Prospecting for gold has come a long way since panning in the rivers.
The post Here’s why the Musgrave Minerals (ASX:MGV) share price is soaring 12% today appeared first on The Motley Fool Australia. –
The Musgrave Minerals Ltd (ASX: MGV) share price is soaring higher, up 12% in early afternoon trade.
Below we take a look at the ASX gold miner’s latest drill results.
What drill results did Musgrave report?
The Musgrave Minerals share price is lifting off after the company reported more high-grade gold assay results at its 100% owned Cue Gold Project in Western Australia.
The diamond drill assays, from its White Heat prospect, returned bonanza grade gold, including:
– 3.4 metres at 107.6 grams of gold per tonne from 74.6 metres in the footwall lode
2m @ 303.2g/t Au from 74.6m
– 6.8m @ 17.8g/t Au from 47 in the hanging wall lode including:
7m @ 112.9g/t Au from 48.1m; and
– 8.4m @ 6.8g/t Au from 27.3m in a separate drill hole including:
2m @ 37.2 g/t Au from 27.3m
Commenting on the drill results, Musgrave’s managing director, Rob Waugh said:
These are bonanza results and support our previous drilling at the high-grade White Heat deposit. The White Heat lode is in a similar orientation and geological setting to the high-grade Starlight Lode only 400 metres to the north but is currently not included in a mineral resource estimate. These results from White Heat further highlight the potential to discover additional high-grade gold lodes within the project area.
Waugh added that, “Drilling will resume at White Heat in September as we continue to extend the plunge of the mineralisation.”
The company has completed 129 reverse circulation (RC) drill holes so far to better define the gold mineralisation at its Big Sky prospect.
With drilling continuing, Musgrave Minerals expects assays from further drilling at Big Sky in early September
Musgrave Minerals share price snapshot
The Musgrave Minerals share price hit an all-time closing higher of 76 cents on 7 August. Shares have fallen 58% from that high, currently trading for 32 cents per share.
Year-to-date the Musgrave Minerals share price is down 16%. That compares to a gain of 13% on the All Ordinaries Index (ASX: XAO).
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The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.