Musgrave Minerals’ (ASX:MGV) resource conversion drilling at the Break of Day deposit, part of the Cue Gold Project in Western Australia, has returned bonanza grade gold, with multiple intercepts above the current resource grade of 10.2g/t.
Highlights
- Intersections that provide infill to, but are not yet included in the current resource at Break of Day, featured extremely high-grade intercepts of 9m at 61.4g/t from 36m, including 2m at 248g/t from 36m; 15m at 60.3g/t from 14m, including 1m at 845.1g/t from 24m.
- Infill RC drilling at Lena has also returned new high-grade intercepts that are outside the Stage 1 PFS pit design, including 16m at 7.7g/t from 62m.
- Follow-up RC drilling on the new Break of Day North lode (outside the current mineral resource estimate wireframe) intersected 1m at 19.5g/t from 62m.
- Regional drilling has also identified new targets of interest with upside potential.
“Following the strong financial metrics of the Stage 1 Prefeasibility Study in April 2023, the Company has continued drilling to progress resource conversion and growth. This drilling is continuing to deliver excellent results at the Cue Gold Project in both extensional and infill drilling,” Managing Director, Rob Waugh, said.
“These are fantastic results and continue to demonstrate the exceptional quality of the Cue Gold Project. This and ongoing work is focussed on further enhancing the project economics by growing resources, de-risking the project and adding to the initial five-year mine life.”
Break of Day
The Break of Day high-grade mineralized 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.
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.
Musgrave has completed an RC drilling programme 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 inside the MRE wireframe but not yet included in the MRE at Break of Day.
For further information please visit: https://musgraveminerals.com.au/
