Musgrave Minerals Limited Overview
Musgrave Minerals listed on the Australian Securities Exchange on 29 April 2011.
Musgrave’s cornerstone project is the Cue Project in the Murchison Province of Western Australia where Musgrave holds 100% of the key project tenure containing the existing gold resources. Musgrave’s objective is to focus on increasing gold resources through exploration and discovery with the near-term goal of delivering a viable path to development.
The Cue Project currently hosts 12.3Mt @ 2.3/t Au for 927koz Au (see MGV ASX announcement 31 May 2022, “Cue Mineral Resource increases to 927,000oz”).
Progress at the Cue Project has been very positive following the high-grade near-surface gold discovery of the Starlight Lode at Break of Day and subsequent Break of Day resource update to 797kt @ 10.2g/t Au for 262koz Au. Subsequent resource growth followed in May 2022 after the discoveries of the White Heat-Mosaic and Big Sky deposits. The near-surface high-grade gold discoveries are a game changer for MGV lead to the delivery of a Stage 1 Prefeasibility Study (PFS) in April 2023 that demonstrates a technically and financially robust project. Work on a Stage 2 PFS has already commenced.
The application of the learnings from the Starlight and White Heat-Mosaic success has the potential to lead to further discoveries in the belt. The Company has a pipeline of new and advanced targets that it will systematically drill test to continue to grow the resource base.
The focus on gold exploration on the salt lakes north of Break of Day has led to the Lake Austin North gold discovery. Intercepts include 94m @ 2.4g/t Au including 52m @ 3.8g/t Au within a strong broad alteration envelope suggests the presence of a large new gold system. The system is open in multiple directions and is now part of the EVN JV. Elsewhere on the EVN JV, the team intersected high-grade gold mineralisation in basement beneath an extensive 1.6km long gold in regolith anomaly at the West Island prospect.
Musgrave has an Exploration Joint Venture with Evolution Mining Ltd (Evolution) over the Lake Austin portion of the Cue Project. Evolution earned a 75% equity in the joint venture in December 2022. The Break of Day, Lena, White Heat-Mosaic, Big Sky and Mainland areas are excluded from the Joint Venture with Evolution Mining Ltd.
The Company also has a new project near Mt Magnet and a large footprint in the Musgrave Province of South Australia and continues to review new opportunities with a view to identifying additional projects that would complement the Company’s current activities and add value for our Shareholders.
Project Locations
Company Objectives and Strategy
Musgrave Minerals is dedicated to building a sustainable and profitable gold mining business driven by exploration and development success.
Musgrave’s mission is to safely and responsibly deliver exploration success and advance development opportunities to build a profitable gold mining business at Cue for the benefit of our shareholders and the communities within which we operate.
Musgrave’s methods include early-stage exploration techniques and technologies that aim to delineate targets for near term drill testing, deposit discovery and resource definition and development. The application of airborne and ground geophysical surveys, along with ground-based mapping, sampling, and drilling programs, will be implemented and follow methodologies that have been proven successful at Cue and in other known mineral camps.
Musgrave Minerals has developed an exploration strategy that builds on the experience gained by key personnel exploring for similar deposit styles globally.
At the Cue Project, Musgrave’s objective is to increase the gold resources through exploration discovery and extensional drilling to underpin studies that will demonstrate a viable path to development in the near term.
Musgrave has a strong track record of exploration success at Cue and, infrastructure in the Cue district is good with six gold plants within trucking distance of MGV’s high-grade gold resources. Musgrave has completed a Stage 1 Prefeasibility study (PFS) which demonstrates the potentially significant value for a technically and financially robust standalone new gold development at Cue.
The Company is carrying out substantial drilling programs at Cue designed to discover new gold deposits and extend existing resources to deliver an updated Mineral Resource Estimate (MRE) late in 2023. The expectation is that the new MRE will be the basis for the Stage 2 PFS which is expected to add mine life beyond stage 1.