Musgrave Minerals Scores New High-Grade Gold Hit

THE DRILL SERGEANT: Musgrave Minerals (ASX: MGV) reported regional aircore drilling at Lake Austin North has identified a new high-grade, high priority basement target for follow-up drill testing.

Musgrave Minerals said that assay results from the current regional scout aircore drilling program at the company’s Cue project in Western Australia’s Murchison district had returned noteworthy intervals of gold anomalism hosted in Archaean regolith (weathered basement rock) which commonly form as a gold geochemical halo derived from underlying basement gold mineralisation.

The company indicated that many of the aircore drill holes terminated in mineralisation providing a target for follow-up diamond drilling.

Regional aircore drill results have been received for an area north-east of A-Zone at Lake Austin North. highlighting a new extension to the D-Zone basement target.

The company believes the new target may represent a splay off the main A-Zone shear and has the potential to host high-grade basement gold mineralisation in fresh rock beneath the gold halo.

New aircore gold intercepts include:

38 metres at 2.08 grams per tonne gold from 111m down hole to EOH, including 5m at 14.8g/t gold from 135m, including 1m at 65.4g/t gold from 136m;

52m at 0.29g/t gold from 116m to EOH; and

20m at 0.21g/t gold from 111m.

“This is another excellent result from the regional scout aircore drilling on Lake Austin and supports the company’s positive view that a large gold system is hidden below the salt lake,” Musgrave Minerals managing director Rob Waugh said in the company’s announcement to the Australian Securities Exchange.

“This regional drilling continues to define geochemical gold ‘halos’ to focus basement drill testing, with this intercept being the highest grade intersected from aircore drilling to date.

“The goal is to define all the individual high-grade basement deposits beneath this gold halo.

“The new target is close to A-Zone where we have been conducting deeper drilling and having a rig in the area means it can be tested immediately.

“Diamond drilling will commence this week to test this new high-grade gold target.”