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Musgrave kicks off 2022 with the discovery of another new high-grade gold zone
Mining
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Musgrave is hitting all the right notes already in 2022 with the discovery of a new high-grade mineralised gold trend just 400m east of the high-grade Break of Day deposit at the Cue project in WA.
Regional drilling at the Cue project continues to deliver for Musgrave Minerals (ASX:MGV) with the discovery of the new high-grade ‘Waratah’ trend.
Waratah is believed to extend for over 4km of strike, with gold mineralisation identified in at least three separate zones that are individually between 200m and 400m of strike.
Mineralisation remains open down plunge and is also open to the south.
“We continue to define new targets and hit new mineralised zones,” managing director Rob Waugh said.
“The new Waratah zone is only 400m east of Break of Day. Interestingly, Waratah was a lower priority target which coincided with the proposed waste and tailings storage facility locations in the early PFS design works.
“This preliminary design will obviously now need to be re-assessed.”
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.
The latest round of regional drilling returned a top hit of 2m at 28.1 grams per tonne (g/t) gold from 78m, including 1m at 53.2g/t gold from 78m.
Meanwhile, follow up drilling at the Amarillo prospect, previously known as Target 14 and located 1.2km southwest of Break of Day, delivered notable intercepts of 9m at 8.7g/t from 44m, including 2m at 35.1g/t from 51m, and 3m at 11.3g/t from 45m.
“These are further strong results and support the upside prospectivity of the Cue project,” Waugh said.
Just before Christmas, Musgrave reported it had intersected additional near-surface, high-grade gold at the Big Sky prospect, putting the company in a great spot to grow its resource in the New Year.
Drilling will soon recommence at Big Sky, which will enable a resource estimate to be released late in the second quarter of the new year.
A follow up program of reverse circulation drilling at the new high-grade zone south of White Heat that previously handed Musgrave an unforgettable 15m at 111.6g/t gold from just 25m has also been completed, with the results of that due early February.
The recent discoveries at the Big Sky and White Heat prospects are outside the existing resource areas, providing Musgrave with confidence it will be able to build a bigger resource inventory at its Cue project.
Assays are pending for around 100 drill holes across multiple zones.
Drilling is expected to restart next week.
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.
