Musgrave Managing Director
Leviticus
The Leviticus deposit has a total Mineral Resource Estimate ("MRE") of 42kt @ 6.0g/t Au for 8koz gold (Inferred Resource) (see MGV ASX announcement dated
46 RC drill holes for 2,799m were completed at Leviticus in the current drill program, which was a combination of infill and extensional drilling. The infill drilling was aimed at converting the resource within the Stage 1 Prefeasibility Study (PFS) open pit design into the higher confidence Indicated category.
The extensional drilling outside the current pit design has the potential to add tonnes for the Stage 2 PFS. The current drilling has extended the mineralisation and a potential new lode has been identified in drill hole 23MORC087. Further drilling is required to determine the strike and dip potential of this new lode.
This recent drilling confirms the continued high-grade prospectivity along this trend. Follow-up drilling is currently being planned with full assay results and drill hole details from the current program shown in Tables 1a and 1b*.
New RC drill intersections outside the current Mineral Resource Estimate (MRE) but within the current Stage 1 PFS pit design include:
- 2m @ 41.5g/t Au from 22m (23MORC012) including:
- 1m @ 79.0g/t Au from 22m
- 3m @ 2.5g/t Au from 17m (23MORC083)
New infill RC drill intersections within the current MRE and Stage 1 PFS current open pit design include:
- 4m @ 20.9g/t Au from 38m (23MORC084)
- 2m @ 3.7g/t Au from 88m (23MORC011)
- 3m @ 3.5g/t Au from 51m (23MORC010)
- 2m @ 3.0g/t Au from 35m (23MORC003)
New RC drill intersections within the current MRE but outside the current open pit design include:
- 2m @ 3.7g/t Au from 88m (23MORC011)
New RC drill hole 23MORC087 drilled at a high angle to the known mineralised trend at Leviticus intersected a potential new lode returning:
- 3m @ 7.3g/t Au from 30m (23MORC087) including:
- 1m @ 18.2g/t Au from 30m
The intersection in 23MORC087 is outside the Stage 1 PFS and current open pit design. This new high-grade mineralised position is open in all directions and 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) deposit. Follow-up drilling is currently being planned. All new discoveries and mineralised lodes have the potential to add tonnes to feed into the Stage 2 PFS and further enhance the project economics.
Ongoing Activities
Activities associated with delivery of a Stage 2 PFS for the
Other activities on Musgrave's 100% held tenements include:
o RC drill hole assays for Break of Day north follow-up drilling expected in two weeks.
o Assay results for infill and extensional RC drilling at Break of Day and Lena (resource conversion) expected in June.
o Regional aircore drilling assays from new target areas at Cue expected in June.
The current Mineral Resource Estimate for the
Musgrave is advancing project studies based on a development scenario involving a standalone mining and processing operation at the
*To view tables and figures, please visit:
https://abnnewswire.net/lnk/4S304JDZ
About
Contact:
Managing Director
+61 8 9324 1061
Associate Director
+61 428 432 025
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