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DIGGeRs & DeALeRs

Starlight shines Musgrave’s magic month

Best hits from Cue during June
for Musgrave 20MORC025:
7m @ 13.7 g/t from 114m, incl 4m @ 22.9
g/t from 116m
20MORC031:
usgrave Minerals Ltd is the latest ally nice to see that at the moment there 61m @ 12.7 g/t from 76m, incl 6m @ 44.6
MAustralian explorer to set the market is reward for effort,” Waugh said. g/t from 76m & 21m @ 23.6 g/t from 106m
alight with a string of impressive gold hits “When people are successful and 20MORC032:
from its Cue project in Western Australia’s make discoveries, there’s more noise in 48m @ 4.4 g/t from 30m, incl 4m @ 41.8 g/t
Murchison district. the market, people are more interested from 30m & 2m @ 13.5 g/t from 76m
Across the first two weeks of June, and they’re looking for the next one. So, 20MORC033:
Musgrave’s stock tripled in value to an all- when people do make money, obviously 12m @ 112.9 g/t from 36m, incl 6m @ 143
time high of 46.5c/share. The first surge they look forward to making more money. g/t from 42m
came after the company reported an ini- It’s a continuous process.
tial intercept of 12m @ 112.9 g/t gold from “It’s a really exciting time in the market. 20MORC036:
36m (including 6m @ 143 g/t from 42m) There’s been a number of good discover- 22m @ 21 g/t from 2m, incl 9m @ 49.2 g/t
from RC drilling at the Starlight link-lode, ies in the industry and obviously it’s ben- from 8m
just outside the existing Break of Day re- eficial for us being a shareholder in Leg- 20MORC037:
source at Cue. end, so we’re very grateful to Mark Wilson 42m @ 77.3 g/t from 30m, incl 18m @
Musgrave then followed up the spec- [Legend managing director] and the work 179.4 g/t from 30m, incl 6m @ 498.2 g/t
tacular intersection with another bonanza his team has done. We think it’s fantastic.” from 36m
near-surface hit of 4.2m @ 77.3 g/t gold Musgrave appears to be well funded to
from 30m (including 18m @ 179.4 g/t carry out its immediate exploration ambi-
from 30m, including 6m @ 498.2 g/t from tions at Cue, having raised $6 million in
36m) to keep market hearts fluttering. late April via a heavily oversubscribed
“It’s been a fantastic period for us,” placement to a broad range of investors.
Musgrave managing director Rob Waugh And while Westgold Resources Ltd
told Paydirt TV. has recently started selling down its long-
“We’ve been able to grow the resource term position in Musgrave, Waugh still ex-
base and we continue to do so going for- pects both companies to keep close tabs
ward. It’s really good that we’ve got some on each other, especially with the Peter
fantastic results and it was well received Cook-led gold producer raising $45 mil-
in the market.” lion in May to underpin an expansion of its
RC drilling was ongoing at the time of Central Murchison operations.
print, with a diamond rig on site ready to “It’s always beneficial for us when com-
take over once the current 7,000m cam- panies around us are doing well and we
paign concludes. hope Westgold does very well,” Waugh
Drilling has so far focused on infilling said.
and extending the high-grade Starlight “I really can’t speculate, I really don’t
link-lode that was discovered at the end know what Westgold’s intent is with the
of last year. Mineralisation has reportedly $45 million, but we hope that they do very
been intersected over a strike of more well.”
than 115m and remains open both down- While his focus will be on Musgrave’s
dip and along strike. 100% ground at Cue, Waugh is also op-
The diamond drill programme is ex- timistic about the future of the company’s
pected to test below the current depth JV with Evolution Mining Ltd over the
limit of 200m and will lead into the com- Lake Austin North tenements.
pany’s scheduled resource update for Evolution can earn up to 75% of the al-
Break of Day (868,000oz @ 7.2 g/t gold lotted ground – covering an extensive salt
for 199,000oz) in late Q3. lake gold system – over five years via an
Musgrave’s success with the drill bit $18 million exploration spend. The first
comes hot on the heels of other explora- 23,000m aircore drilling programme un-
tion breakthroughs made across Australia der the JV recently wrapped, with multiple
by the likes of Chalice Gold Mines Ltd (Ju- high-priority basement gold targets iden-
limar), Stavely Minerals Ltd (Thursday’s tified for follow-up work.
Gossan), Alkane Resources Ltd (Boda), Some of the best hits from that pro-
Legend Mining Ltd (Mawson) and Galileo gramme included 6m @ 4.2 g/t gold
Mining Ltd (Silver Knight) over the past from 166m (including 1m @ 18.2 g/t from
year. Those companies were rewarded 117m) and 9m @ 2.25 g/t gold from 136m
with a similar market response. to end-of-hole.
“You don’t always get that in the cyclical – Michael Washbourne
nature of the resources space, but it’s re-

Page 50 JULY 2020 aUSTRaLIa’S PaYDIRT