Musgrave Minerals Identifies Southern Extension to Break of Day

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THE DRILL SERGEANT: Musgrave Minerals (ASX: MGV) has identified mineralised extension from results of recently completed reverse circulation (RC) drilling program at the Break of Day gold prospect on the company’s Joint Venture Cue project in the Murchison region of Western Australia.

Musgrave Minerals completed Phase two of the drill program at the Break of Day and Lena deposits in late May with 35 new drill holes and three hole extensions completed.

The company said the high-grade gold results continue to encourage the Musgrave team and will support the new resource estimate scheduled to be completed in July 2017.

Individual one-metre assay results from the recently completed phase two drill program at Break of Day have been received.

Extensional drill hole 17MORC062 intersected:

1 metre at 57.7 grams per tonne gold from 294m down hole on the Twilight Lode; and

1m at 3.4g/t gold from 320m on the Velvet Lode.

Musgrave explained this hole extends gold mineralisation on both lodes a further 150m down dip where it is still open at depth.

Extensional drill hole 17MORC070 was drilled 25m further south of previously-reported 17MORC050 (3m at 22.4g/t gold – Twilight Lode) and (15m at 16.6g/t gold – Velvet Lode) intersected:

1m at 14.1g/t gold from 133m down hole on the Twilight Lode; and

1m at 17.5g/t gold from 155m on the Velvet Lode.

This drill hole extended the mineralisation which is still open to the south where Musgrave considers there to be an opportunity to grow the resource with further drilling.

The drilling to date indicates the higher-grade mineralisation typically occurs below the 80 to 100 metres vertical depth level at Break of Day.

There is no drilling at this depth south of newly reported drill hole 17MORC070.

“This is a really positive result and leaves the mineralisation at Break of Day on both lodes still open to the south,” Musgrave Minerals managing director Rob Waugh said in the company’s announcement to the Australian Securities Exchange

“We are consistently seeing higher-grade gold mineralisation at Break of Day below the 80 to 100 metres depth level where it is wide open with no current drilling in this area.

“This creates a significant opportunity for the company to grow the resource with further drilling.”

The Cue project is a Joint Venture with Silver Lake Resources (ASX: SLR) where Musgrave holds a 60 per cent interest it has elected to increase to 80 per cent.

Email: info@musgraveminerals.com.au

Website: www.musgraveminerals.com.au