The JV partners have not only delivered more high-grade gold from drilling at the West Island prospect, but they have also uncovered new gold anomalies that could provide fresh untested prospective regional targets.
Musgrave Minerals (ASX:MGV) and Evolution Mining (ASX:EVN) have released further high-grade results from drilling at the Cue project JV that show a top grade of 74.2 grams per tonne (g/t) gold and strong potential for new targets.
Diamond drilling at the West Island prospect returned significant high-grade intercepts including 1m at 74.2g/t from 410m, 12.4m at 3.8g/t from 373.6m, 3m at 5.7g/t from 186.4m and 1.9m at 34.3g/t from 461m.
Evolution drilled 4,699m across nine diamond holes at the West Island prospect during the September quarter.
The drilling program is targeting the key mineralised gold lodes to determine the scale of the system at West Island.
“These results are another positive step in defining the scope of the basement gold mineralisation at the West Island prospect,” managing director Rob Waugh said.
Meanwhile, regional aircore drilling of new areas on Lake Austin has highlighted new basement targets.
Evolution completed around 14,191m of aircore drilling across 117 holes during the quarter.
This drilling intersected the favourable host dolerite unit along strike from the West Island prospect, with anomalous gold results returned in several new areas to the north.
“Together with the diamond drilling results, aircore drilling is identifying new gold anomalies within the regolith that may lead to the definition of new untested basement gold targets,” Waugh said.
Further drilling is planned in the current quarter to further investigate the potential of the stacked lodes at the West Island prospect, and the current regional aircore drilling program is continuing.
Assays are pending for multiple drill holes.
Just three years into its five-year partnership, Evolution has already spent nearly 90% of the $18m required to earn a 75% stake in a large area of Lake Austin and surrounds on the Cue project.
The JV excludes all the current resources at the Lena, Break of Day, White Heat-Mosaic and Big Sky deposits, and the Mainland option area.
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.