Musgrave Managing Director
"Interestingly, Waratah was a lower priority target which coincided with the proposed waste and tailings storage facility locations in the early PFS design works. This preliminary design will obviously now need to be re-assessed."
"The potential for future resource additions at Big Sky and White Heat will likely impact design planning as well. Resource RC drilling and diamond drilling will recommence in the new year at Big Sky. This work will enable a maiden Big Sky resource estimate in late Q2 2022".
"The results show that exploration continues to identify strong gold mineralisation in previously untested and poorly tested areas as demonstrated by the newly identified near surface high grade Waratah gold trend east of Break of Day."
This new gold mineralisation is near surface, defined in three prospective zones and remains open down dip.
In addition, Musgrave is continuing to define further high-grade gold in the regolith at the Amarillo Prospect (previously named Target 14) with additional follow-up drilling to continue in late January.
Waratah Trend
The Waratah trend is approximately 400m east of and runs parallel to the Lena/Break of Day corridor (Figure 1*). It is interpreted to extend for over 4km of strike with gold mineralisation identified in at least three separate zones that are individually between 200m and 400m of strike. The mineralisation is hosted within a sequence of sedimentary iron formation and dolerites. Mineralisation remains open down plunge and is also open to the south in Zone 3 (Figure 2*).
Twenty-seven RC drill holes were drilled to test this new corridor with a highlight of significant results listed below and presented in Tables 1a and 1b*.
Intersections include:
o 2m @ 28.1g/t Au from 78m (21MORC359), including;
o 1m @ 53.2g/t Au from 78m
o 2m @ 6.1g/t Au from 87m (21MORC361)
o 2m @ 5.8g/t Au from 31m (21MORC350)
o 5m @ 2.6g/t Au from 36m (21MORC352)
o 8m @ 1.7g/t Au from 33m (21MORC344)
o 5m @ 2.0g/t Au from 98m (21MORC370)
Amarillo (previously named Target 14)
At Amarillo, 1.2km south-west of Break of Day (Figure 1*) and 800m north of Big Sky, RC drilling continues to intersect significant regolith gold mineralisation (Figure 3*) including:
o 9m @ 8.7g/t Au from 44m (21MORC371) including;
o 2m @ 35.1g/t Au from 51m
o 3m @ 1.4g/t Au from 45m (21MORC372)
o 3m @ 11.3g/t Au from 45m (21MORC375)
Basement follow-up drilling will be planned for late January. Drill hole and assay details are presented in Tables 1a and 1b*.
The current resource estimate for the
Ongoing Activities - Musgrave 100% tenements
o All on site drilling was temporarily suspended for the Christmas-New Year break. Drilling will recommence around
o Initial follow-up drilling of the new high-grade gold lode (the Mosaic Lode) identified south of White Heat is complete with assays due in early February.
o Resource definition diamond drilling at the Big Sky Prospect is continuing with further assay results from RC drilling expected in February. The aim is to deliver a maiden Mineral Resource estimate at Big Sky in Q2 2022.
o RC pre-collars for resource conversion diamond drilling at Break of Day and Lena have commenced with diamond tails to commence in February.
o A regional aircore program is underway to test the southern extension of the prospective
o Works to progress the prefeasibility level studies at Break of Day and Lena are ongoing with mining studies, environmental monitoring and assessments, metallurgical, processing, design and geotechnical test work continuing.
Evolution JV
o Follow-up diamond drilling on
o Further assay results for diamond drill holes at
o Assay results for the recently completed aircore drilling program on
*To view tables and figures, please visit:
https://abnnewswire.net/lnk/WXJICKTU
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