Musgrave Minerals unearths ‘significant gold discovery’ at Lake Austin North

Musgrave Minerals ASX MGV gold discovery Lake Austin North
Musgrave Minerals has pulled out a whopping 242m intersection grading 1g/t gold from the Lake Austin North prospect within its Cue project.

Musgrave Minerals (ASX: MGV) has unearthed what it calls a “significant gold discovery” while diamond drilling at the Lake Austin North deposit within its Cue project in Western Australia’s Murchison region.

The campaign is targeting the A and C zones at the deposit with drill hole 18MODD008 in the A Zone giving up a whopping 242m intersection grading 1 gram per tonne gold from 61m.

Within that intersection were multiple higher grade intervals including 45m at 3.3g/t gold and 18.9m at 4.7g/t gold.

Four holes have been completed at A Zone, with assays now received from three of these. Notable results from other holes were 94m at 2.4g/t gold, including 52m at 4.1g/t gold, with these assays reported in in late October.

“The diamond drilling is confirming what we’ve seen in the reverse circulation results and extending the mineralisation,” Musgrave managing director Rob Waugh said.

“Drill hole 18MODD008 has returned another exceptionally thick intercept with a high grade core on our southern-most drill traverse at A Zone.”

“The basement mineralisation remains open and untested to the south and at depth,” Mr Waugh noted.

Diamond drilling at the target is ongoing and will test mineralisation along strike so the company can gain a better understanding of the size and grade of what it calls a “potentially large and exciting gold discovery”.

The program will comprise a minimum of seven holes for 1,5000m, with drilling expected to continue through to the end of the year.

Meanwhile, assay results will be anticipated throughout December and into January.

Cue gold project

To-date about 440,000 ounces of gold has been firmed up in JORC resources across Cue, where 20km of strike has been identified.

Cue hosts the Break of Day and Lena deposits within the project’s south with these deposits possessing combined JORC 2012 and JORC 2004 resources of 3.87 million tonnes at 3.07g/t gold for 382,000oz gold.

Musgrave is fast-tracking a low-cost gold operation from its current resource base, which will enable it to self-fund exploration across Lake Austin North and other targets within the project.

Lorna has more than 10 years' experience as a finance journalist and editor. She has written for numerous industry publications reporting on various sectors, including: resources, energy, construction, biotech, pharma, science and technology, agriculture, and chemicals. Specialising in resources, Lorna has also covered a myriad of small and large cap ASX and dual-listed stocks.