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Musgrave Minerals eyes gold resource upgrade at Cue Project

Drilling highlights the open-cut potential of the project.
The resource estimate is on track for mid-July 2017

Musgrave Minerals (ASX:MGV) has reported further high grade gold results from the recently completed drilling program at the Cue Project in the Murchison region of Western Australia.

The Cue Project is a joint venture with Silver Lake Resources (ASX:SLR) where Musgrave holds a 60% interest and has elected to increase its interest to 80%.

Phase two of the drill program at Break of Day and Lena prospects was completed in late May with 35 drill holes and three hole extensions completed for a total of 6,644 metres.

All drill hole assay results have now been received with all seven of the latest drill holes returning significant gold intercepts, including:

- 4 metres at 8.0 g/t gold from 35 metres down hole;
- 8 metres at 1.9 g/t gold from 12 metres down hole; and
- 3 metres at 7.2 g/t gold from 38 metres down hole.

Importantly, the near surface gold intersections continue to highlight the open-cut potential of the Lena deposit.

These results are the final gold results for the recently completed reverse circulation drilling program and will be included in the resource estimate currently on track for mid-July 2017.

Musgrave has identified a significant potential to extend existing mineralisation and also discover new mineralisation within the project, shown by the recent drilling success at Break of Day and Lena.

Last month, the company raised $3 million via the placement of shares to professional and sophisticated investors at $0.07.

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