Musgrave Minerals Ltd (ASX:MGV) (OTCMKTS:MGVMF) (FRA:6MU) has identified a new shear corridor at its flagship Cue Gold Project in Western Australia after receiving further strong reverse circulation (RC) assay results from regional drilling of new targets.
These regional targets included Target 14, Target 5, and Target 20 which are to the west of and parallel to the Lena-Break of Day shear.
The drilling intersected high-grade gold at three new prospects along a new gold corridor that is interpreted to be around 7 kilometres long.
Musgrave is confident the drilling results could define a well mineralised corridor that remains largely undrilled in bedrock, and could host large widths of high-grade gold mineralisation.
“Could represent new shear corridor”
Musgrave managing director Rob Waugh said: “These results are potentially very significant as these are the first basement drill holes into what could represent a 7-kilometre stretch of a new mineralised shear corridor with no previous drilling.
“We have now intersected basement gold mineralisation in broad intervals over more than 3 kilometres of strike in this new shear corridor and the team is excited by the opportunity to continue to test this area.
“This new well mineralised gold corridor remains largely undrilled in bedrock and can host significant widths of high-grade gold mineralisation.
“Drilling is ongoing with further assay results expected in coming weeks from White Heat and follow-up of Targets 5, 14 and 20.”
Shares are more than 5% higher to 31 cents while the company’s market cap sits at approximately $157.3 million.
Target 14 prospect
Drilling at Target 14, 800 metres west of Lena, intersected thick gold mineralisation including:
- 30 metres at 3.5 g/t gold from 36 metres, including 12 metres at 6.9 g/t from 36 metres;
- 48 metres at 0.2 g/t from 102 metres to EOH; and
- 6 metres at 1.46 g/t from 84 metres.
Regional plan showing drill hole collars and new assay results with respect to the newly identified gold corridor.
Initial intersections from 6-metre composite samples at Target 5 include:
- 34 metres at 0.73 g/t from 42 metres to EOH, including 18 metres at 1.8 g/t from 48 metres;
- 52 metres at 0.61 g/t from 30 metres to EOH, including 12 metres at 1.2 g/t from 36 metres;
- 94 metres at 0.26 g/t from 6 metres to EOH; and
- 78 metres at 0.45 g/t from 12 metres to EOH.
Individual resamples of the 6-metre composite samples have returned:
- 15 metres at 14.2 g/t from 24 metres, including 5 metres at 42.2 g/t from 25 metres and including 1-metre at 179.7 g/t from 25 metres;
- 11 metres at 1.0 g/t from 2 metres;
- 1-metre at 13.6 g/t from 41 metres to EOH;
- 1-metre at 7.4 g/t from 26 metres; and
- 1-metre at 5.3 g/t from 7 metres.
Further aircore drilling is underway and an additional RC drill rig is being sourced to follow-up these results.
Drilling at Target 20, which lies 400 metres south of Target 5, intersected 30 metres at 0.74 g/t from 38 metres to EOH, including 6 metres at 2.3 g/t from 44 metres.
The mineralisation at each of the three prospects remains open down plunge and along strike with follow-up drilling underway to define the strike and depth extent of the mineralisation.
Initial RC follow-up drilling to define the basement source of gold anomalism at targets 5, 14 and 20 is now complete with composite assay received.
Follow-up drilling is underway and an additional RC drill rig is also being sourced to follow-up the outstanding results received from these new targets.
A large regional aircore drilling program to define the extent of gold anomalism over existing targets (including Targets 5, 14 and 20) has also commenced.
Additionally, works for the prefeasibility study at Break of Day and Lena are underway and the company has completed the first phase of RC drilling at the White Heat target with further assay results expected in late March.
Story by ProactiveInvestors
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