Musgrave Minerals Hits High-Grade Gold on Evolution JV Ground

THE DRILL SERGEANT: Musgrave Minerals (ASX: MGV) released results from regional scout aircore drilling undertaken on the Lake Austin Joint Venture with Evolution Mining (ASX: EVN) at Musgrave’s Cue gold project in Western Australia’s Murchison district.

Musgrave Minerals declared the latest drilling to demonstrate the strength of the company’s exploration model for a large gold system beneath Lake Austin.

The aircore drilling has generated multiple high-priority basement gold targets for follow-up drill testing.

New gold intersections include:

5 metres at 12.1 grams per tonne gold from 90m, including 1m at 53.7g/t gold from 90m;

13m at 1.9g/t gold from 96m, including 1m at 17.2g/t gold from 106m; and

69m at 0.8g/t gold from 126m to EOH, including 23m at 1.3g/t gold from 159m.

“This large regional scout drilling program as part of the Evolution JV, has generated some excellent regolith gold results and has significantly extended the gold anomaly around the Lake Austin North target highlighting the potential of the area to host significant basement gold mineralisation,” Musgrave Minerals managing director Rob Waugh said in the company’s ASX announcement.

“Musgrave’s regional drilling program on its 100 per cent-owned tenements is near completion and has also defined multiple targets for priority basement follow-up drilling in the new year.”

The Evolution JV excludes all the known resources at Cue (including Lena and Break of Day) and the Mainland option area.

Evolution can earn a 75 per cent interest in the JV area by sole funding $18 million on exploration over a five-year term with a minimum commitment of $4 million in the first two years.

Musgrave is manager of the JV during the initial period.

The joint venture commenced in October 2019.