Musgrave Minerals Ltd (ASX: MGV) has significantly extended the known strike of the company’s flagship Cue Project in Western Australia with a successful regional scout aircore drilling programme.
Undertaken by the Lake Austin Joint Venture with Evolution Mining, the results from the regional aircore drilling of 249 holes for 22,879m, have extended the Lake Austin North gold anomalism at Cue to more than 5.5km of strike, confirming potential for a large mineralised gold system.
Managing Director, Rob Waugh, said the results have strengthened Musgrave’s exploration model for a large mineralised gold system beneath Lake Austin gold anomaly and generated multiple high-priority basement gold targets for follow-up drill testing.
These aircore results continue to show the large scale of the gold system lying hidden under Lake Austin and support the company’s view on the prospectivity of this large area,” Mr Waugh said.
“The Lake Austin North gold anomaly now extends for over 5.5km in strike with additional new anomalies at West Island and Mainland East highlighting the potential of the system to host significant gold deposits.”
The aircore programme has also extended the regolith gold target at West Island to over 2.3km in strike within a dominantly doleritic regolith host sequence. At the Mainland East target, a regolith gold anomaly with over 1km of strike has been defined within a dominantly mafic sequence.
Mr Waugh said many of the aircore drill holes terminated in mineralisation highlighting the possible proximity to basement gold mineralisation and the necessity for further drill testing.
Phase 2 follow-up aircore drilling of high priority gold targets is scheduled to commence in late July 2020.
Diamond drill testing of select targets will be evaluated after the completion of the Phase 2 aircore programme.
The Cue Project is located in the Murchison district of Western Australia and hosts Mineral Resources (Indicated and Inferred) totalling 6.45Mt @ 3.0g/t gold for 613,000oz contained gold.
The company has defined a +28km-long prospective gold corridor that includes the Break of Day, Lake Austin North and Mainland-Consols gold discoveries.
In late 2019 Musgrave announced that it had entered into an Earn-In and Joint Venture Exploration Agreement with Evolution Mining Limited over a select area of Lake Austin and surrounds of the Cue Project in the Murchison District of Western Australia.
The Evolution JV excludes all the known resources at Cue (including Lena and Break of Day) and the Mainland option area.
Evolution can earn a 75% interest in the JV Area by sole funding $18 million on exploration over a five-year term with a minimum commitment of $4 million in the first two years. Musgrave is manager of the JV during the initial period.
