Musgrave Minerals Firms UP Cue JV with Evolution

THE DRILL SERGEANT: Musgrave Minerals announced news from the company’s Cue Joint Venture with Evolution Mining over Lake Austin in Western Australia’s Murchison district.

Musgrave reported new assay results from aircore and diamond drilling programs underway on the Cue JV with the aircore results continuing 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:

4.26 metres at 41.5 grams per tonne gold from 160.74m, including 0.41m a 400.2g/t gold from 160.74m; and

6m at 2.7g/t gold from 125m;

The company also announced that Evolution has elected to act as the Earn-in Manager from 1st January 2022, thus freeing up Musgrave personnel to accelerate activities on the company’s 100 per cent-owned tenure.

Evolution had initially committed to a $5 million exploration spend to fund further drilling at Cue in FY22 and have now 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.”