Perth, October 27, 2022 AEST (ABN Newswire) – During the quarter, the focus was on Musgrave Minerals Ltd (ASX:MGV) (6MU:ENG) (MGVMF:OTCMKTS) Grade 100% owned (Figure 2*) at Cue which has a mineral resource of: 12.3 Mt @ 2.3 g/t Au for 927 koz of gold.
Exploration and resource drilling continued throughout the quarter with further positive results from the Amarillo and Waratah prospects.
Initial core drilling has been completed on new target areas, including the high-grade titanium basalt unit that hosts the high-grade Break of Day and White Heat-Mosaic deposits. New subsurface targets have been identified from this program.
At the Cue project, the high-grade component of mineral resources (indicated and inferred) along the dawn trend amounts to: 982 kt at 10.4 g/t Au for 327 koz of gold.
With the discovery of the Big Sky deposit, the mineral resources along the western trend are: 9.8 Mt @ 1.7 g/t Au for 541 koz of gold.
The high-grade component of the resource base will be an important component of future development.
At the end of the September 2022 quarter, the Company held $7.3 million in cash, with the Company’s capital structure comprising:
– 540,572,949 fully paid-up ordinary shares (ASX:MGV); and
– 13,800,000 unlisted options at different strike prices and expiration dates
The Quarterly Cash Flow Report (Appendix 5B) for the period ending September 30, 2022 provides an overview of the Company’s financial activities. Cash exploration expenditures for the reporting period were $3.1 million. Business and other expenses amounted to $452,000. The total amount paid to directors of the entity and their associates during the period (item 6.1 of Schedule 5B) was $146,000 and includes salary, attendance fees and pension.
The Company owns 12.5 million shares in Legend Mining Limited (“Legend”) currently valued at approximately $0.5 million based on a Legend share price of $0.04/share. Musgrave also owns 1,308,750 common shares of Cyprium Metals Limited (“Cyprium”) currently valued at approximately $0.1 million based on a Cyprium share price of $0.06/share.
*To view the full quarterly report, please visit:
About Musgrave Minerals Ltd
Musgrave Minerals Ltd (ASX:MGV) is an active Australian gold and base metals explorer. The Cue project in the Murchison region of Western Australia is an advanced gold and copper project. Musgrave has had significant exploration success at Cue, with a focus on increasing gold and copper resources through discovery and step-out drilling to underpin studies that will demonstrate a development path. viable in the short term. Musgrave also holds a large set of exploration concessions in the prospective Ni-Cu-Co province of Musgrave in South Australia.
Musgrave Minerals Ltd.