Musgrave Minerals encouraged by 33% lift in copper resource at Hollandaire JV project to 51,500 tonnes

Musgrave Minerals Ltd (ASX:MGV) is encouraged by a 33% increase in copper resources at the Hollandaire copper-gold joint venture project with Cyprium Metals Ltd (ASX:CYM) to 51,500 tonnes. There are now 43,000 tonnes of contained copper in the indicated category while 28,800 ounces of gold and 574,000 ounces of silver have also been defined in the updated resource. The Hollandaire copper-gold resource forms part of Cyprium’s Cue Copper-Gold Project and is a significant advancement in the Murchison Copper-Gold Scoping Study. This updated resource is based on data compiled from previous drilling, together with drilling campaigns conducted by Cyprium from the second half of 2019 as well as during the first quarter of 2020. “Increased by a third” Cyprium executive director Barry Cahill said: “We are pleased to announce the results of our first resource update at the Cue Copper-Gold Project in the Murchison region. “The mineral resource has increased by a third from the previously reported mineral resource, which reflects the potential copper endowment in this region. “We look forward to combining the updated Cue Copper-Gold Project mineral resources with the recently acquired Nanadie Well Copper-Gold Project into the ongoing Murchison Copper-Gold Scoping Study. “This is growing our Murchison regional resource base to the critical mass required to advance the scoping study through to a feasibility study stage, then ultimately leading to project development.” Hollandaire 2012 JORC mineral resource estimate.  Two deposits The Hollandaire mineral resource is contained in two shallow deposits adjacent to each other – Hollandaire and Hollandaire West. More than 80% of the mineralisation is less than 160 metres below surface, making it very accessible by conventional open pit mining methods. The resources are on the recently granted mining lease M20/526, providing a clear pathway to develop the project. Additionally, the mineralogy of the deposits is ideal for Cyprium's unique low-cost heap leach sulphide treatment methodology, as demonstrated in the metallurgical test-work conducted in March which rapidly achieved copper recoveries in excess of 90%.  Cyprium is also continuing to advance the Cue Copper-Gold Project through the ongoing Murchison Copper-Gold Scoping Study, which now also includes the 100% Cyprium owned Nanadie Well Copper-Gold Project, on the path towards its viable economic extraction. JV arrangements Musgrave has a JV with Cyprium at the Cue Copper-Gold Project, which is about 20 kilometres east of Cue, in the Murchison region of Western Australia. Cyprium has an 80% attributable JV interest in the project’s copper, gold and silver mineralisation, however, MGV has a 100% interest where a deposit's mineralisation is primarily gold and is not associated with a copper-gold deposit.