Musgrave Minerals Identifies New Cue High-Priority Targets

THE DRILL SERGEANT: Musgrave Minerals (ASX: MGV) provided managing director Rob Waugh a few talking points for next week’s Diggers & Dealers Forum in Kalgoorlie.

Musgrave Minerals reported that it has identified new high-priority gold targets for drill testing on the Cue project in the Murchison region of Western Australia, along with further assay results from recently completed reverse circulation (RC) drill program.

Musgrave recently exercised its pre-emptive right to acquire Silver Lake Resources’ (ASX: SLR) interest in the Joint Venture and moving to 100 per cent-ownership of the key tenure on the project.

New gold targets soil sampling has identified an extensive gold soil anomaly (Louise Prospect), approximately 600m south of the high-grade Break of Day gold deposit.

The Louise prospect gold target is over 500m long and 250m wide and covers the southern extensions of both the Break of Day and Lena shear zones.

The anomaly has a peak gold value of 1,382ppb gold in soils (1.3g/t gold) and has never been effectively drill tested.

Musgrave indicated it has drilling planned to test this high priority target during the next phase of RC drilling that is scheduled to commence next week.

Further results from base metals and gold focused drilling completed in late May comprising 16 drill holes have been received for all drill holes.

Drilling at three targets returned gold anomalism, CV19 (17EPRC009), CV20 (Lady Stardust – 17EPRC010) and CV22 (17EPRC011).

Musgrave has follow up geochemical surveys, and further drilling planned on these targets, which are within 10km of the Tuckabianna mill that was recently purchased by Westgold.

Highly anomalous copper and zinc was also identified in a number of drill holes and down hole electromagnetic surveys will be undertaken on selected drill holes late this quarter.

Drill hole 17EPRC010 intersected elevated gold including:

18 metres at 0.1g/t gold from 102 to 120m;

This terminated in a second zone which assayed:

1m at 1.24g/t gold at the end of hole at 159m.

Musgrave Minerals has qualified for Western Australian Government Exploration Incentive Scheme (EIS) co-funded drilling support for this drilling.

“These results support the Company’s, very positive view on the gold prospectivity of the Cue project,” Musgrave Minerals managing director Rob Waugh said in the company’s announcement to the Australian Securities Exchange.

“We continue to identify high-priority targets and have a strong belief in the upside potential of the project.

“The Louise target south of Break of Day has the potential to be another high-grade gold discovery opportunity.”