Log in
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Dynamic quotes 

MarketScreener Homepage  >  Equities  >  Australian Stock Exchange  >  Musgrave Minerals Limited    MGV   AU000000MGV1


SummaryMost relevantAll NewsPress ReleasesOfficial PublicationsSector news

Musgrave Minerals Ltd (ASX:MGV) Quarterly Activities & Cashflow Report

10/26/2020 | 05:04pm EST

Perth, Australia, Oct 27, 2020 - (ABN Newswire) - Musgrave Minerals Ltd (ASX:MGV) (HAM:6MU) is an Australian resources company focused on gold exploration and development at the Cue Project in the Murchison Province of Western Australia.

At Cue, the total project gold resources (Indicated and Inferred) are 6.45Mt @ 3.0g/t Au for 613koz Au. The recent discovery of near surface high-grade gold at Starlight and White Light at Break of Day will grow this existing resource.

The new high-grade Starlight discovery at Break of Day has been the focus of a significant drilling campaign during the quarter that also led to the discovery of the new White Light lode approximately 75m south of Starlight. Both lodes have a strike length of approximately 100m.

At the end of the September 2020 quarter, the Company held $8.2 million in cash.

There have been a number of changes to the Company's unlisted options with 9.35 million unlisted options exercised during the quarter raising $1.047 million. At 30 September 2020 the Company's capital structure comprised:

- 474,092,285 fully paid ordinary shares (ASX:MGV); and

- 20,180,000 unlisted options at various exercise prices and expiry dates

The Quarterly Cashflow Report (Appendix 5B)* for the period ending 30 September 2020 provides an overview of the Company's financial activities. Cash exploration expenditure for the current period was $2.27m. Corporate and other expenditure amounted to $375k. The total amount paid to directors of the entity and their associates in the period (item 6.1 of the Appendix 5B*) was $195k and includes salary, directors' fees, and superannuation.


The Company holds 12.5 million shares in Legend Mining Limited ("Legend") currently valued at approximately $1.5 million based on a Legend share price of $0.12/share.

Musgrave holds 1,308,750 ordinary shares in Cyprium Metals Limited ("Cyprium") currently valued at approximately $235,000 based on a Cyprium share price of $0.18/share.

Exploration Activities

Cue Project

During the quarter the Company focused on RC and diamond drilling of the new Starlight and White Light gold discoveries at Break of Day and commenced a regional aircore/RC drilling program on the Company's 100% tenure to test for analogues to the Starlight mineralisation within the belt. The Phase 2 regional aircore drilling program also commenced on Lake Austin, under the Evolution Joint Venture.

Break of Day


The Company continued a large RC and diamond drilling program at Break of Day during the quarter with the focus on the new Starlight and White Light lodes and infill drilling on the Twilight and Velvet lodes at Break of Day. It is interpreted that some of the broader intervals reported below may have intersected multiple lodes. An update of the geological model is currently in progress.

White Light

Drilling continued on the White Light lode during the quarter. White Light is 75m to the south and sub-parallel to the Starlight lode with a strike extent of approximately 100m.

Regional (100% MGV)

Musgrave has commenced a regional drilling program targeting Starlight analogues on its 100% tenure at Cue. Single drill traverses will initially test up to 25 targets for near surface gold anomalism.

Initial results from the first holes received from this program are very encouraging.

Lake Austin Region

The Lake Austin area, part of the Evolution Earn-in and Exploration Joint Venture executed in September 2019, is highly prospective for gold and is significantly underexplored. Evolution has committed to a minimum exploration spend of $4 million over the first two years and can earn a 75% interest in the JV area by sole funding $18M in exploration over a five-year period. If Evolution does not spend the entire $18 million within five years, Musgrave will retain 100% ownership.

*To view the full Quarterly Report, please visit:

About Musgrave Minerals Ltd:

Musgrave Minerals Ltd (ASX:MGV) is an active Australian gold and base metals explorer. The Cue Project in the Murchison region of Western Australia is an advanced gold and copper project. Musgrave has had significant exploration success at Cue with the ongoing focus on increasing the gold and copper resources through discovery and extensional drilling to underpin studies that will demonstrate a viable path to development in the near term. Musgrave also holds a large exploration tenement package in the Ni-Cu-Co prospective Musgrave Province in South Australia.


Rob Waugh
Managing Director
Musgrave Minerals Limited
+61 8 9324 1061

Luke Forrestal
Associate Director
Media and Capital Partners
+61 411 479 144

Copyright (C) 2020 ABN Newswire. All rights reserved., source Press Releases English

10:29aMUSGRAVE MINERALS : New White Heat discovery and further regional drilling succe..
11/22Musgrave Minerals Ltd New White Heat discovery and regional drilling success
11/22MUSGRAVE MINERALS LTD (ASX : MGV) New White Heat discovery and regional drilling..
11/19MUSGRAVE MINERALS : - 2020 chairman's address to annual general meeting
11/19MUSGRAVE MINERALS LIMITED : - Results of Annual General Meeting
11/18MUSGRAVE MINERALS LTD (ASX : MGV) 2020 AGM Presentation
11/18Musgrave Minerals Ltd 2020 AGM Presentation
11/18MUSGRAVE MINERALS : Results of Meeting
11/12MUSGRAVE MINERALS : Becoming a substantial holder
11/11MUSGRAVE MINERALS LTD (ASX : MGV) Company Presentation - Noosa Mining Hybrid Con..
More news
Sales 2020 0,37 M 0,27 M 0,27 M
Net income 2020 0,99 M 0,72 M 0,72 M
Net cash 2020 8,84 M 6,44 M 6,44 M
P/E ratio 2020 202x
Yield 2020 -
Capitalization 192 M 140 M 140 M
EV / Sales 2019 46,0x
EV / Sales 2020 555x
Nbr of Employees -
Free-Float 72,1%
Duration : Period :
Musgrave Minerals Limited Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends MUSGRAVE MINERALS LIMITED
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus BUY
Number of Analysts 1
Average target price 0,75 AUD
Last Close Price 0,41 AUD
Spread / Highest target 85,2%
Spread / Average Target 85,2%
Spread / Lowest Target 85,2%
Robert Waugh Managing Director & Executive Director
Graham Leslie Ascough Non-Executive Chairman
Kelly Amanda Ross Independent Non-Executive Director
John Morgan Edwin Percival Independent Non-Executive Director
Patricia Anne Farr Secretary
Sector and Competitors
1st jan.Capitalization (M$)
BHP GROUP-7.14%77 875
RIO TINTO PLC6.00%27 006
GRUPO MÉXICO, S.A.B. DE C.V.28.04%25 723
FRESNILLO PLC77.13%11 107