Musgrave Minerals’ listed on the Australian Securities Exchange on 29 April 2011.Musgrave’s cornerstone project is the Cue Project in the Murchison Province of Western Australia where Musgrave holds 100% of the key project tenure containing the existing gold resources.
Musgrave’s objective is to focus on increasing gold resources through exploration with the near-term goal of delivering a viable path to development. Progress at the Break of Day and Lena gold prospects within the Cue Project has been very positive with high-grade gold mineralisation being intersected at Break of Day over a strike extent of approximately 360m and still open at depth and along strike.
Drilling at Lena culminated in a significant resource upgrade announced in February 2020. The Cue Project currently hosts 6.45Mt @ 3.0g/t Au for 613koz Au.
A resource update at Break of Day is expected later in 2020 following the discovery of the high-grade Starlight and White Light lodes. The recent discovery of the high-grade Starlight and White Light lodes at Break of Day have the potential to significantly grow the Break of Day Mineral Resource which currently stands at 868kt @ 7.2g/t Au for 199koz Au.
The focus on gold exploration on the salt lakes north of Break of Day has led to the recent Lake Austin North gold discovery. Intercepts include 94m @ 2.4g/t Au including 52m @ 3.8g/t Au within a strong broad alteration envelope suggests the presence of a large new gold system.
The system is open in multiple directions.Musgrave has executed an $18 million Earn-in and Exploration Joint venture with Evolution Mining Ltd (Evolution) over the Lake Austin portion of the Cue Project. Evolution can earn 75% by spending $18M within 5 years including a minimum commitment of $4M within the first two years.
The Break of Day, Lena and Mainland areas are excluded from the Earn-in and Exploration Joint Venture with Evolution Mining Ltd.The Company also has a large footprint in the Musgrave Province of South Australia andcontinues to review new opportunities with a view to identifying additional projects that would complement the Company’s current activities and add value for our Shareholders.
MGV Price at posting:
59.5¢ Sentiment: Hold Disclosure: Held
