Musgrave identifies Corunna silver-lead-zinc targets

THE DRILL SERGEANT: Musgrave Minerals (ASX: MGV) has identified four new high-priority silver-lead-zinc epithermal targets from a review of historical soil sampling on the company’s wholly-owned Corunna project.

The company was granted the Corunna project (tenement EL5497) earlier this month, which is located in the epithermal porphyry province of the Southern Gawler Craton.

 

Location of Musgrave’s new Corunna project in the Southern Gawler Craton. Source: Company announcement

 

The region hosts the company’s Menninnie Dam zinc-lead-silver deposit and the Paris epithermal silver deposit of Investigator Resources (ASX: IVR).

Musgrave explained previous owners of the Corunna tenement had focused on uranium exploration.

The company said its examination of historic open file data has identified low level regional multi-element soil sampling results it finds interesting.

The historical survey assayed for a full suite of elements including silver, gold, base metals and path finder elements.

Musgrave geologists have reviewed the historical data and have identified four areas of elevated silver anomalism with up to 9.7g/t silver in one of the soil samples.

These target areas are coincident with regional structures interpreted from aeromagnetic data and have never been drill tested.

“The epithermal targets have high levels of silver anomalism coincident with regional structures that are often important in controlling mineralisation in epithermal systems,” Musgrave Minerals managing director Rob Waugh said in the company’s announcement to the Australian Securities Exchange.

“We look forward to drilling these targets once the necessary approvals have been obtained.”

The Corunna project is located approximately 50km west of Port Augusta and is well positioned in regards to infrastructure and proximity to the coast.

Musgrave indicated it is currently negotiating an access agreement with the relevant party and is planning field programs to validate the historical data prior to air core drilling in the coming months.

Musgrave maintains its strong financial position with approximately $5.3 million in cash to progress exploration over the new Corunna project tenement as well as its other projects in South Australia and Western Australia.

Email: info@musgraveminerals.com.au

Website: www.musgraveminerals.com.au