THE DRILL SERGEANT: Musgrave Minerals (ASX: MGV) gave the market a reason to get out of bed by announcing assay results from the first two reverse circulation (RC) basement drill holes.
Musgrave Minerals reported the results from the two holes drilled into the A Zone target at the Lake Austin North prospect located three kilometres north of the Break of Day gold deposit on the company’s Cue Project in the Murchison district of Western Australia.
Drill hole 18MORC039 intersected an impressive:
42 metres at 3.2 grams per tonne gold from 108m down hole, including 24m at 5.1g/t gold from 114m, including a higher-grade core of 6m at 12.6g/t gold from 126m.
Musgrave Minerals explained the initial sampling was undertaken using six metre composites with the above intersections encountered within a broad gold halo of lower-grade gold mineralisation of 84m at 1.7g/t gold from 84m depth.
The company noted that the drill hole terminated in low grade gold mineralisation (12m at 0.15g/t gold) and additional follow-up drilling is required.
Drill hole 18MORC040 was collared 75m west of 18MORC039 and intersected a thick broad regolith gold halo assaying:
60m at 0.14g/t gold from 72m down hole and terminated in low-grade gold mineralisation (18m at 0.14g/t gold from 222m down hole to EOH).
This hole terminated in mineralisation at the depth capability of the rig.
Musgrave indicated a diamond tail will need to be completed after the current program to test the downward extent of this high-grade zone.
Drill holes 18MORC039 and 18MORC040 are the first holes into the fresh basement below the A Zone target, which is open to the north, south and down dip.
“This is a wonderful result that demonstrates the potential for the A Zone target to host thick, high-grade gold mineralisation,” Musgrave Minerals managing director Rob Waugh said in the company’s announcement to the Australian Securities Exchange.
“The extent of the basement gold mineralisation is not yet defined and is completely open along strike and down dip.
“The result supports Musgrave’s view that Lake Austin North has the potential to be a large, well-mineralised gold system and potentially a new gold discovery for the company.
“The aircore regolith gold halo at Lake Austin North is extensive and we are looking forward to drilling more holes and receiving further assays in coming weeks.”