Further high-grade gold discoveries prompt Evolution to go all in on Cue JV with Musgrave
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Musgrave Minerals and Evolution Mining continue to make new high-grade gold discoveries on their joint venture ground in WA’s Murchison, convincing Evolution to add a further $5m to the exploration coffers.
The duo reported a top hit of 2m at 66 grams per tonne (g/t), including 0.6m at a bonanza 219g/t, from 438m after drilling 6,100m across 13 diamond holes since January.
This was accompanied by several other high-grade intersections like 3.5m at 16.2g/t, including 1m at 50.1g/t, from 366m; 3.5m at 4.1g/t from 215m; and 3.8m at 5g/t from 127.9m.
“This is another strong set of results and highlights the high-grade tenor of the gold systems at West Island,” Musgrave Managing Director Rob Waugh said.
“The drilling confirms the presence of multiple basement gold lodes and ongoing drilling is aimed at defining the grade and continuity of individual lodes within the host dolerite sill.
“To complement these results, aircore drilling continues to identify new untested areas of gold anomalism below the cover sequence along strike from known mineralisation.”
Drilling has so far identified multiple individual mineralised shears along the potential 1.6km long West Island trend, with assays for five diamond holes still pending.
The continued success on the Cue JV ground led Evolution to opt to take over management of the JV in January and boost its exploration spend.
Evolution has now committed to spending a further $5m on exploration in the first half of the 2023 financial year, with the $4.2 billion miner having so far spent $13m on the JV.
Evolution only has to spend another $5m within the 5-year period to hit the $18m target required for the company to earn a 75% interest in the JV area.
The partners are also witnessing success in other areas of the Cue JV project, with aircore drilling on Lake Austin delivering new basement targets.
Evolution has drilled 235 aircore holes for about 23,782m since January as it continues to define the northern extents of the West Island system, which has so far been confirmed to extend for at least 6km north.
Evolution is continuing diamond drilling to test existing basement targets and regional aircore drilling to define new basement target areas.
This article was developed in collaboration with Musgrave Minerals, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.