Musgrave Minerals Enjoys Freedom to Explore Home Ground
COMMODITY CAPERS: Musgrave Minerals has been making the most of the freedom bestowed upon it to focus on the company’s 100 per cent owned tenure at the Cue gold project in Western Australia after Evolution Mining elected to act as earn-in manager over the pair’s Joint Venture from Day one of 2022.
This week, Musgrave Minerals reported further high-grade gold assay results from RC drilling at the Mosaic Lode.
The new intersections were achieved when testing along strike from the original Mosaic discovery intersection announced in December 2021, and include:
22MORC052
4 metres at 79.6 grams per tonne gold from 20m, including 3m at 105.4g/t gold from 20m;
22MORC053
4m at 8.9g/t gold from 61m;
22MORC001
3m at 6.5g/t gold from 50m;
22MORC047
2m at 7.8g/t gold from 92m; and
22MORC051
2m at 5.8g/t gold from 58m.
Elsewhere on the company’s 100 per cent ground two RC pre-collar drill holes at Break of Day intersected gold mineralisation in previously untested locations outside the current Mineral Resource Estimate boundary.
New extensional intersections from composite sampling included:
22MORC066
2m at 10.4g/t gold from 138m to EOH with the RC pre-collar terminating in high-grade mineralisation, in an area poorly drill tested.
The intercept is approximately 80m south of the current Break of Day Mineral Resource boundary and a diamond tail is pending for this hole.
22MORC066
6m at 2.4g/t gold from 66m was encountered in an area not previously drill tested and approximately 100m south of the current Break of Day Mineral Resource boundary.
22MORC071
6m at 4.3g/t gold from 84m was hit within the broader Break of Day Mineral Resource area but approximately 20m away from a currently defined lode.
“These results from the new Mosaic Lode at White Heat continue to highlight the upside potential of the project,” Waugh said in the company’s recent ASX announcement.
“The near-surface high grades intersected at Cue are some of the best, recent near-surface exploration hits in the Yilgarn.
“We are continuing to grow our understanding of the system and the controls on mineralisation and have confidence in our ability to grow the Mineral Resource base.
“We are on track to deliver a maiden Mineral Resource for Big Sky and White Heat-Mosaic in late Q2 2022.”
This followed up news in February, when Musgrave Minerals reported gold assay results from reverse circulation (RC) and diamond drilling of prospects on its, then new, Mosaic target located just south of the earlier White Heat prospect discovery.
The newly discovered Mosaic Lode returned high-grade gold results, including:
21MORC414
9m at 110.5g/t gold from 42m, including 3m at 307.3g/t gold from 45m; and
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2.8m at 122.2g/t gold from 72m, including 0.8m at 381g/t gold from 74m.
The drill rigs were busy at Mosaic, following up on strong assay results achieved from resource infill drilling at the Big Sky prospect that included.
21MORC259
3m at 22.6g/t gold from 68m, including 1m at 62.6g/t gold from 69m;
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2m at 9.1g/t gold from 64m; and
21MORC241
8m at 4.3g/t gold from 23m, including 1m at 30.9g/t gold from 23m.
“Our Cue gold project continues to deliver with more exceptional near-surface gold results in both RC and diamond drilling,” Musgrave Minerals managing director Rob Waugh said at the time.
“We think there is a lot more gold to be found in this district.
“These results again demonstrate the upside of the project.
“Even modest tonnages at these sort of near surface grades could have a positive impact on the future project economics.
“The company currently has three drill rigs on our 100 per cent tenure and one on the Evolution JV.
“The immediate focus is on building the resource base and delivering a Mineral Resource Estimate update in late Q2 2022.”
The current resource estimate for the Cue gold project totals 6.4 million tonnes at 3.2g/t gold for 659,000 ounces, including the Break of Day deposit (797kt at 10.2g/t gold for 262koz contained gold) and the Lena deposit (4.3Mt at 2.3g/t gold for 325koz contained gold) located 130m to the west of Break of Day.
The new gold discoveries at White Heat-Mosaic and Big Sky are both outside the existing resource areas.
All this didn’t mean Musgrave took its eye of the Cue Joint Venture with Evolution Mining over Lake Austin ball with the JV announcing new assay results in January from aircore and diamond drilling programs.
The aircore results continued to extend the large regolith gold mineralisation at the West Island prospect and the diamond drilling returning high-grade basement gold mineralisation.
Diamond core intercepts from the December 2021 quarter included:
21MODD025
4.26m at 41.5g/t gold from 160.74m, including 0.41m a 400.2g/t gold from 160.74m; and
21MODD033
6m at 2.7g/t gold from 125m;
Evolution had initially committed to a $5 million exploration spend to fund further drilling at Cue in FY22 but has increased the JV budget for the second half of the year.
The intent is to accelerate exploration and to delineate the scale of the gold system at West Island, to test additional gold-in-regolith aircore anomalies and define new diamond drilling targets through aircore drilling.
“The gold system at the Cue JV with Evolution continues to deliver strong results with diamond drilling confirming the potential for multiple high-grade basement gold lodes within the dolerite sill at West Island,” Musgrave Minerals managing director Rob Waugh said.
“Evolution increasing the exploration budget in H2 2022 and electing to act as Earn-in Manager from 1 January 2022 is a positive move and an indication of the upside potential of the Joint Venture ground.”
Email: info@musgraveminerals.com.au
Web: www.musgraveminerals.com.au
