THE DRILL SERGEANT: Musgrave Minerals (ASX: MGV) announced further assay results from diamond drilling underway at the A-Zone gold target at Lake Austin North, near the Break of Day gold deposit within the company’s Cue project in Western Australia’s Murchison district.
Musgrave Minerals explained the second phase of diamond drilling on the A-Zone has to date completed seven holes with gold assay results now received for the first six holes.
The company has now defined basement mineralisation at A-Zone over 500m of strike below an 800m long regolith (weathered rock) gold halo that was identified from aircore drilling.
Although it is developing the geological model, Musgrave noted most of the current phase of diamond drilling at A-Zone has not adequately tested the high-grade target zones due to dip variability along strike and at depth and further drilling is required.
New intercepts include:
295 metres at 0.33 grams per tonne gold from 83.8m down hole, including 6.4m at 3g/t gold from 83.8m;
90.6m at 0.33g/t gold from 152.2m down hole, including 2.2m at 4.83g/t gold from 152.2m; and
70.1m at 0.66g/t gold from 144.7m down hole, including 4.6m at 4.17g/t gold from 149.8m.
“Diamond drilling is continuing to intersect thick zones of alteration and gold mineralisation in the basement at A-Zone where the system remains open along strike and at depth,” Musgrave Minerals managing director Rob Waugh said in the company’s announcement to the Australian Securities Exchange.
“The ongoing focus will be to define the higher-grade zones within the system and drill test the new targets defined by the current lake aircore drilling.
“The supergene gold blanket that sits in the weathered zone is up to 350 metres wide on some sections, so there is the potential for multiple ore positions on each section that are yet to be drill tested.
“We remain highly encouraged by the size of the gold system at Lake Austin North, and as each hole is drilled our understanding of the system increases.”