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DIGGERS & DEALERS PREVIEW REFINING THE GOLD STANDARD abcrefinery.com

Musgrave pivots towards PFS

by Michael Washbourne

espite the drill rigs continuing to turn up new prospects at Cue, “We think there’s a high probability that Break of Day and Lena will
DMusgrave Minerals Ltd has started making plans to embark on be mined, so we want to get a head start on the design and our
a PFS over its flagship Break of Day and Lena deposits. understanding of the deposit from a geotech and metallurgy point
Coming off what was undoubtedly the best year in the company’s of view. It means we can cut our timeframe down at the back end
history – during which it made three significant discoveries and after we’ve discovered all the gold there is to discover, or at least
substantially upgraded the resource base at Cue – Musgrave is enough to get a strong project up and running.”
looking to carry momentum across to the study phase it will soon Musgrave’s gold inventory at Cue currently totals 6.4mt @ 3.2 g/t
enter. gold for 659,000oz, including a high-grade, near-surface resource
Musgrave bolstered its cash position in the final weeks of 2020 of 797,000t @ 10.2 g/t for 262,000oz at Break of Day.
via an $18 million capital raising which the company is deploying Last year’s Starlight and White Light discoveries contribute
towards ongoing exploration at Cue as well as PFS-level activities 360,000t @ 13.9 g/t for 161,000oz to the overall resource.
at Break of Day and Lena. The impressive drill hits have continued this year with Musgrave
“Basically, we’re trying to cut down some of the long-lead time recently intersecting 84m @ 1.4 g/t from 24m (including 12m @
items,” Musgrave managing director Rob Waugh told GMJ. 6.6 g/t from 66m) at the new Big Sky prospect. It follows the earlier
“We’re trying to run exploration at the same time, so it’s not a true success at White Heat where drilling struck 4m @ 43.2 g/t from
PFS as such, but we need to make sure our baseline environmental 98m and 11m @ 19.6 g/t from 48m.
work is under way and give ourselves the timeframe to do that and Waugh hopes the ongoing drilling success will translate into
manage the hydrology and hydrogeology so we can find water and mineable ounces at the Murchison-hosted project.
shore up our heritage position. “We’re fairly confident that what we have in the current resource

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