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

THE DRILL SERGEANT: With its managing director Mike Dunbar set to close the RIU Resources Roundup in Sydney, Gascoyne Resources (ASX: GCY) announced further assay results from RC drilling at the Sly Fox deposit, within the company’s 100 per cent-owned Dalgaranga gold project in Western Australia.

Gascoyne released the results for the deep RC drilling completed at Sly Fox, which include the deepest drill hole (DGRC345) to intersect the Sly Fox shear zone to date.

The hole intersected the widest and highest grade zone discovered at Sly Fox including:

40 metres at 2 grams per tonne gold, including 23m at 2.5g/t from 185m downhole.

Gascoyne Resources claimed the intersection had confirmed the strong geological continuity of the deposit at depth, at increased grade and width and, along with intersected shallow mineralisation announced in April, is currently being incorporated into an initial Mineral Resource estimate for the deposit’s defined 250m strike length.

Initial metallurgical testwork carried out on Sly Fox drill samples produced first-rate overall recoveries using the proposed Dalgaranga processing plant flowsheet, including:

Oxide Composite Recovery of 98 per cent, with 30 per cent Gravity Gold Recovery;
Fresh Composite Recovery of 93 per cent with 55 per cent Gravity Gold Recovery; and
Fresh Shale Recovery of 89 per cent with 60 per cent Gravity Gold Recovery.

The company anticipates release of the initial Sly Fox Mineral Resource in the next two to three weeks.

“On the back of these RC drill and the initial metallurgical results, diamond drilling at the Sly Fox deposit for geotechnical and metallurgical testwork is scheduled to commence next week,” Gascoyne Resources said in its ASX announcement.

“This drilling has been planned to allow for initial pit optimisations to be completed once the Mineral Resource has been estimated.”

The Dalgaranga gold project currently contains a Measured, Indicated and Inferred Resource of 29.6 million tonnes at 1.3g/t gold for 1,230,000 ounces of contained gold, including Proved and Probable Ore Reserve of 552,000 ounces of gold.

Email: admin@gascoyneresources.com.au

Website: www.gascoyneresources.com.au

THE DRILL SERGEANT: Days out from the RIU Resources Roundup in Sydney Musgrave Minerals (ASX: MGV) reported high-grade gold results from the first ten drill holes from the Break of Day and Lena gold prospects.

Musgrave Minerals has recently commenced a phase two reverse circulation (RC) drilling program on the Cue project in the Murchison region of Western Australia.

Musgrave said drilling has identified a new shoot plunge and extension on the Velvet Lode intersecting:

17MORC050
15 metres at 16.6 grams per tonne gold from 170m down hole, including 7m at 31.8g/t gold from 173m; and

17MORC046
6m at 5.4g/t gold from 156m down hole.

Extensional drilling has extended the Twilight Lode a further 25m south intersecting:

17MORC050
3m at 22.4g/t gold from 153m down hole.

Musgrave explained the mineralisation remains open both to the south and down plunge on both high-grade lodes at Break of Day.

Infill drilling at Break of Day also intersected:

17MORC053
6m at 10.4g/t gold from 96m down hole; and

17MORC054
12m at 6.5g/t gold from 168m down hole.

At Lena drilling identified further shallow gold mineralisation of:

17MORC045
6m at 3.3g/t gold from 24m down hole.

Phase two of the drilling program is continuing with 20 drill holes of a planned 35 drill holes completed to date.

“The high-grade gold results at Break of Day continue to impress and extend the high-grade lodes,” Musgrave Minerals managing director Rob Waugh said in the company’s announcement to the Australian Securities Exchange.

“The new high-grade intersections in 17MORC050 on both the Twilight and Velvet Lode demonstrate that the deposit remains open with considerable potential to add resource ounces through extensional drilling.

“The current phase of drilling is progressing well as we work towards upgrading the Lena and Break of Day Mineral Resources in June 2017.”

Email: info@musgraveminerals.com.au

Website: www.musgraveminerals.com.au

THE DRILL SERGEANT: Leading up to the RIU Resources Roundup in Sydney, S2 Resources (ASX: S2R) let the market know of positive drilling and geophysical results at the Bjurtraskgruvan and Skaggtraskberget VMS prospects within the company’s 100 per cent-owned Skellefte project in Sweden.

S2 Resources has now completed six holes at the Bjurtraskgruvan VMS prospect with the most recent hole, SBJK170006, drilled 135 metres down plunge from an intercept of 14.71 metres at 2.2 per cent zinc, 1 per cent copper and 5.4 grams per tonne silver in SBJK170003 that was reported in March.

The company said SBJK170006 had intersected the thickest zone of copper mineralisation to date, intersecting a 24.4m thick zone grading 1.11 per cent copper from 220.7m, comprising remobilised veinlets of chalcopyrite, with several intervals of higher grade copper mineralization, including:

1.05m at 4.11 per cent copper, 0.65 per cent zinc and 19g/t silver from 221.5m; and

3.6m at 2.44 per cent copper and 11.5g/t silver from 224.3m.

“The new intersection is considered to be close to true width, and demonstrates that the Bjurtraskgruvan VMS system extends for at least 450 metres down plunge from its outcrop and remains open down plunge beyond this,” S2 Resources said inits ASX announcement.

“A down hole electromagnetic (DHEM) survey of SBJK170006 has identified a conductor centred approximately 30 metres to the east of the hole, which suggests that this intercept may be adjacent to more massive sulphides.”

S2 Resources also informed of an increase to its land position in both Sweden and Finland.

The company has applied for two large new exploration licences surrounding its granted exploration licences at Nasvattnet and Tjalmtrask in Sweden near Agnico Eagle’s emerging one million ounce Barsele gold project.

S2 has been increasing its tenure in the Central Lapland Greenstone Belt (CLGB) following the recent discovery of outcropping high-grade gold mineralisation at the nearby Aurora zone of the Risti gold prospect owned by TSXV-listed Aurion Resources.

S2 said this discovery had reaffirmed its view that the CLGB, which also contains Agnico Eagle’s eight million ounce Kittila gold mine, is a potentially highly endowed but under-explored gold province.

“S2 now has reservations, exploration licence applications and granted exploration licences covering approximately 1,030 square kilometres of the CLGB, and is in a strong strategic position in this emerging gold province,” the company said.

Email: admin@s2resources.com.au

Website: www.s2resources.com.au

THE DRILL SERGEANT: Corazon Mining (ASX: CZN) has had Work Permits for the drilling of new priority targets granted, enabling its next phase of work at the Fraser Lake Complex (FLC) in Manitoba Province, Canada.

Corazon said its discovery this year of magmatic nickel-copper sulphides within the FLC validates its exploration and targeting model, and confirms the FLC’s potential to host significant nickel-copper sulphide deposits.

An Induced Polarisation (IP) geophysical survey over the entire length of the interpreted feeder zone at the FLC extended coverage southwest from where drilling has been completed and generated new geophysical anomalies and new priority drill targets.

Corazon explained the new targets are located between 300m and 800m southwest of its completed 2017 drilling campaign and are outside the area previously approved for drilling at the FLC.

“All holes drilled to date within the Matrix Trend reported significant sulphide mineralisation in an area that the company now believes is peripheral to the main targets, which are closer to the margin of the FLC and deep mantle source from which the feeder zone originates,” Corazon Mining said in its ASX announcement.

“Sulphide mineralisation in drill holes within the Matrix Trend is pervasive, although variable in intensity.

“Textures and geochemistry suggest that multiple pulses of sulphide rich melt have intruded the FLC.

“Thin zones of massive sulphide intersected (typically less than 0.5m) appear to be predominantly flat lying and are characteristically different to the vertical pipe-like sulphide bodies within the Lynn Lake Mining Centre.

“The new targets are interpreted to have a strong vertical component, with gravity data identifying deep roots to the anomalies.”

Email: info@corazon.com.au

Website: www.corazon.com.au