I owned MGV right in the beginning when it was looking for base...

I owned MGV right in the beginning when it was looking for base metals in Sth Australia. I sold several months later at a loss when it seemed that the hoped-for mineral discoveries were not going to eventuate.

I have followed progress generally though since selling just in case, hence this post. I have noted Seth's recent optimism re the gold.

This is an extract from today's Argonaut Securities daily bulletin "West Side Stories", which is of relevance:

Musgrave Minerals (MGV) | Lake Austin drill results | Not covered | No rating
Market Cap $44m | Current Price $0.11 | James Wilson
MGV has released further drill results from the A-Zone at its Lake Austin Project in Western Australia following from the 242m @ 1g/t intercept received in early December.

Drill results included 137.2m @ 0.6g/t Au, 239.4m @ 0.4g/t Au and 128.1m @ 0.5g/t Au

The 137.2m @ 0.6g/t Au intercept sits above the previous result of 94m @ 2.2g./t Au indicating some variability in grade. There could be a number of reasons for this grade drop off which was <25m from the previous hole spatially. This could come down to the orientation of the hole relative to the structures in the mineralised zone or just chemical dispersion of the gold within the host rock. Further diamond drilling will be very useful in answering these questions.

Mineralisation is very broad. Only a handful of diamond holes have been drilled and it may be that MGV needs to alter its drill orientation to properly capture the orebody at oblique angles. The zone remains open at depth and along strike.

One thing is clear is that there has been a significant mineralising event in this area which needs further investigation.

Phase 2 of the A-Zone drill program has commenced. The program consists of 15 holes for 4,000m of drilling and will continue until April