Musgrave Minerals Raises $3M to Continue Drilling Cue Project

THE DRILL SERGEANT: Musgrave Minerals (ASX: MGV) supported the release of further high-grade gold results from the Break of Day gold prospect with news it has raised $3 million via a placement of 40 million shares to professional and sophisticated investors.

Latest results from drilling at Break of Day include:

17MORC056
4 metres at 22.3 grams per tonne gold from 126m down hole; and

17MORC055
6m at 5.7g/t gold from 222m down hole.

The Break of Day prospect is part of the Cue project in the Murchison region of Western Australia in Joint Venture with Silver Lake Resources (ASX: SLR).

“These results provide further support to the resource drilling and interpretation of the high-grade gold lodes,” Musgrave Minerals managing director Rob Waugh said in the company’s announcement to the Australian Securities Exchange.

“We will continue to release results as they become available over the next few weeks.”

Musgrave Minerals said that phase two of the drill program is underway with 28 (now 16 reported in total) RC holes completed out of a total 35 planned holes (6,000m).

The phase two program includes both extensional and infill drilling at Break of Day and Lena with a focus on the high-grade extensions at Break of Day.

The company indicated the funds raised by the recent placement will be directed towards further drilling of the high-grade Break of Day gold deposit to define the strike extent of the high-grade gold lodes and commence a scoping study on the Moyagee Development Project (which includes the Lena and Break of Day gold deposits), regional exploration and for general working capital.

Email: info@musgraveminerals.com.au

Website: www.musgraveminerals.com.au