Musgrave Minerals Shares Show Signs of Recovery on New Gold Target
The Musgrave Minerals Ltd [ASX:MGV] share price has been one of the standout performers among Aussie gold stocks this year, returning an impressive ~383% over the past 12 months.
As with many other gold stocks, the MGV share price has slipped in recent months on the back of the gold price finding its new level.
However, the MGV share price could be returning to an upwards trajectory with the company announcing the results of Target 17 at its Cue Gold Project.
At time of writing the MGV share price is up 4.88% to trade at 43 cents per share.
Cue continues to grow
Today, MGV reported assay results for a further 97 drill holes from the current regional exploration program’s flagship Cue Gold Project in Western Australia.
The program targeted analogous mineralisation at the Starlight deposit returned strong high-grade results with Target 17 located 300 metres east of Break of Day returning:
- 24m at 3.4 grams of gold per tonne (g/t) from 18m, including 6m at 11.5g/t from 18m
MGV Managing Director Rob Waugh was clearly happy with today’s result commenting:
‘Wherever we look, we are finding gold, which continues to highlight the upside gold potential of the belt and supports the new geological interpretation. The Target 17 hit is another strong result in close proximity to Break of Day with follow-up drilling underway. Further regional drilling assays are expected later this month.’
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Source: Musgrave Minerals
MGV said the mineralisation at Target 17 is hosted in a weathered and sheared dolerite and is open in all directions.
Initial assay results have now been received for 24 targets with 20 showing anomalous gold results.
Follow-up infill drilling is ongoing on the higher priority targets, including targets 2, 5, 9 14, 15, 17 and 20 after encouraging early results.
Meaning we could see some significant growth in resource size at Cue upon infill drilling.
Source: Musgrave Minerals
How is 2021 shaping up for Musgrave?
We could see what mining operations might look like at Cue next year as environmental and heritage surveys at Break of Day and Lena are underway in preparation for development studies.
With infill drilling a priority targets either ongoing or with assays pending, more exploration success could help push MGV shares in a similar direction as today.
The return in the gold price can also help drive the share price along.
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For The Daily Reckoning Australia