Musgrave hits more thick, high-grade gold near surface at Starlight
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Musgrave Minerals’ (ASX:MGV) Starlight discovery has delivered a thick 85m hit grading 11.6 grams per tonne (g/t) gold from just 7m.
The discovery is part of its Cue project in Western Australia’s Murchison district.
The new results excited investors, which pushed shares up 14 per cent on Monday morning to 55c.
The highest grade mineralisation within this hole was found near the surface, with an interval of 3m at 254.2g/t gold from a depth of 8m located in a broader intercept of 8m at 99g/t gold from just 7m.
Results above 5g/t gold are generally considered to be high-grade.
Other results such as 68m at 5.9g/t gold from 21m have confirmed and extended the near-surface, high-grade gold mineralisation where it remains open to the southeast.
All the results so far from Starlight, which was discovered in March this year, are located outside the existing resource of 868,000 tonnes grading 7.2g/t gold, or 199,000 ounces of contained gold, at the Break of Day deposit.
The Cue project has a total resource of 6.45 million tonnes at 3g/t gold for 613,000 ounces of contained gold.
Further reverse circulation drilling is underway to infill and extend the Starlight mineralisation with the goal of completing a resource update late in the third quarter of 2020.
Meanwhile, Yandal Resources’ (ASX:YRL) final round of results from reverse circulation drilling at the Flushing Meadows deposit within the Ironstone Well project in WA’s Yangal greenstone belt has returned further high-grade gold intercepts.
Top hits included 1m at 16.37g/t gold within an interval of 3m at 6.1g/t gold from 87m, 1m at 12.61g/t within a wide zone of 16m at 2.2g/t from 80m and 1m at 10.51g/t within a broader 5m zone grading 3g/t from 77m.
Yandal says it has started work on a resource update for Flushing Meadows along with diamond drilling to provide geological and geotechnical data to assist with open pit mine design.
Kairos Minerals (ASX:KAI) has increased the prospectivity of the Skywell project within the broader Pilbara gold project after rock chip sampling along 130m of outcropping quartz veings returned grades of up to 12.9g/t gold.
The company says the results define a significant gold anomaly that warrants follow-up.
Kairos is targeting intrusive-related mineralisation similar to De Grey Mining’s (ASX:DEG) Hemi discovery about 60km along strike to the northeast.