Why the Musgrave Minerals share price was storming higher yesterday

The Musgrave Minerals Ltd (ASX: MGV) share price hit all-time highs yesterday on the back of another new gold discovery at its Starlight project.

The small cap ASX miner has been going from strength to strength this year on the back of multiple new discoveries. 

What did Musgrave announce?

Yesterday, Musgrave Minerals reported findings for a further for a further 8 reverse circulation (RC) drill holes at the new Starlight gold discovery. These finds follow on the announcement made by Musgrave Minerals last month that sent the share price storming up 40%.

The significant findings from yesterday's announcement were as follows:

• 85m @ 11.6g/t Gold from 7m (20MORC058) including;
  • 8m @ 99.0g/t Gold from 7m including;
    • 3m @ 254.2g/t Gold from 8m and
  • 4m @ 45.5g/t Gold from 38m and
  • 6m @ 9.4g/t Gold from 86m

• 68m @ 5.9g/t Gold from 21m (20MORC057) including;
  • 8m @ 48.5g/t Gold from 21m (20MORC057) including;
    • 1m @ 300.4g/t Gold from 22m

• 9m @ 10.7g/t Gold from 52m (20MORC055) including;
  • 6m @ 15.7g/t Gold from 52m

• 6m @ 32.3g/t Gold from 61m (20MORC061) including;
  • 1m @ 163.3g/t Gold from 62m

All the gold that was intercepted in the most recent report was outside the existing resource estimate for the project. The results confirm and extend the high-grade gold mineralisation in the area. The miner confirmed that diamond drilling is underway to test the depth extent of the Starlight lode below 200 vertical metres.

Commenting on the results, Musgrave managing director Rob Waugh said:

Starlight continues to produce 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 update late in Q3 2020. Drilling is continuing with two rigs on site and we are confident we can extend Starlight and the new White Light lode and make significant new discoveries in the belt.

About the Musgrave Minerals share price

Musgrave Minerals shares have been storming higher since the middle of June, reaching new highs of above 61 cents. The miner's shares have returned 701% since this time last year.

The Musgrave Minerals share price has opened slightly lower today, sitting around 58 cents per share, which puts Musgrave's market capitalisation at $271.87 million at the time of writing.