Musgrave Minerals shares rise on drilling more high-grade gold...

Musgrave Minerals shares rise on drilling more high-grade gold

from http://www.*.com.au/companies/news/...-on-drilling-more-high-grade-gold-177416.html

15:00 08 May 2017
Further extensional drilling at Break of Day and Lena is underway.
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The Cue Project is a joint venture with Silver Lake Resources
Musgrave Minerals (ASX:MGV) has received further high-grade gold results from the first ten drill holes at the Break of Day and Lena gold prospects on the Cue Project in Western Australia.
The company’s shares were last trading 5.88% higher intra-day on Monday, at $0.09.
The Cue Project is a joint venture in the Murchison region with Silver Lake Resources (ASX:SLR) where Musgrave holds a 60% interest and has elected to increase its interest to 80%.
Musgrave’s drilling has identified a new shoot plunge and extension at Break of Day intersecting:
- 15 metres at 16.6 g/t gold from 170 metres down hole; and
- 6 metres at 5.4 g/t gold from 156 metres down hole.
At Lena, drilling identified shallow gold mineralisation of 6 metres at 3.3g/t gold from 24 metres down hole.
Further extensional drilling at Break of Day and Lena is underway to extend the high-grade gold lodes, with 20 drill holes of a planned 35 drill holes completed to date.
In March, Musgrave achieved exceptional gold recoveries from the initial metallurgical test work at the Cue Project.
The company’s test work demonstrated very rapid leaching kinetics for collected fresh rock samples and overall gold recovery of between 95.7% and 96.3% (average 96%).

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