Musgrave Minerals Ltd (ASX: MGV) has commenced drilling as part of a recently signed Evolution Mining Ltd Earn-in and Exploration Joint Venture at the Cue Project in Western Australia’s Murchison district.
The drilling programme will consist of a minimum of 1,200m of diamond drilling to test four targets for high-grade basement gold mineralisation below transported cover at Lake Austin North.
This initial programme will consist of approximately four drill holes and will take approximately four-five weeks to complete. First assays are expected in early February.
Musgrave Managing Director Rob Waugh said the programme will be funded by Evolution and managed by Musgrave under the JV through which Evolution can earn 75% by spending $18 million in five years.
“It’s a great result to be drilling these new targets at Lake Austin North so soon after signing the joint venture with Evolution,” Mr Waugh said.
“Evolution has a strong commitment to the project which is illustrated by an initial JV budget of $2 million for the remainder of the 2019-20 financial year.
“The rapid progress to this point is a strong endorsement of Evolution’s commitment to the project and to making new discoveries.
Musgrave is also continuing reverse circulation drilling at its wholly owned Mainland, Break of Day and Lena prospects.”
The diamond drilling at Lake Austin North will follow-up significant aircore geochemical regolith gold anomalies generated in conjunction with the ongoing interpretation of structural, geochemical and geological data. Aircore results include:
- 50m @ 1.1g/t Au; 26m @ 0.62g/t Au to EOH; 17m @ 0.27g/t Au to EOH; 4m @ 1.09g/t Au to EOH.
