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Musgrave Minerals Ltd.
Summary
| Project: | Cue | |
|---|---|---|
| Deposit: | Break of Day, Lena | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 1/30/2017 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 30-1-2017: Musgrave Minerals Ltd. announces an Exploration/Drilling Update report for its Break of Day, Lena deposit at the Cue project. JV with Silver Lake Resources - drilling results incl. 3.2m @ 26.6g/t Au from 238.5m. Musgrave Minerals Ltd (“Musgrave | |
| Resources: | (Resource, Total): 1.273Mt @ 1.86g/t Au for 76,000oz Au at Lena | |
| CP/QP: | [Overall Report]: Robert Waugh (Internal) | |
| ABSTRACT: | Musgrave Minerals Ltd (“Musgrave” or “the Company”) (ASX: MGV) is pleased to report further strong assay results from its initial diamond drilling program at both Break of Day and Lena on the Moyagee Project within the Cue Joint Venture in the Murchison region of Western Australia. At Break of Day, the results from this initial diamond drilling program confirms and extends the high grade gold mineralisation that has been intersected in reverse circulation (“RC”) drilling to date. The results, provided in Table 1 and summarised below, are a positive step for the Company as drilling continues to enhance the mineral resource potential at Break of Day. The geological model for Break of Day suggests that the potential of further gold mineralisation being discovered is strong as the mineralisation remains open at depth. Metallurgical test work has commenced at Break of Day to establish potential gold recoveries and parameters for resource estimation and further studies. Significantly, the diamond drilling confirmed the coarse grained high grade nature of the Break of Day gold mineralisation (Figure 1). Results of the metallurgical tests are expected in the June quarter to align with the resource estimation. The high grade drilling results from the two drill holes collared at the southern end of the Lena gold deposit, 150m west of Break of Day, indicate that the gold mineralisation continues below the current shallow oxide resource estimate and may indicate an increase in grade at depth. This drilling, particularly drill hole 16MODD003 which intersected 3.3m @ 19.4g/t Au from 61.7 metres down hole with visible gold in core, highlights the potential to increase the existing shallow resource at Lena. The Lena deposit is currently defined along a 1.6km strike length and hosts a total combined Mineral Resource of 1.273Mt @ 1.86g/t Au for 76,000oz Au (see ASX announcement 26 October 2016, “2016 Annual Report – Replacement Report”) and remains open down dip. | |
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