Musgrave Minerals identifies new targets

THE BOURSE WHISPERER: Recently-listed minerals exploration play Musgrave Minerals has identified a third focus area in the Musgrave Province, known as the Mt Woodroffe project, in the far north of South Australia.
 
The Mt Woodroffe project is situated on Musgrave Minerals’ wholly owned tenement, located approximately 115 kilometres west of the Stuart Highway and Adelaide to Darwin railway line.

Musgrave Minerals recently identified 10 new priority targets across after conducting a versatile time-domain electromagnetic or “VTEM” survey across part of its Mt Woodroffe project.

The company indicated that a number of the VTEM targets are located upstream of co-incident copper, nickel and platinum stream sediment anomalies, which it said is, “extremely encouraging”.

These are the same intrusive rocks that host BHP Billiton’s Nebo-Babel deposit in the West Musgrave.

“The identification of the VTEM targets in close proximity to the copper, nickel and platinum geochemistry anomalies is very positive,” Musgrave Minerals managing director Rob Waugh said in the company’s announcement to the Australian Securities Exchange.

“Metals commonly leach from enriched sources in the near surface environment and can accumulate in streams proximal to the source.

“Follow-up will occur in September/October to determine if the VTEM targets are the source of the copper, nickel and platinum anomalies.”

The newly identified area is the third project area to return new and exciting results from Musgrave Minerals’ initial exploration program, following positive results at Moorilyanna and Deering Hills.

The company is currently carrying out a program of diamond drilling of priority targets at Deering Hills, which it expects to receive results from shortly.

Musgrave has reconnaissance anomaly checking and rockchip sampling planned for September/October with ground electromagnetic (“EM”) surveys to follow-up priority targets.