MUSGRAVE MINERALS STRIKES IT RICH AT STARLIGHT

MUSGRAVE MINERALS STRIKES IT RICH AT THE STARLIGHT PROJECT WITH GRADES OF 884.7 GRAMS PER TONNE GOLD OVER 14 METRES

Musgrave Minerals ASX:MGV) annnounced on the 28th July 2020, that they have intersected some of the highest grades of Gold recorded, in recent history at its Starlight project. The drilling produced massively high interesections of Gold, so close to the surface, including one hole intersecting: 14m @ 191 g/t Au fm 4 metres depth, including 3m @ 884.70g/t Au from 5 – 10m metres depth, which included 1metre @ 2,518 g/t Au. (81 ounces per tonne). At todays price of Gold, a tonne of this grade ore is worth $US160,000 or $A225,000. The stock was languishing around 10c in early June 2020 and now settled around $0.70c. Kitcogold reported Musgrave’s Announcement on its JV with Evolution on 17th September 2019 when the share price was $0.08c. Pays to read between the lines sometimes.

Believe it or not, this is the value of “one tonne of that ore”. Mining companies no longer require a big tonnage of ore at this grade for this project to make it viable. The next an most difficult part, (if there is such a thing) is being able to build a process plant to recover all the gold. Metallurgical testwork to maximise the Gold recovery and to ensure the right type of process is paramount.

Personally would suggest for this deposit and the way its looks, with these grades, there must be copious amounts of large fraction sizes of gold (small nuggets) that will reqjuire and only respond to a gravtiy circuit in the process plant. At the grades encountered gravity circuit needs to be the primary requirement as the initial revovery circuit.

With these Gold grades it seems the circuit would require, spirals for the large fraction size followed by Wilfley tables for the fines, with the balance through a seperate CIP process plant, providing its all oxide ore, or float plant if in sulphides. Looking at how shallow the ore is being intersected at this project, it seems that the high grades which are usually found close to the the surface, that the ore is within the oxide zone and ameanable to CIP (cyanide leaching in tanks).

Other holes were also magical with: Hole 20MORC067 intersecting 22m @ 5.8g/t Au followed by 3m @ 26.20g/t Au from 31m. Hole 20MORC064 intersected 5m @ 14.3g/t Au from 90m. 6m @ 5.3g/t Au. Hole 20MORC063 intersected 6m @ 5.3g/t Au from 232m Hole 20MODD008 intersected 16m @ 13.70g/t Au including 4m @ 40.80g/t Au from 18m and 9m @ 6.1g/t Au fm 25m.

The Company said tht these bonanza grades over decent widths confirm and extend the high grade gold minelralisation at the Starlight where it remains open down plunge.

The Starlight and the White light gold lodes at Day Break are located within the Companies 100% owned ground at its flagship Cue Gold Project in Western Australia in the Murchison district. The Company also said that to date a total of 58 RC HOles aof a planned 70 have now been completed with assays received for 49 of them so far.

The Company has had a good run with its share price rising in May 2020 with a rise of up to 84c today, 28th July 2020 and settling at 74c up 4.5c. Kitcogold reported on Musgrave in September 2019 last year, with Evolution taking a placement in Musgrave of 18m shares at $0.078c for $1.5m, with a value now of around $A14.4million. We reported on Musgrave as a hopeful, around the same time as another hopeful Ausmex Gold was reporting spectacular high grade Gold assays with good widths, at their Golden Mile propect in the Cloncurry region of Queensland. Unfortunately even with their drilling of high grade, wide intersection the company share price has langu8ised with high turnovers and dropped, due to the amount of unprecedented selling pressure bought on by the initial offerring, where it seems the company, handed out big blocks of shares to associates and promoters, which, it now seems it coming home to roost. I suppose that once they are cleaned out, they hope to have the same upward and rewarding experience as Musgrave.

The Managing Director of Musgrave Rob Waugh sia d: Starlight continues to poduce stunning gold results in near surface drilling. Further RC drilling is underway to infill and extend the Starlight mineralisation with the aim of completing a JORC resource in late Q3 quarter.

Goldman

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