Musgrave Minerals Ltd (ASX:MGV, OTC:MGVMF)’s JV partner Evolution Mining Ltd (ASX:EVN) has fielded further high-grade gold in diamond drilling at the West Island prospect within the Cue Joint Venture Project in Western Australia’s Murchison district.
To date, Evolution has drilled nine diamond holes across 4,699 metres targeting the key mineralised gold lodes to determine the scale of the mineral system at West Island with best intersections including:
- 1-metre at 74.2 g/t gold from 410 metres;
- 12.4 metres at 3.8 g/t from 373.6 metres; and
- 1.9 metres at 34.3 g/t from 461.0 metres
Looking ahead, drilling is continuing on the JV with two diamond rigs and one aircore rig on site.
This prospect is part of an earn-In and joint venture exploration agreement between Musgrave and Evolution over a large area of Lake Austin and surrounds on the Cue Project.
“Positive step”
Musgrave managing director Rob Waugh said: “These results are another positive step in defining the scope of the basement gold mineralisation at the West Island prospect.
“Together with the diamond drilling results, aircore drilling is identifying new gold anomalies within the regolith outlining new untested basement gold targets.
“Assay results are pending for multiple drill holes.”
Forward plan
Diamond drilling to test the basement beneath regolith gold mineralisation on Lake Austin is continuing with an ongoing focus on the West Island prospect.
The current phase of regional aircore drilling to identify new basement targets is continuing.
Furthermore, assay results are pending for multiple drill holes.
About Cue JV
The Cue JV with Evolution lies to the north of and excludes all the current mineral resources of Musgrave at Cue (Lena, Break of Day, White Heat-Mosaic and Big Sky deposits, and the Mainland option area).
Evolution can earn a 75% interest in the JV area by sole funding A$18 million on exploration over a five-year term.
That company has spent approximately A$16 million on the joint venture with drilling continuing in the December quarter.
Evolution is the operator of the JV and is managing the ongoing drilling programs.