Musgrave Minerals boosts confidence in Break of Day with new gold results

–News Direct–

Musgrave Minerals Ltd (ASX:MGV, OTC:MGVMF) MD Rob Waugh speaks with Proactive soon after reporting assay results from a grade control drilling program at Starlight Lode in the Break of Day trend within the Cue Gold Project. The results of up to 1-metre at 780.7 g/t gold from 29 metres and 3 metres at 676 g/t from 31 metres have further confirmed the deposit's high-grade potential.

Break of Day trend, which includes the Break of Day and White Heat deposits, boasts a total mineral resource estimate of 982,000 tonnes with an average grade of 10.4 g/t, amounting to 327,000 ounces of gold. A significant portion of this resource, 70%, falls into the higher confidence indicated category.

Waugh said: Following the strong financial metrics of the Stage 1 pre-feasibility study in April 2023, the company has focused on extending mine life through exploration drilling, converting inferred resources within the confines of Stage 1 PFS mining envelopes as well as grade control drilling to de-risk the initial stages of open pit development.

Grade control drilling is aligned to this strategy. These infill grade control drilling results from the Starlight Lode at Break of Day focus on the early months of development to provide added certainty in forecasting and scheduling of future gold production.

"The results support and are aligned with previous data and continue to highlight the very high-grade, near-surface nature of the Break of Day gold system.