Musgrave has the ‘Magic Pudding’ of gold projects as Cue unveils more near-surface, bonanza-grade hits
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Just like Albert the “Magic Pudding” there seems to be no end to the near-surface high-grade gold being uncovered by Musgrave at its Cue project in WA’s gold-rich Murchison region.
Drilling of the newly discovered ‘Mosaic’ lode at Musgrave Minerals’ (ASX:MGV) Cue gold project is impressing early on with shallow grades of up to 381 grams per tonne (g/t).
The Mosaic lode, which is located near the equally high-grade White Heat prospect, has returned notable hits of 9m at 110.5g/t from 42m, including 3m at 307.3g/t from 45m; and 2.8m at 122.2g/t from 72m, including 0.8m at 381g/t from 74m.
“Our Cue gold project continues to deliver with more exceptional near-surface gold results in both RC and diamond drilling,” managing director Rob Waugh said.
“We think there is a lot more gold to be found in this district. These results again demonstrate the upside of the project.”
Initial interpretation suggests the lode has a limited strike extent – about 40-60m, but is near-surface and very high-grade.
Waugh noted that even modest tonnages at these sorts of near-surface grades could have a positive impact on the future project economics.
It’s probably not surprising though that the Mosaic lode is so high grade given it is hosted within the same high-titanium basalt stratigraphy that also hosts Musgrave’s Break of Day deposit 300m to the north.
Break of Day is one of the highest-grade near-surface, undeveloped gold deposits in Australia hosting 797,000 tonnes at 10.2g/t for 262,000 ounces of contained gold. Break of Day is part of the Cue project which hosts 6.4 million tonnes at 3.2g/t for 659,000 ounces of contained gold.
Few undeveloped gold resources in Australia carry as high a grade as Break of Day.
Bellevue Gold’s (ASX:BGL) namesake project near Leinster in WA has a resource of 3 million ounces at a grade of 9.9g/t while Ramelius Resources’ (ASX:RMS) Penny project near Youanmi in WA has a resource of 300,000 ounces at 15 g/t.
However, both these projects will be developed primarily as underground operations.
Infill reverse circulation drilling at the Big Sky prospect also continues to intersect near-surface, high-grade gold mineralisation.
This bodes well for the maiden resource, which Musgrave anticipates will be released in Q2 of this year.
Drilling at Big Sky returned top hits of 3m at 22.6g/t gold from 68m, including 1m at 62.6g/t from 69m; 2m at 9.1g/t from 64m; 8m at 4.3g/t from 23m, including 1m at 30.9g/t from 23m; and 1m at 20.1g/t from 46m.
Musgrave is continuing drilling at both the Mosaic target and the Big Sky prospect, with results pending for around 130 drill holes.
“The company currently has three drill rigs on our 100% tenure and one on the Evolution JV,” Waugh said.
“The immediate focus is on building the resource base and delivering a mineral resource estimate update in late Q2 2022.”
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.