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Musgrave Minerals more than doubles Lena gold deposit to 325,000 ounces

Proactive Investors Monday, 17 February 2020
Musgrave Minerals Ltd (ASX:MGV) has substantially increased the Lena mineral resource within the Cue Gold Project in Western Australia to 4.3 million tonnes at 2.3 g/t gold for 325,000 ounces of gold. Since the previous mineral resource estimate in 2017, the company has added 172,000 ounces of gold, increasing Lena by 112% and improving the overall grade of the deposit by 28% to 2.3 g/t gold. This resource update incorporates the results of reverse circulation (RC) and diamond drilling programs, which have been completed over the past six months. The updated total indicated and inferred mineral resources for the Cue Project, incorporating the Lena and Break of Day deposits as well as smaller deposits now stands at 6.45 million tonnes at 3 g/t gold for 613,000 ounces of contained gold. “Continuing to make new discoveries” Managing director Rob Waugh said: “We are continuing to make new discoveries and grow the existing gold resources at Cue. “This latest update significantly grows the contained ounces in the Lena resource and improves the overall grade of the deposit while also delivering a major uplift in the geological confidence by reducing the drill hole spacing of the near-surface component and growing the indicated resource category. “With drilling underway at the nearby Break of Day and Mainland-Consols deposits, we are looking forward to more exciting results as the program progress.” Prospect location plan Musgrave’s Lena deposit is about 130 metres west of Break of Day, which hosts a resource of 868,000 tonnes at 7.2 g/t gold for 199,000 ounces contained gold. The company is currently drilling at Break of Day and recent results include intersections such as 45 metres at 11.8 g/t gold relating to link lodes that have not been incorporated into the Break of Day resource. Assays from the current drill program are expected by mid-March. Earn-in and joint venture Pursuant to an agreement between a wholly-owned subsidiary of Cyprium Metals Ltd (ASX:CYM) and Musgrave, an option has been granted by Musgrave to earn-in and joint venture for an 80% interest in the non-gold rights over the tenements at the Cue Copper Project.
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