Musgrave Minerals Ltd (ASX:MGV) has recommenced reverse circulation (RC) drilling at the high-grade Starlight gold discovery at Break of Day within the flagship Cue Gold Project in Western Australias Murchison region.
The program is focused on drill testing the strike and depth extension of the Starlight link-lode at Break of Day and once completed, diamond drilling will further test mineralisation at depth.
Resource update in Q3[hhmc]
Managing director Rob Waugh said: “The company is very active on the Cue Project and will continue to drill to define the extents of the high-grade Starlight lode.
“This drilling together with the diamond drilling to follow will lead to a resource update late in Q3 2020.
“We look forward to reporting the new drill results as they come to hand.”
20 RC holes[hhmc]
The RC program will consist of around 20 holes for 4,000 metres with the first assays expected in early June.
Musgrave believes there is potential to extend existing mineralisation and discover new gold deposits within the project area, as demonstrated by the recent drilling success at Break of Day, Lena and Lake Austin North.
The companys intent is to investigate options to best develop a low-cost operation, capable of delivering strong financial returns for its shareholders.
Ongoing exploration[hhmc]
Diamond drilling at Starlight will follow ahead of the anticipated resource update.
The regional aircore geochemical drilling program on Lake Austin is progressing well and results will be reported on completion of the program and receipt of final assays.
Shares are up more than 4% to 11.5 cents.
Encouraging copper results[hhmc]
Musgrave is also encouraged by copper results received by partner Cyprium Metals Ltd (ASX:CYM) at the Hollandaire and Eelya South prospects of the Cue Copper JV.
An option has been granted by Musgrave to Cyprium to earn-in and joint venture for an 80% interest in the non-gold rights over the tenements at Cue Copper Project.
RC drilling was completed during March 2020 at Hollandaire around the margins of the existing deposit to test extensions of the mineralisation.
Results include:
- 1-metre at 1.08% copper from 53 metres;
- 4.0 metres at 1.20% from 144 metres;
- 2.0 metres at 1.49% from 153 metres;
- 2.0 metres at 1.78% from 180 metres; and
- 2.0 metres at 1.49% from 180 metres.
[contf]
[contfnew]
Proactiveinvestors
[contfnewc]
[contfnewc]
