Musgrave Minerals Continues Lake Austin North Run

THE DRILL SERGEANT: Musgrave Minerals (ASX: MGV) reported further reverse circulation (RC) assay results from drilling at A Zone at the Lake Austin North prospect.

Lake Austin North is situated three kilometres north of the Break of Day gold deposit within the company’s Cue project in Western Australia’s Murchison district.

Drill hole 18MORC051 was drilled 50m south of discovery hole 18MORC039 (36m at 3.6g/t gold, including 20m at 6.1g/t gold), intersecting a high-grade mineralised zone approximately 150m below surface.

Assays returned a thick gold interval of:

30 metres at 2.5g/t gold from 186m down hole to end of hole, including 6m at 8g/t gold from 204m.

The hole terminated in mineralisation at the depth capacity of the drill rig.

This high-grade zone is open both up-dip, down dip and along strike to north and south.

The hole also intersected an upper gold halo of 66m at 0.26g/t gold from 72m down hole.

Drill hole 18MORC052 intersected a broad alteration zone within Archaean basement dipping steeply east 100m north of discovery hole 18MORC039 and returned:

138m at 0.4g/t gold from 102m down hole, including 6m at 3.4g/t gold from 132m.

Drill hole 18MORC053 drilled 200m north of 18MORC039, intersected the regolith gold halo (48m at 0.31g/t gold from 96m down hole) but was collared too far west and failed to intersect the primary basement lode.

“These are another set of excellent results and support the new interpretation for the high-grade basement lode at A Zone,” Musgrave Minerals managing director Rob Waugh said in the company’s announcement to the Australian Securities Exchange.

“Diamond drilling is due to commence in approximately two weeks at Lake Austin North.

“Both A and C Zones are proving to have significant upside potential with high-grade shoots within broader mineralised zones, and we are yet to find the limits of the mineralisation.”