Musgrave Managing Director
"These are fantastic results and continue to demonstrate the exceptional quality of the
Break of
Break of Day
The Break of Day high-grade mineralised trend (Break of Day and White Heat deposits) has a total Mineral Resource Estimate ("MRE") of 982kt @ 10.4g/t Au for 327koz gold with 70% of this in the higher confidence Indicated Resource category (see MGV ASX announcement dated
The Break of Day Stage 1 PFS includes 668kt @ 7.0g/t for 149.3koz in open pit mining with a subsequent underground mine tally of 484kt @ 4.8g/t for 75.2koz as a production target (see MGV ASX announcement dated
Musgrave has completed an RC drilling program focused on resource conversion (Inferred to Indicated) within the Stage 1 Prefeasibility Study ("PFS") open pit design. The drilling has returned very high-grade intercepts with many above the current resource grades in these areas. The drilling included testing of various minor lodes within the Stage 1 open pit design.
The drilling is focused on further enhancing the financial metrics and de-risking development of the project. New intersections (Figures 1, 2 and 3*) inside the MRE wireframe but not yet included in the MRE at Break of Day include:
- 9m @ 61.4g/t Au from 36m (23MORC141), including:
- 2m @ 248.0g/t Au from 36m
- 15m @ 60.3g/t Au from 14m (23MORC154), including:
- 1m @ 845.1g/t Au from 24m
- 17m @ 35.7g/t Au from 40m (23MORC153), including:
- 1m @ 222.1g/t Au from 40m
- 1m @ 233.8g/t Au from 54m
- 7m @ 20.2g/t Au from 94m (23MORC157), including:
- 1m @ 86.2g/t Au from 95m
- 5m @ 21.2g/t Au from 66m (23MORC156), including:
- 1m @ 84.3g/t Au from 67m
- 17m @ 6.1g/t Au from 15m (23MORC143)
- 16m @ 4.8g/t Au from 13m (23MORC142)
- 2m @ 5.7g/t Au from 70m (23MORC149)
- 2m @ 5.2g/t Au from 129m (23MORC151)
All of the above intersections are within the Stage 1 PFS pit design.
New intersections outside the current MRE wireframe (extensional) but inside the Stage 1 PFS open pit design at Break of Day include:
- 1m @ 7.4g/t Au from 44m (23MORC147)
- 7m @ 1.4g/t Au from 53m (23MORC141)
- 1m @ 6.1g/t Au from 34m (23MORC157)
These infill and extensions results have the potential to further enhance the value of the
Break of
The Break of
Follow-up RC drilling intersected:
o 1m @ 19.5g/t Au from 62m (23MORC053)
This new high-grade mineralised position is hosted within the favourable high titanium basalt unit that hosts the Break of Day (797kt @ 10.2g/t Au for 262koz gold) and White Heat (185kt @ 11.0g/t Au for 65koz gold) deposits (see MGV ASX announcement dated
Lena
The Lena deposit has a total Mineral Resource Estimate of 4.3Mt @ 2.3g/t Au for 325koz gold (Indicated and Inferred Resources) (see MGV ASX announcement dated
The Stage 1 PFS includes mining of 723kt @ 1.7g/t for 39.7koz in three open pits at Lena as a production target (see MGV ASX announcement dated
New RC drill intersections (Figures 4 and 5*) inside the current MRE wireframe but outside the Stage 1 PFS pit designs include:
- 16m @ 7.7g/t Au from 62m (23MORC096)
- 1m @ 18.0g/t Au from 19m (23MORC097)
- 3m @ 4.7g/t Au from 10m (23MORC103)
- 8m @ 2.2g/t Au from 22m (23MORC107)
New infill RC drill intersections outside the current MRE wireframes and outside the Stage 1 PFS open pit designs include:
- 1m @ 12.1g/t Au from 68m (23MORC098)
- 1m @ 8.3g/t Au from 30m (23MORC101)
- 1m @ 12.2g/t Au from 88m (23MORC105) and
- 6m @ 2.3g/t Au from 96m (23MORC105)
Full assay results and drill hole details from the current program are shown in Tables 1a and 1b*.
New Target Areas and Results
Regional Aircore and RC Drilling Programs
The Company recently completed a regional RC and aircore drilling program focussed on defining new targets to grow the resource base whilst also completing selective sterilisation drilling to progress development of the
Anomalous gold was identified in new areas (Figure 1) including East Numbers, Karanui and the southern extension of the Lake Austin Dolerite ("LAD") which is the major host rock for the gold mineralisation at
New drill results include:
East Numbers (Aircore drilling)
- 7m @ 1.5g/t Au from 72m (23MUAC077)
- 3m @ 2.0g/t Au from 68m (23MUAC097)
Southern extension of the Lake Austin Dolerite (Aircore drilling)
- 4m @ 1.6g/t Au from 84m (23MUAC123)
Karanui (RC drilling)
- 6m @ 1.8g/t Au from 27m (23MORC059)
These are all new target areas and outside the existing MRE and further demonstrate the potential to continue to grow the resource base at Cue. Significant assay results and drill hole details from the current programs are shown in Tables 1a and 1b*.
*To view tables and figures, please visit:
https://abnnewswire.net/lnk/90G3557U
About
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Managing Director
+61 8 9324 1061
Associate Director
+61 428 432 025
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