-gold at Tank Hill
THE DRILL SERGEANT: Musgrave Minerals (ASX: MGV) has claimed to have intersected a new zone of zinc, silver and gold mineralisation at the Tank Hill target at the company’s Menninnie Dam project, located in the southern Gawler Craton region of South Australia.
Musgrave has carried out broad-spaced reverse circulation (RC) drilling at Tank Hill, which has returned results including:
– 30 metres at 1.9 per cent zinc, 21 grams per tonne silver, 0.27 grams per tonne gold, from 132 metres, including 6 metres at 4.9 per cent zinc, 62 grams per tonne silver, and 1.2 grams per tonne gold from 133 metres.
Musgrave explained this is the first drill hole to intersect the mineralisation so it is yet to determine the true width of the intersections.
The company said the newly-identified mineralisation is open in all directions with the closest existing drill hole approximately 700m to the west-north-west, from which results are yet to be received.
The discovery is only five kilometres north-east of the existing Menninnie Central and Viper deposits at Menninnie Dam, which boast an inferred mineral resource of 7.7 million tonnes at 27g/t silver, 3.1 per cent zinc, 2.6 per cent lead.
Location of the Menninnie Dam project, South Australia. Source: Company announcement
The Menninnie Dam project comprises five Exploration Licences covering 2,471 square kilometres 20km east of Investigator Resources’ (ASX: IVR) recent Paris silver discovery.
“This is the first ever drilling at Tank Hill and it’s a very exciting result for us,” Musgrave Minerals managing director Rob Waugh said in the company’s announcement to the Australian Securities Exchange.
“The presence of gold in the system is particularly encouraging.
“We look forward to recommencing drilling as soon as possible to follow-up this excellent early result.”
Musgrave drilled eight RC holes in March this year focused on two exploration licences, and on three target areas, Tank Hill, Nonning, and Mannequin North.
Results from the remaining seven holes have not yet been received.
Musgrave said once it had received analytical results from the further seven RC drill holes it intends undertaking additional drilling to determine the extent, orientation and potential true thickness of the mineralisation at Tank Hill.
The company is scheduled to commence additional follow-up drilling, which is most likely to consist of a combination of aircore and RC drilling in May 2013.