Musgrave Minerals and Evolution JV Identifies Large Gold Targets at Cue

THE DRILL SERGEANT: Musgrave Minerals (ASX: MGV) reported on drilling carried out at its Lake Austin Joint Venture with Evolution Mining (ASX: EVN), at the company’s Cue project in the Murchison district of Western Australia.

Musgrave Minerals reported assay results from a recent regional scout aircore drilling program undertaken on the Lake Austin JV with Evolution Mining, the results from which the company claims to have strengthened its exploration model for a large mineralised gold system beneath Lake Austin.

The drilling has generated multiple high-priority basement gold targets for follow-up drill testing.

The results have extended the Lake Austin North gold anomalism to a strike of over 5.5 kilometres, extended a regolith gold target at West Island to over 2.3km in strike, and defined another regolith gold anomaly with over one kilometre of strike at the Mainland East target.

Lake Austin North

6m at 4.2 grams per tonne gold from 116m, including 1m at 18.2g/t gold from 117m;

9m at 2.25g/t gold from 136m to EOH;

13m at 0.53g/t gold from 128m to EOH;

20m at 0.3g/t gold from 130m; and

28m at 0.29g/t gold from 96m to EOH.

West Island

2m at 1.52g/t gold from 47m to EOH;

3m at 1.15g/t gold from 99m to EOH;

34m at 0.28g/t gold from 93m to EOH; and

28m at 0.32g/t gold from 112m.

Mainland East

4m at 0.76g/t gold from 66m; and

4m at 0.18g/t gold from 8m to EOH.

“These aircore results continue to show the large scale of the gold system lying hidden under Lake Austin and support the company’s view on the prospectivity of this large area,” Musgrave Minerals managing director Rob Waugh said in the company’s announcement to the Australian Securities Exchange.

“The Lake Austin North gold anomaly now extends for over 5.5 kilometres in strike with additional new anomalies at West Island and Mainland East highlighting the potential of the system to host significant gold deposits.”