TNM Drill Down: Musgrave hits bonanza grades at Cue

Our TNM Drill Down features highlights of the top gold assays from July 28 to Aug. 4. Drill holes are ranked by gold grade x width, as identified by our data provider Mining Intelligence.

Australian mining projects stole the show last week in terms of top gold assays. Musgrave Minerals (ASX: MGV) leads the pack, which achieved an impressive width x grade value of 2,128 from an intercept in hole 23MOREC208. On Aug. 3, the company reported that its reverse circulation grade control drilling, conducted at the Starlight Lode within the Break of Day project in Western Australia, revealed an intercept of 19 metres grading 112 grams gold per tonne starting from a depth of 27 meters. This grade control initiative marks the final stage of drilling before obtaining permits, approvals, and initiating further development studies. As anticipated, the company emphasized that these intercepts align with the Stage 1 pre-feasibility study open-pit design at Break of Day. Musgrave stated that the 7.5 by 7.5-metre spacing of grade control drilling is aimed at reducing project execution risks and enhancing the confidence of future mining evaluations. The company is subject to an acquisition by Ramelius Resources (ASX: RMS) in a cash-and-scrip deal valuing Bellevue at A$201 million.

The second most notable assay of the week comes from Bellevue Gold (ASX: BGL), originating from their Bellevue project in Western Australia. On Aug. 3, the company announced that hole DDUG1052 yielded an intercept of 18.4 meters grading 52.9 grams gold per tonne from a depth of 89.6 meters, resulting in a width x by grade value of 973. This high-grade intercept is part of an infill drilling program designed to prepare for mining commencement at Bellevue South and the Armand Main areas. Progress is evident at the Bellevue South work area, with initial development underway and extraction of high-grade ore in progress. Notably, drilling also outlined a new eastward dipping discovery beyond the known mineralization at the Armand Main deposit, with mineralization spanning 200 meters in plunge. The project has an existing combined measured and inferred resource of 9.8 million tonnes grading 9.9 grams gold for 3.1 million oz. of metal. Construction efforts remain on schedule, with major components of the plant installed and all tasks proceeding as planned to achieve production in the December quarter.

Securing the third spot this week is i-80 Gold (TSX: IAU), which, on Aug. 2 revealed the discovery of a new high-grade gold-silver bearing sulphide horizon, named the Tyche Zone, at the Ruby Hill project in Eureka County, Nev.. Hole iRH23-18A yielded a 17.5-meter intercept grading 45.4 grams gold per tonne from a depth of 551.8 meters, resulting in a width x grade value of 795. This new zone was identified during a directional drilling campaign at Ruby Hill, targeting the Blackjack deposit situated beneath the Archimedes open pit. The drilling exposed strongly altered and brecciated intrusive rock along the edge of the Graveyard Flats Stock, featuring visible gold, elevated sulphides (pyrite), and vuggy silica. Recent approvals have been granted for building new roads to access additional drill pads on the property, facilitating expanded drilling across multiple zones. Notably, these approvals also entail new drill set-ups on the eastern side of the Archimedes pit, enabling further examination of the Tyche Zone using conventional drilling techniques. i-80 Gold has submitted plans for developing an underground mine at Ruby Hill, with mineralization accessed via a ramp from the Archimedes open pit.