Musgrave Minerals Intersects Gold at Lake Austin North

THE DRILL SERGEANT: Musgrave Minerals (ASX: MGV) reported further strong assay results from a regional aircore/reverse circulation (RC) drilling program currently underway at the company’s Cue project in the Murchison District of Western Australia.

Musgrave Minerals is drilling to test 10 new high-priority gold targets at the Cue project with the latest results coming from the Lake Austin North gold target returning thick intervals of gold mineralisation in regolith over two wide zones (A Zone and B Zone).

The two parallel, mineralised gold targets have returned multiple thick gold intersections including:

13 metres at 4.3 grams per tonne gold from 120m, including 7m at 7.1g/t gold from 126m to end of hole;

42m at 1g/t gold from 112m to end of hole, including 18m at 1.9g/t gold from 130m;

33m at 1.2g/t gold from 116m to end of hole, including 12m at 2.6g/t gold from 134m;

60m at 0.67g/t gold from 90m including, 18m at 1.6g/t gold from 126m; and

42m at 0.59g/t gold from 90m, including 6m at 2.1g/t gold from 120m;

The A Zone is situated on what the company considers a highly prospective sheared granodiorite-mafic contact in a similar geological setting to that seen at the Granny Smith gold deposit in the Eastern Yilgarn of Western Australia.

“This is a fantastic result and the thick extensive regolith gold intercepts in A Zone show a significant gold system is present at Lake Austin North,” Musgrave Minerals managing director Rob Waugh said in the company’s announcement to the Australian Securities Exchange.

“The high grades intercepted in 18MOAC075 are also open to the south and show the potential for a high-grade primary source in unweathered rock.

“The A Zone mineralisation is still open in multiple directions where drilling is continuing.

“As part of this regional program, new gold mineralisation has now been identified at the Lake Austin North, Joshua, Lena North and Break of Day North targets.

“The results received to date reinforce the potential of the Cue project to host further high-grade gold deposits within this very prospective and well-endowed region with good infrastructure and numerous operating gold plants.”