Musgrave’s partner Evolution continues to unearth thick new gold targets on the duo’s JV ground in WA’s Murchison, along with some extremely high grades.
Diamond drilling at the West Island prospect has identified more new gold lodes, while follow up aircore drilling has delivered yet another bonanza grade hit of 119.6 grams per tonne (g/t).
Musgrave Minerals’ (ASX:MGV) revealed today that diamond drilling by partner Evolution Mining (ASX:EVN) had returned significant thick intercepts of 2.4m at 7.1g/t from 138m; 19m at 4.43g/t from 282m, including 10.5m at 6.25g/t from 287m; and 2.9m at 9.59g/t from 308m.
Meanwhile, follow-up aircore drilling has extended the mineralisation to more than 2.1km at West Island with bonanza grade intercepts of 2m at 119.6g/t from 174m, 500m south of current diamond drilling, and 2m at 18.06g/t from just 74m in a new target area 2.8km south of West Island.
Musgrave MD Rob Waugh says the gold system at West Island on the Cue JV with Evolution is a discovery that highlights the upside potential of the Cue project.
“Diamond drilling continues to deliver strong basement results, with drilling confirming the potential for multiple high-grade basement gold lodes within the dolerite sill,” he said.
“To complement these results, aircore drilling continues to extend the West Island system and identify new basement targets under Lake Austin.”
Previous bonanza grade hits of up to 400g/t reported earlier this year prompted Evolution to take over management of the JV and boost its exploration spend from $5m, agreed to in June last year, to $8-11m for the 2022 financial year.
Evolution can earn a 75% interest in the JV area by spending $18m on exploration over a five-year period. To date, the company has spent about $11m with a further $2m spend planned for the final quarter of the 2022 financial year.
Drilling will progress through the June quarter to continue to define the potential scale of the mineralisation at West Island while also starting to focus on other basement targets within the JV area.
The West Island prospect is part of a broader regional 7km-long anomalous gold corridor within the JV area.
The mineralisation at West Island is hosted within a structure like that hosting the high-grade Great Fingall and Golden Crown deposits 25km to the north at Cue. These two Westgold Resources (ASX:WGX)-owned deposits host a combined 4.4 million tonnes at 14.1g/t for 2 million oz of contained gold.
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.