Musgrave Minerals new Big Sky target extends high-grade gold anomaly to more than 1.2 kilometres at Cue Project

Musgrave Minerals Ltd (ASX:MGV) (OTCMKTS:MGVMF) (FRA:6MU) has extended the Big Sky high-grade anomaly target at Cue Gold Project to more than 1.2 kilometres in recent aircore drilling.

The extension was confirmed by strong results of up to 30 metres at 5.8 g/t gold from 30 metres, 6 metres at 27.7 g/t from 30 metres and 12 metres at 4.1 g/t from 42 metres.

These high-grade aircore results extend the previous high-grade regolith intersections in holes 20MUAC412 (5 metres at 42.2 g/t) and 20MUAC402 (24 metres at 2.5 g/t) with drilling having linked targets 5 and 20, renamed Big Sky, to define a continuous regolith gold anomaly.

Aircore drilling is continuing along the new gold corridor west of Lena and assay results for more than 100 aircore holes remain pending.

Reverse circulation (RC) basement drilling to follow up the extensive regolith gold mineralisation identified at Big Sky will begin next week.

Continuous mineralisation “extremely encouraging”

Managing director Rob Waugh said: “The aircore drilling is continuing to define strong continuous regolith gold mineralisation along the new gold corridor southwest of Lena under thin transported cover.

“High-grade, strong continuity and near-surface nature of the mineralisation is extremely encouraging.

“The regolith gold dispersion is over a broad area with RC follow-up drilling, testing basement targets scheduled to commence next week.

“We currently have three exploration drill rigs on-site and a significant drilling program planned for the remainder of 2021 with RC drilling is also continuing at White Heat.”

Investors have also responded well with shares up almost 8% in early trading to A$0.355.

Potential to add to resource base 

Musgrave believes the extensive nature and continuity of the gold mineralisation supports the view that the Big Sky Prospect has the potential to add to the company’s existing resource base.

If follow-up RC drilling to define the extent of gold mineralisation is successful, this will be followed by resource definition drilling.

Individual 1-metre resamples of 6-metre composite samples from RC drill holes at Big Sky have returned strong results with a number of holes terminating in mineralisation including:

• 75 metres at 0.5 g/t gold from 15 metres to end of hole;
• 24 metres at 1 g/t from 31 metres to end of hole; and
• 26 metres at 1 g/t from 47 metres to end of hole.

At the Numbers prospect, 78 metres at 0.63 g/t from 2 metres was intersected, including 9 metres at 3.9 g/t from 27 metres.

Further aircore drilling is underway and an additional RC drill rig is scheduled to begin next week to follow up on these results.

Ongoing activities

A third drill rig has arrived on-site and further RC drilling at White Heat Prospect has begun with assays expected in May. 

• Follow-up RC drilling to define the basement source of gold anomalism at the new Big Sky Prospect is scheduled to begin next week;
• The large regional aircore drilling program to define the extent of gold anomalism along the new 7-kilometre-long gold corridor west of Lena is continuing; and
• Work for the pre-feasibility study at Break of Day and Lena deposits is continuing.

At the joint venture with Evolution Mining Ltd (ASX:EVN) over the Lake Austin portion of the Cue Project, diamond drilling to follow up extensive gold anomalies identified in the regional aircore drilling program is continuing.

Story by ProactiveInvestors