THE DRILL SERGEANT: Musgrave Minerals (ASX: MGV) released a Resource update at the company’s 100 per cent-owned Break of Day gold deposit on the Cue gold project in the Murchison district of Western Australia.
Musgrave Minerals’ Mineral Resource (Indicated and Inferred) update at Break of Day has estimated the Starlight and White Light lodes to host: 360,000 tonnes at 13.9 grams per tonne gold for 161,000 ounces of contained gold.
The total Indicated and Inferred Mineral Resources for the Break of Day deposit now stand at 797,000 tonnes at 10.2g/t gold for 262,000 ounces of contained gold.
When combined with Musgrave’s nearby Lena Resource located only 130m to the west, the two deposits host a combined 5.1 million tonnes at 3.6g/t gold for 587,000 ounces of contained gold, of which a large component will be amenable to open pit mining methods.
“This is a significant milestone for the company with ongoing focus on grade and margin,” Musgrave Minerals managing director Rob Waugh said in the company’s ASX announcement.
“It confirms Break of Day as a standout, high-grade, near-surface gold deposit that will largely be amenable to open pit mining.
“The deposit sits on a granted Mining Lease in a region with excellent infrastructure within a favourable mining jurisdiction.
“High-grade top cuts were used in the resource impacting the bonanza grades near surface at Starlight.
“Undeveloped, near-surface, high-grade gold resources, close to existing infrastructure, are very rare in Australia.
“The growing resource base on our 100 per cent-owned Cue project, which includes Break of Day and Lena is exceptional and carries significant value.
“We are continuing to make new discoveries and grow the 100 per cent-owned gold resources at Cue.
“This latest update increases the contained ounces in the Break of Day Resource and improves the overall grade of the deposit while also delivering a major uplift in the geological confidence by refining the geological model and growing the Indicated Resource category.
“With drilling continuing to intersect high-grade gold on new regional targets, we are looking forward to further exciting results as the programs progress.”
TO READ THE FULL ANNOUNCEMENT: CLICK HERE