Musgrave Minerals continues Cue gold success with high-grade results at Lena

Musgrave Minerals ASX MGV Lena gold Break of Day Cue
Musgrave Minerals' latest results at Lena were 46m at 1.5g/t gold, including 2m at 22.3g/t gold.

Musgrave Minerals (ASX: MGV) has continued to unearth gold at its Cue project in Western Australia’s Murchison region, with these latest results defining high-grade gold shoots at the Lena prospect.

Notable results were 46m at 1.5 grams per tonne gold from 82m to end of hole, including 5m at 12.1g/t gold from 82m and 2m at 28.3g/t gold from 82m.

Other holes intercepted 9m at 6.4g/t gold from 116m, including 2m at 22.3g/t gold from 121m; and 3m at 5.4g/t gold from 113m.

Mineralisation at Lena remain open down plunge and a resource update is due to be released in the current quarter.

Meanwhile, 1m re-samples at Mainland-Consols returned 3m at 38.2g/t gold from 113m, including 1m at 102.5g/t gold from 114m.

Over at Break of Day, 1m re-samples revealed 3m at 7.2g/t gold from 128m.

Musgrave managing director Rob Waugh said the “strong results” across the three prospects highlight the potential for resource growth.

“With drilling already commenced for the 2020 year, we are looking forward to more exciting results as the programs progress.”

“The strong results from drilling at Lena to-date confirm the geological interpretation, which is showing good continuity of the high-grade shoots at depth and will further enhance the resource update expected late in Q1 2020,” Mr Waugh added.

Lena hosts a current resource of 2.68Mt at 1.77g/t gold for 153,000oz, while Break of Day has a resource of 858,000t at 7.15g/t gold for 199,000oz.

Musgrave also noted Lena, Break of Day and Mainland were not part of the joint venture with Evolution Mining (ASX: EVN) that was inked back in September last year.

Evolution joint venture

Evolution can earn up to 75% of the Lake Austin portion of Musgrave’s Cue project by spending $18 million on exploration over five years.

Of that, Evolution must spend $4 million on advancing Lake Austin over the first two years.

Exploration under the joint venture kicked-off at Lake Austin in late November.

The news pushed Musgrave’s share price up almost 5% to trade at $0.089 mid-morning.

    Join Small Caps News

    Get notified of the latest news, events, and stock alerts.