Musgrave Minerals Extends Lake Austin North High-Grade Gold

THE DRILL SERGEANT: Musgrave Minerals (ASX: MGV) reported further assay results from reverse circulation (RC) basement holes drilled at the Lake Austin North prospect, north of the Break of Day gold deposit within the company’s Cue project in Western Australia’s Murchison district.

Musgrave Minerals drilled hole 18MORC057 100m south of the Lake Austin discovery hole 18MORC039, intersecting the high-grade mineralised A Zone lode approximately 135m vertically below surface.

The company said the southernmost RC drill hole returned its best result to date in the A Zone at Lake Austin North of:


94 metres at 2.4 grams per tonne gold from 156m to end of hole (EOH), including 52m at 4.1g/t gold from 198m to EOH, including 12m at 8.8g/t gold from 204m and 6m at 6.3g/t gold from 240m.

“Drill hole 18MORC057 has returned another thick high-grade result and delivered our best intercept to date at A Zone,” Musgrave Minerals managing director Rob Waugh said in the company’s announcement to the Australian Securities Exchange.

“It is the most southerly hole drilled to date testing the basement on A Zone and the results indicate the system is open to the south as well as to the north and at depth.

“Lake Austin North is proving to be a large, well mineralised system and the current diamond drilling program will aim to further outline the size and grade of this new and exciting gold discovery.”

Musgrave explained the third basement hole drilled into the C Zone (18MORC056), 450m north of previous RC drilling intersected gold mineralisation, including:

12m at 1.3g/t gold from 102m down hole within a broader zone of 30m at 0.6g/t gold from 102m.

However, due to drilling difficulties the hole was terminated early and did not reach planned depth.

Musgrave has commenced diamond drilling at Lake Austin North with first assay results expected in early December.

A regional gravity survey over newly granted tenement applications adjacent to the existing tenure at Cue is progressing with the aim of defining new gold targets for drill testing.