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Musgrave Minerals Ltd.
Summary
| Project: | Cue | |
|---|---|---|
| Deposit: | Break of Day, Lake Austin North | |
| Location: | Australia | |
| Commodities: | Gold-Silver-Zinc-Copper | |
| Date: | 5/18/2018 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 18-5-2018: Musgrave Minerals Ltd. announces an Exploration/Drilling Update report for its Break of Day, Lake Austin North deposit at the Cue project. Drilling results incl. 21m @ 0.78g/t Au from 118m . Musgrave Minerals Ltd (ASX: MGV) (“Musgrave” or “the | |
| Resources: | (Resource, I+I): 868kt @ 7.15g/t Au for 199koz Au at Break of Day | |
| CP/QP: | [Overall Report]: Robert Waugh (Internal) | |
| ABSTRACT: | Musgrave Minerals Ltd (ASX: MGV) (“Musgrave” or “the Company”) is pleased to report drilling results for the first 35 drill holes of the current 110 drill hole program to test 10 new high priority gold targets at the Company’s flagship Cue Project in Western Australia’s Murchison district (Figure 5). The drilling program consists of a combination of aircore drilling with reverse circulation (RC) ‘tails’ to extend drill holes into fresh rock to identify new gold mineralisation. The 12,000m program is approximately 50 per cent complete and is expected to continue for another four weeks. Next assays are expected in early June, and will follow every few weeks until mid-July. The 10 high priority targets occur along a 20km-long prospective gold corridor (Figure 5) that hosts the Break of Day and Lena gold resources (Break of Day 868kT @ 7.15g/t Au for 199koz Au and Lena 2,682kT @ 1.77g/t Au for 153koz Au (see MGV ASX announcement 24 October 2017, “Annual report 2017”)). The targets have been identified from the integration of the recently completed regional gravity survey with existing aeromagnetic data, historical broad spaced aircore drilling and surface geochemistry. Musgrave Managing Director Rob Waugh said “These initial results are extremely encouraging and have identified a potential extension to the high-grade gold mineralisation at Break of Day and a large regolith gold halo at Lake Austin North. Both areas are potentially significant with the Break of Day north intersection only 200m from the northern edge of the current high-grade gold resource and the Lake Austin North target confirming significant thicknesses of regolith gold mineralisation over a large area in a structurally favourable position and on a favourable lithological contact”. “The Project hosts a very prospective greenstone belt in a well-endowed region with good infrastructure and numerous operating gold plants. The focus of this drilling is to discover another high-grade Great Fingal-style gold deposit. We look forward to completing the remainder of the drill program and reporting further results that will follow.” | |
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