Musgrave Minerals Limited

Published : November 02nd, 2016

MGV: High Grade Results Continue at Break of Day

( 0 vote, 0/5 ) Print article
  Article Comments Comment this article Rating Follow Company  
0
Send
0
comment
Keywords :   Australia | Copper | Diamond | Georgia | Gold | K Street | Silver |

MGV: High Grade Results Continue at Break of Day

ASX RELEASE 03 November 2016

ASX: MGV

High Grade Results Continue at Break of Day

  • RC drilling continues to intersect high grade gold at Break of Day

  • Significant results from the latest assays received include:

    o 5m @ 33.0g/t Au from 154m (16MORC048) including;

    1m @ 134.4g/t Au from 155m,

    o 2m @ 10.6g/t Au from 157m (16MORC045)

  • The mineralisation is open along strike and down plunge

  • Further assay results are expected within the next fortnight

  • Diamond drilling to commence next week

Musgrave Minerals Ltd ("Musgrave" or "the Company") (ASX: MGV) is pleased to report further strong assay results from reverse circulation ("RC") drilling at Break of Day on the Cue Project in the Murchison region of Western Australia.

Drill hole 16MORC048 intersected 5m @ 33.0g/t Au (uncut) from 154m down hole including 1m @ 134.4g/t Au from 155m down hole (Figure 1 and 4). The intersection is interpreted to be in the Middle Lode between the projected positions of the Twilight and Velvet Lodes and 25m north of drill hole 16MORC001 (2m @ 22.0g/t Au).

Drill hole 16MORC045 intersected 2m @ 10.6g/t Au from 157m down hole in the projected position of the Twilight Lode. This extends the mineralisation approximately 50m up dip of previous drill hole 16MORC026 (1m @ 21.6g/t Au).

These assay results continue to enhance the geological understanding at Break of Day and increase the potential of further gold mineralisation being discovered with additional drilling as the geological model continues to develop.

A Diamond drilling program is due to commence next week at Break of Day to confirm geological interpretations and to obtain preliminary rock density data required for future resource estimation.

28 Richardson Street, West Perth WA 6005 Telephone: (61 8) 9324 1061 Fax: (61 8) 9324 1014

Web: www.musgraveminerals.com.au Email: [email protected] ACN: 143 890 671

BREAK OF DAY

A total of 32 RC drill holes were completed for over 7,265 metres as part of the recent drill program at the Break of Day Prospect and assay results have now been received for 27 drill holes. Assay results for the remaining 5 drill holes will be received within the next fortnight and will be reported as they become available. The most recent assay results are shown in Table 1.

The mineralisation at Break of Day is interpreted to occur in vertical to steep westerly dipping, semi-parallel quartz lodes hosting high grade gold with minor (1-2%) pyrite, within a basaltic stratigraphic sequence. The separation of the Velvet, Middle and Twilight gold lodes is varying along strike from 15 to 60 metres. The gold mineralisation is currently open along strike (Figure 1) and down plunge (Figure 2 and 3).

Sampling was undertaken on one metre intervals in visible quartz lodes and four metre composites outside these zones.

Figure 1: Surface plan of Break of Day drill hole collar locations showing projected surface trace of mineralisation and high grade intersections

Figure 2: Break of Day long section of Velvet gold lode (a long section or longitudinal section is a section along the plane of the lode and in this instance shows gold grade x thickness variability with depth of the Velvet Lode)

Figure 3: Break of Day long section of the Twilight gold lode

Figure 4: Break of Day cross section 13325mN - local grid (vertical section through mineralisation)

OTHER TARGETS

A surface EM survey has commenced on the Cue Project to identify basement conductors that may reflect massive copper-gold sulphide mineralisation. The ground survey will cover up to 15 separate targets identified from the airborne versatile time-domain electromagnetic ("VTEM") survey flown earlier in 2016.

ABOUT THE CUE PROJECT

The Cue Project ("The Project") is a Farm-In and Joint Venture Agreement with Silver Lake Resources Limited ("Silver Lake") (ASX: SLR) where Musgrave can earn up to an 80% interest. The Project consists of the Moyagee Gold and Hollandaire Copper Resources (see ASX announcement 25 November 2015, "Musgrave Secures Advanced Gold and Copper Project") and surrounding tenure in the highly prospective Murchison province of Western Australia (Figure 5). The Company has met its minimum expenditure commitment for the Cue Project and has commenced the Stage 1 Earn-In to acquire a 60% Joint Venture interest in the Project.

The Company believes there is significant potential to extend existing mineralisation and also discover new mineralisation within the Project area, shown by the recent success at Break of Day.

Read the rest of the article at www.publicnow.com
Data and Statistics for these countries : Australia | Georgia | All
Gold and Silver Prices for these countries : Australia | Georgia | All

Musgrave Minerals Limited

CODE : MGV.AX
Follow and Invest
Add to watch list Add to your portfolio Add or edit a note
Add Alert Add to Watchlists Add to Portfolio Add Note
ProfileMarket
Indicators
VALUE :
Projects & res.
Press
releases
Annual
report
RISK :
Asset profile

Musgrave Minerals LTD is based in Australia.

Musgrave Minerals LTD is listed in Australia. Its market capitalisation is AU$ 70.2 millions as of today (US$ 50.7 millions, € 47.9 millions).

Its stock quote reached its lowest recent point on January 22, 2016 at AU$ 0.01, and its highest recent level on July 31, 2020 at AU$ 0.83.

Musgrave Minerals LTD has 180 050 000 shares outstanding.

Your feedback is appreciated, please leave a comment or rate this article.
Rate : Average note :0 (0 vote) View Top rated
 
Nominations of Musgrave Minerals Limited
8/30/2016Appendix 3Y - J Percival
Corporate news of Musgrave Minerals Limited
11/16/2016Patersons Securities Limited – MGV Research Note November 16...
Comments closed
 
Latest comment posted for this article
Be the first to comment
Add your comment
AUSTRALIA (MGV.AX)
0.390+0.00%
AUSTRALIA
AU$ 0.390
09/26 18:10 -
0%
Prev close Open
0.390 0.380
Low High
0.380 0.390
Year l/h YTD var.
 -  -
52 week l/h 52 week var.
0.375 -  0.395 1.30%
Volume 1 month var.
231,843 -%
24hGold TrendPower© : -40
Produces
Develops
Explores for
 
 
 
Analyse
Interactive chart Add to compare
Interactive
chart
Print Compare Export
You must be logged in to use the porfolio and watchlists (free)
Top Newsreleases
MOST READ
Annual variation
DateVariationHighLow
20240.00%
202385.71%0.390.17
2022-39.13%0.390.19
2021-6.76%0.470.25
2020315.73%0.830.07
 
5 years chart
 
3 months chart
 
3 months volume chart
 
 
Mining Company News
Plymouth Minerals LTDPLH.AX
Plymouth Minerals Intersects Further High Grade Potash in Drilling at Banio Potash Project - Plannin
AU$ 0.12-8.00%Trend Power :
Santos(Ngas-Oil)STO.AX
announces expected non-cash impairment
AU$ 7.05+0.43%Trend Power :
OceanaGold(Au)OGC.AX
RELEASES NEW TECHNICAL REPORT FOR THE HAILE GOLD MINE
AU$ 2.20+0.00%Trend Power :
Western Areas NL(Au-Ni-Pl)WSA.AX
Advance Notice - Full Year Results Conference Call
AU$ 3.86+0.00%Trend Power :
Canadian Zinc(Ag-Au-Cu)CZN.TO
Reports Financial Results for Q2 and Provides Project Updates
 0.12+4.55%Trend Power :
Stornoway Diamond(Gems-Au-Ur)SWY.TO
Second Quarter Results
CA$ 0.02+100.00%Trend Power :
McEwen Mining(Cu-Le-Zn)MUX
TO ACQUIRE BLACK FOX FROM PRIMERO=C2=A0
US$ 8.91-2.73%Trend Power :
Rentech(Coal-Ngas)RTK
Rentech Announces Results for Second Quarter 2017
US$ 0.20-12.28%Trend Power :
KEFIKEFI.L
Reduced Funding Requirement
GBX 0.59-3.26%Trend Power :
Lupaka Gold Corp.LPK.V
Lupaka Gold Receives First Tranche Under Amended Invicta Financing Agreement
CA$ 0.05+10.00%Trend Power :
Imperial(Ag-Au-Cu)III.TO
Closes Bridge Loan Financing
CA$ 2.06+0.00%Trend Power :
Guyana Goldfields(Cu-Zn-Pa)GUY.TO
Reports Second Quarter 2017 Results and Maintains Production Guidance
CA$ 1.84+0.00%Trend Power :
Lundin Mining(Ag-Au-Cu)LUN.TO
d Share Capital and Voting Rights for Lundin Mining
 12.67+0.88%Trend Power :
Canarc Res.(Au)CCM.TO
Canarc Reports High Grade Gold in Surface Rock Samples at Fondaway Canyon, Nevada
CA$ 0.34+6.25%Trend Power :
Havilah(Cu-Le-Zn)HAV.AX
Q A April 2017 Quarterly Report
AU$ 0.18+0.00%Trend Power :
Uranium Res.(Ur)URRE
Commences Lithium Exploration Drilling at the Columbus Basin Project
US$ 6.80-2.86%Trend Power :
Platinum Group Metals(Au-Cu-Gems)PTM.TO
Platinum Group Metals Ltd. Operational and Strategic Process ...
 1.77-2.21%Trend Power :
Devon Energy(Ngas-Oil)DVN
Announces $340 Million of Non-Core Asset Sales
US$ 40.37-0.22%Trend Power :
Precision Drilling(Oil)PD-UN.TO
Announces 2017Second Quarter Financial Results
CA$ 8.66-0.35%Trend Power :
Terramin(Ag-Au-Cu)TZN.AX
2nd Quarter Report
AU$ 0.04+0.00%Trend Power :
Take advantage of rising gold stocks
  • Subscribe to our weekly mining market briefing.
  • Receive our research reports on junior mining companies
    with the strongest potential
  • Free service, your email is safe
  • Limited offer, register now !
Go to website.