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Musgrave Minerals welcomes completion of phase-I drilling by Cyprium at Cue Copper Project

Proactive Investors Tuesday, 10 September 2019
Musgrave Minerals Ltd (ASX:MGV) welcomes completion of phase-I reverse circulation (RC) extensional drilling by Cyprium Metals Ltd (ASX:CYM) at the Hollandaire and Hollandaire West prospects of the Cue Copper Project in WA. Cyprium's work forms part of an earn-in joint venture with Musgrave covering non-gold rights over the northern tenements at Musgrave's Cue Gold Project. This RC program has been completed with 4,038 metres carried out while metallurgical drilling continues with a phase-I diamond drill program increased to more than 600 metres. Metallurgical drill hole locations Most of the phase-I Hollandaire RC program has focused on the Hollandaire west copper mineralisation to test for shallow extensions. Several drill holes in this initial program are being used for down-hole geophysics to further assist in the planning of subsequent phases of extensional drilling to expand copper mineralisation, which remains open to the south, west and at depth. Hollandaire diamond drill core Samples obtained from the diamond drilling will be used for initial column test-work to determine the optimal extraction method for copper mineralisation at the project. The mineralised intersections and samples returned to date are consistent with the drill program designs. The diamond drill core sample results are expected in early 2020. Background project information Musgrave Minerals acquired the Cue project in November 2015 from Silver Lake Resources and begun exploration planning that year with drilling and geophysical work on the Cue project beginning in 2016. The company completed fieldwork on the project, including a surface geophysical moving loop transient electro-magnetic survey over 14 identified anomalies, before signing the JV with Cyprium. During the March 2019 quarter Musgrave executed a Binding Term Sheet with Cyprium Australia Pty Ltd regarding an option, earn-in and joint venture on the non-gold rights over the northern tenements with Musgrave retaining the gold rights. This option was exercised in the June quarter and as part of this arrangement, Musgrave received 1,308,750 ordinary shares in Cyprium Metals.
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