Musgrave Minerals Hits Thick Gold Intercepts at Lake Austin North

THE DRILL SERGEANT: Musgrave Minerals (ASX: MGV) released further assay results from reverse circulation (RC) basement holes drilled at A and C Zones at the Lake Austin North prospect.

The Lake Austin North prospect sits three kilometres north of the Break of Day gold deposit on the company’s Cue project in Western Australia’s Murchison district.

Musgrave Minerals has interpreted the latest thick zones of gold mineralisation from RC drilling at A Zone at Lake Austin North to be indicating the discovery of a large mineralised gold system.

Results include:

157 metres at 0.55 grams per tonne gold from 90m down hole, including 24m at 1.6g/t gold from 132m and 31m at 1g/t gold from 216m; and

144m at 0.5g/t gold from 84m down hole, including 18m at 1.3g/t gold from 162m.

One metre re-samples of six-metre composites from 18MORC039 confirmed high-grade mineralisation at A Zone, including:

36m at 3.6g/t gold from 111m down hole, including 20m at 6.1g/t gold from 116m, including 5m at 15.3g/t gold from 125m.

Drilling at C Zone also intersected gold mineralisation including:

66m at 0.85g/t gold from 72m down hole, including 6m at 5.1g/t gold from 96m.

Musgrave Minerals said its interpretation of recent RC results suggests high-grade gold mineralisation within A Zone is steeply dipping to the east and many of the initial holes have not tested the interpreted basement target zone.

RC drilling is currently testing this new interpretation and a diamond drill rig is expected to commence late October.

“The thick, extensive gold intercepts continue to support Musgrave’s view that Lake Austin North is a large, well-mineralised gold system and a new gold discovery for the company,” Musgrave Minerals managing director Rob Waugh said in the company’s announcement to the Australian Securities Exchange.

“The Lake Austin North A and C Zone both have high-grade cores and drilling is continuing to piece together the geology to trace the strike and dip of the higher-grade gold lodes.

“The mineralisation is open north, south and down dip.

“A diamond drill rig will be on site in the next few weeks to provide drill core through the mineralisation and deeper drilling capacity which will enhance the geological interpretation.”