growth potential Musgrave identies Lenamusgraveminerals.com.au/mgv/wp-content/uploads/... ·...

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Musgrave identies Lena growth potential MUSGRAVE Minerals has started an inll drilling program at its Lena deposit after a review of historical results. Musgrave drilling at the Cue project in Western Australia's Murchison region Exploration / Development > Resource- denition Kristie Batten A reassessment of drilling completed by Perilya in the 1990s has identied a 500m-long high-grade southerly plunging shoot that remains open at depth. Historical high-grade gold intercepts beneath the existing JORC resource include 6m at 31.1 grams per tonne from 354.8m; 6.2m at 18.6gpt gold from 372.2m down hole; 4.3m at 14.1gpt gold from 367.9m down hole; 3.1m at 16.9gpt gold from 304.5m; and 2m at 82gpt gold from 220m. The current Lena resource of 153,000 ounces at 1.77 grams per tonne gold only goes down to a maximum vertical depth of 160m. The historical intercepts have not been included in the resource as the drill spacing is too broad. "Re-interpreting the geological data from historical drilling has indicated the possibility of signicant upside gold potential beneath the existing resource at Lena," Musgrave managing director Rob Waugh said. "The reinterpretation of the existing geology and shoot control has highlighted the potential to extend the current resource at depth. Comments Share

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Musgrave identi�es Lenagrowth potentialMUSGRAVE Minerals has started an in�ll drilling program at itsLena deposit after a review of historical results.

Musgrave drilling at the Cue project in Western Australia's Murchison region

Exploration /Development >Resource-de�nition

Kristie Batten

A reassessment of drilling completed by Perilya in the 1990s has identi�ed a500m-long high-grade southerly plunging shoot that remains open at depth.

Historical high-grade gold intercepts beneath the existing JORC resource include6m at 31.1 grams per tonne from 354.8m; 6.2m at 18.6gpt gold from 372.2mdown hole; 4.3m at 14.1gpt gold from 367.9m down hole; 3.1m at 16.9gpt goldfrom 304.5m; and 2m at 82gpt gold from 220m.

The current Lena resource of 153,000 ounces at 1.77 grams per tonne gold onlygoes down to a maximum vertical depth of 160m.

The historical intercepts have not been included in the resource as the drillspacing is too broad.

"Re-interpreting the geological data from historical drilling has indicated thepossibility of signi�cant upside gold potential beneath the existing resource atLena," Musgrave managing director Rob Waugh said.

"The reinterpretation of the existing geology and shoot control has highlightedthe potential to extend the current resource at depth.

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"The structure hosting the Lena deposit is a signi�cant shear zone with a broadalteration halo. We believe there is signi�cant potential to grow the high-gradecomponent by focusing the deeper drilling on these high-grade shoots."

An in�ll drilling program is underway with the aim of growing the resource.

"On these numbers, and looking at the long section, we can see the potential todouble the existing resource at Lena," Argonaut Securities analyst James Wilsonsaid.

Musgrave has just completed drilling at the newly acquired Mainland prospect,with results due in August, while the results of a recent airborne magnetic atLake Austin North are being interpreted to generate drilling targets.

Lena, Mainland and Lake Austin North are part of the Cue project in WesternAustralia.

Shares in Musgrave jumped 7.3% to 7.3c. The stock has traded in a range of 5-11.5c this year.

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