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Musgrave Minerals Ltd.
Summary
| Project: | Cue | |
|---|---|---|
| Deposit: | Lena | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 4/18/2017 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 18-4-2017: Musgrave Minerals Ltd. announces an Exploration/Drilling Update report for its Lena deposit at the Cue project. JV with Silver Lake Resources - drilling results incl. 8m @ 6.4g/t Au from 13m. Musgrave Minerals Ltd (“Musgrave” or “the Company”) | |
| Resources: | (Resource, Total): 1.273Mt @ 1.86g/t Au for 76000oz Au contained at Lena | |
| CP/QP: | [Overall Report]: Robert Waugh (Internal) | |
| ABSTRACT: | Musgrave Minerals Ltd (“Musgrave” or “the Company”) (ASX: MGV) is pleased to announce the receipt of assay results for a further 14 drill holes from the Lena gold prospect in the recently completed phase one reverse circulation (“RC”) drilling program on the Cue Project in the Murchison region of Western Australia (Figure 1). The Cue Project is a joint venture with Silver Lake Resources where Musgrave holds a 60% interest and has elected to increase its interest to 80%. Musgrave Managing Director Rob Waugh commented, “These positive shallow high grade gold results from Lena will enhance the oxide component of the existing resource estimate. With the next phase of drilling progressing well, we are working towards upgrading the Lena and Break of Day Mineral Resources in June 2017, and look forward to continuing to define extensions to the known high grade gold mineralisation.” The first stage of the current RC drilling program has been completed with 44 holes drilled for 4,006m. Assay results for a further four drill holes from both Break of Day and Lena are awaited. Stage two of the drill program has commenced with four new RC holes completed out of a further 35 planned holes for approximately 6,000m. The stage two program will include both extensional and infill drilling at Break of Day and Lena with a focus on the high grade southern extension at Break of Day. The objective of the drilling is to complete a new resource estimate by June 2017 that will underpin studies to demonstrate a viable near term path to development. | |
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