Musgrave Minerals Ltd’s (ASX: MGV) confidence it is on to a sizeable gold play has been boosted by results from a recent regional scout aircore drilling programme at the company’s flagship Cue Gold Project in Western Australia.
Managing Director, Rob Waugh, said the results from the Lake Austin Joint Venture with Evolution Mining have strengthened Musgrave’s exploration model for a large gold system beneath Lake Austin. The aircore drilling has generated multiple high-priority basement gold targets for follow-up drill testing.
This large regional scout drilling programme as part of the Evolution JV, has generated some excellent regolith gold results and has significantly extended the gold anomaly around the Lake Austin North target highlighting the potential of the area to host significant basement gold mineralisation,” Mr Waugh said.
“Musgrave’s regional drilling programme on its 100% owned tenements is near completion and has also defined multiple targets for priority basement follow-up drilling in the new year.”
New significant gold intersections include:
- 5m @ 12.1g/t Au from 90m, including 1m @ 53.7g/t Au from 90m;
- 13m @ 1.9g/t Au from 96m, including 1m @ 17.2g/t Au from 106m;
- 69m @ 0.8g/t Au from 126m to EOH, including 23m @ 1.3g/t Au from 159m
Under the Evolution Joint Venture, which commenced in October 2019, two phases of regional aircore drilling have now been completed. The combined Phase 1 and Phase 2 programs comprised 436 holes for 48,895m on Lake Austin. The aim of the aircore programmes was to obtain geological and geochemical information to integrate with geophysical data and provide vectors for basement drilling.
Many of the aircore drill holes in both Phases of the program terminated in anomalous gold, highlighting the possible proximity to basement gold mineralisation and the necessity for further basement drill testing.
The Phase 2 aircore drilling program testing high-priority gold targets on Lake Austin is now complete with assays expected through to late January 2021.
Compilation of full results will be undertaken in the new year to rank and prioritise targets in what is developing as a large mineral system
Diamond drilling to follow-up extensive regolith gold anomalies is scheduled to commence in late February 2021.
