Musgrave unearths potential high-grade Starlight lookalike, shares take off
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Musgrave has far from exhausted its exploration potential at the highly prospective Cue project in Western Australia, with drilling at the White Heat prospect serving up new ‘bonanza’ grade gold hits.
Musgrave Minerals (ASX:MGV) today reported extremely high grades like 3.4m at 107.6 grams per tonne (g/t) gold, including 1.2m at 303.2g/t, from 74.6m from infill drilling at the White Heat prospect.
“The White Heat lode is in a similar orientation and geological setting to the high-grade Starlight Lode only 400m to the north but is currently not included in a mineral resource estimate,” managing director Rob Waugh said.
“These results from White Heat further highlight the potential to discover additional high-grade gold lodes within the project area.”
The news sent shares up nearly 16% to an intra-day peak of 33.5c on Monday.
Other top hits returned were 6.8m at 17.8g/t from 47m, including 0.7m at 112.9g/t from 48.1m; and 8.4m at 6.8g/t, including 1.2m at 37.2 g/t, from 27.3m.
There is still plenty of blue sky though, with mineralisation open down plunge. The mineralisation at White Heat has so far only been intersected over a strike extent of 70-100m, with drilling at depth continuing in September.
And just last week Musgrave revealed more near-surface gold from drilling at the Big Sky prospect.
“The combination of near-surface high-grade lodes like White Heat and Starlight, together with the large, moderate grade Big Sky style targets are expected to complement each other and enhance the future development potential of the project,” Waugh noted.
“Exploration is continuing to deliver strong results and add value for our shareholders. Drilling will resume at White Heat in September as we continue to extend the plunge of the mineralisation.”
The new gold discoveries at White Heat and Big Sky are both outside the existing resource.
The total Cue project resource currently stands at 6.4 million tonnes at 3.2g/t gold for 659,000oz of contained gold, including the Break of Day and Lena deposits.
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.