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Why the Musgrave Minerals (ASX:MGV) share price is charging 9% higher

The Musgrave Minerals share price is charging 9% higher today. We take a look at the ASX gold miner’s latest drill results.
The post Why the Musgrave Minerals (ASX:MGV) share price is charging 9% higher appeared first on The Motley Fool Australia. –

Hand holding gold nugget ASX stocks buy

The Musgrave Minerals Ltd (ASX: MGV) share price is charging higher, up 9% in early afternoon trade.

Below we take a look at the ASX gold miner’s latest drill results.

What drill results did Musgrave Minerals report?

Musgrave Minerals shares are surging after the company reported additional high grade gold assay results from the reverse circulation (RC) drilling program at its New White Heat Prospect.

The White Heat prospect is situated on Musgrave’s wholly owned Cue Gold Project in Western Australia.

The company highlighted the following results from 3 of the RC drill holes:

  • 11m at 19.6g/t Au from 48m (21MORC039) including: 2m at 94.0 g/t Au from 48m
  • 21m at 7.4g/t Au from 64m (21MORC040) including: 1m at 35.9g/t Au from 64m; and 12m at 9.9g/t Au from 73m including: 1m at 84.5g/t Au from 83m
  • 2m at 6.5g/t Au from 134m (21MORC041)

Commenting on the drill results, Musgrave Managing Director Rob Waugh said:

These high-grade, near surface gold results from White Heat further highlight the discovery potential of the project. Exploration is continuing to deliver strong results and add value for our shareholders. Drilling will resume at White Heat in a few weeks as we continue to define the limits and plunge of the mineralisation.

At a regional level, we are continuing to drill to better define the new gold corridor 800 metres west of Lena that is continuing to produce high-grade gold results in previously undrilled areas.

Waugh added that investors can expect regular news from the continuing test drilling over the coming months.

Musgrave Minerals share price snapshot

Musgrave Minerals shareholders have been well rewarded over the past 12 months, with shares up 375%. That compares to a gain of 45% on the All Ordinaries Index (ASX: XAO).

Year-to-date, the Musgrave Minerals’ share price is flat.

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Motley Fool contributor Bernd Struben 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.

The post Why the Musgrave Minerals (ASX:MGV) share price is charging 9% higher appeared first on The Motley Fool Australia.

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