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What’s happening with the Musgrave Minerals (ASX:MGV) share price?

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The Musgrave Minerals Ltd (ASX: MGV) share price is flat in early morning trade, despite the ASX gold miner releasing a positive drilling update.

Below we take a look at Musgrave’s latest drill results.

What drill results did Musgrave report?

Musgrave Minerals shares are flat in morning trade after the company reported a new round of positive assay results at its Cue Gold Project in Western Australia.

According to the release, the aircore drilling results “define a continuous regolith gold anomaly with a strike extent over 1.2 kilometres”. Musgrave has named the strike zone Big Sky, reporting that gold mineralisation remains open to the north, south and at depth.

The ASX gold miner revealed that new drill intersections include:

  • 30m @ 5.8g/t Au from 30m, including;

­6m @ 27.7g/t Au from 30m; and

  • 12m @ 4.1g/t Au from 42m

Commenting on the assay results, Musgrave’s Managing Director Rob Waugh said:

The aircore drilling is continuing to define strong continuous regolith gold mineralisation along the new gold corridor south-west of Lena under thin transported cover. The high-grade, strong continuity and near surface nature of the mineralisation is extremely encouraging.

The regolith gold dispersion is over a broad area with RC follow-up drilling, testing basement targets scheduled to commence next week. We currently have three exploration drill rigs on site and a significant drilling program planned for the remainder of 2021. RC drilling is also continuing at White Heat.

Musgrave reported that assay results from more than 100 aircore drill results are still to come.

Musgrave Minerals share price snapshot

Over the past 12 months, the Musgrave Minerals share price has gained 175%. By comparison, the All Ordinaries Index (ASX: XAO) is up 37% in that same time.

Year-to-date Musgrave shares have struggled, down 13% so far in 2021.

At the current share price of 33 cents, Musgrave has a market cap of $176 million.

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Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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