The Moyagee Project hosts a combined JORC (2012) and JORC (2004) compliant total Mineral Resource base of 1.9Mt @ 2.0g/t Au for 126,900oz contained gold within four separate deposits, Lena, Leviticus, Numbers and Break of Day (refer Table 1 and SLR ASX announcement 28 August 2015; “Mineral Resources-Ore Reserves – August 2015”). This existing resource does not include any of the high grade drill results reported by the Company in 2016 and 2017. Musgrave is working towards a significant resource upgrade in June 2017.
Significant gold targets remain untested including Break of Day, Laterite Hill, Vostock, and Lady Stardust.
Historical intersections at Break of Day include:
• 3m @ 8.9g/t Au
• 3m @ 23.0g/t Au
Historical intersections at Laterite Hill include:
• 3m @ 37.6g/t Au (drill hole EHC1),
• 3m @ 19.7g/t Au (drill hole ARC296) and
• 7m @ 5.5g/t Au (drill hole ARC282).
Reverse circulation (“RC”) and diamond drilling has identified high grade gold mineralisation at Break of Day including:
• 21m @ 21.5g/t Au from 157m (16MORC026),
• 5m @ 53.5g/t Au from 138m (16MORC043),
• 3m @ 54.9g/t Au from 187m (16MORC041),
• 5m @ 33.0g/t Au from 154m (16MORC048),
• 3m @ 38.6g/t Au from 274m (16MORC039) and
• 2m @ 41.5g/t Au from 190m (16MORC052)
(see ASX releases dated 10 October 2016, 18 October 2016, 3 November 2016 and 9 November 2016)
Diamond drilling has confirmed the gold mineralisation and includes:
• 3.2m @ 26.6g/t Au from 238.5m (16MODD002),
• 4.0m @ 9.6g/t Au from 231.0m (16MODD003), and
• 6.6m @ 7.3g/t Au from 127.35m (16MODD001)
(see ASX release dated 30 January 2017; “Diamond Drilling Confirms High Grade Gold at Break of Day & Extends High Grade Gold at Lena”)
Musgrave is focussed on delineating a high grade gold resource at Break of Day in Q2 2017.
The Break of Day mineralisation extends for more than 300m of strike is open down dip and also along strike to the north and south. The mineralisation is interpreted to occur in vertical to steep westerly dipping, semi parallel quartz lodes hosting high grade gold with minor (1-2%) pyrite, within a basaltic stratigraphic sequence. The seperation of the gold lodes varies along strike from 15 to 60 metres. The gold mineralisation can be traced over a strike extent of more than 360 metres and is currently open down plunge.
The Vostock target sits at the intersection of a significant structure and flexure in the host stratigraphy. Vostock is a 700m long gold soil anomaly at greater than 10ppb Au and has had no effective drilling.
A new gold target has been identified at Lady Stardust. The target is a gold in soil anomaly partially co-incident with a basement VTEM target, situated on a prospective lithological contact and favourable structural position and has not been drill tested.
Further drilling is required to test these targets and define the boundaries to the mineralisation within these targets.
Musgrave’s goal is to define a high grade gold resource at Break of Day and Lena that will underpin a clear path to development.