Musgrave Minerals high-grade, near-surface results extend Target 5 prospect within Cue Gold Project

Musgrave Minerals Ltd (ASX:MGV) (OTCMKTS:MGVMF) has received further strong, near-surface, high-grade aircore drilling results which extend gold mineralisation at Target 5 within the Cue Gold Project in Western Australia to more than 120 metres. Two parallel zones of gold mineralisation have been interpreted from early drilling with both zones open along strike to the north and south. Phase-2 aircore drilling will begin in early February on regional targets, including Targets 5, 9, 14, 15, 17, 20, 21 and 25, to define the extent of the new anomalies following what the company believe to be ‘exceptional’ early results. High-grade results New intersections from 6-metre composite samples include: 6 metres at 10.62 g/t gold from 30 metres; 6 metres at 5.23 g/t from 24 metres, within a broader interval of 10 metres at 1.97 g/t from 24 metres to the end of the hole; 6 metres at 4.56 g/t from 36 metres to the end of the hole; 6 metres at 3.24 g/t from 36 metres to the end of the hole; and 30 metres at 1.10 g/t from 12 metres to the end of the hole. Second drill rig on-site in February  Managing director Rob Waugh said: “This is another excellent set of results from our regional drilling program where we continue to have success with our gold exploration. “Further strong, early-stage, near-surface, gold hits were received across a number of targets with Target 5 being the highlight. “Target 5 is open along strike, both to the north and south, with significant potential to extend the mineralisation. “We are back drilling again at the White Heat Prospect and will have a second drill rig on site in the first week of February.” In late 2020, a total of 445 aircore holes for 25,298 metres were completed over 25 targets with composite assays now received for all holes. Target 14 and 20 results  Additional, near-surface gold intersections were also recorded at Target 14 and Target 20 with the best results including: 2 metres at 7.30 g/t gold from 73 metres (Target 14); 7 metres at 1.39 g/t from 51 metres (Target 14); 12 metres at 1.36 g/t from 18 metres (Target 20); and 6 metres at 1.02 g/t from 36 metres to the end of the hole (Target 20). Looking ahead Reverse circulation (RC) drilling at the White Heat target has begun to follow-up previous high-grade aircore results. Regional aircore drilling of new structural and geological targets at Cue is being planned and will commence late in Q1. PFS studies at Break of Day and Lena are being planned and quotes assessed for commencement of development studies in February.