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

The Musgrave Minerals share price is up 175% over the past year. What's happening with the ASX gold miner today?

| More on:
Block of solid Gold and gold coins

Image Source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

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.

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.

More on Share Market News

Two brokers analysing stocks.
Broker Notes

Analysts say these ASX 300 shares are buys with 14% to 25% upside

Great returns could be on the cards for buyers of these shares according to analysts.

Read more »

Five young people sit in a row having fun and interacting with their mobile phones.
Share Market News

5 ASX 200 growth shares to buy in December

Analysts think these shares could be great options for growth investors next month.

Read more »

A male investor sits at his desk looking at his laptop screen holding his hand to his chin pondering whether to buy Macquarie shares
Share Market News

5 things to watch on the ASX 200 on Friday

How will the Australian market finish the week? Let's find out.

Read more »

A happy elderly woman smiles and cheers as she looks at good investment news on her laptop.
Share Gainers

Here are the top 10 ASX 200 shares today

The ASX 200 notched up another record high this Thursday.

Read more »

Green arrow with green stock prices symbolising a rising share price.
Record Highs

Wait, did the ASX 200 just hit another all-time high?!

It was another big day for the ASX 200 record books this Thursday.

Read more »

Three shareholders climbing ladders up into the clouds
Share Gainers

11 ASX All Ords shares rising faster than Nvidia over the past year

Who knew? Here are the homegrown ASX companies outperforming Nvidia on share price growth over the past 12 months.

Read more »

a man wearing a gold shirt smiles widely as he is engulfed in a shower of gold confetti falling from the sky. representing a new gold discovery by ASX mining share OzAurum Resources
Share Market News

Guess which ASX mining share is jumping 8% on 'exciting gold discovery'

It has been a golden day for owners of this mining share. Let's find out why.

Read more »

Buy and sell keys on an Apple keyboard.
Broker Notes

1 ASX 200 share to buy and 1 to sell now

Goldman Sachs has given its verdict on these two stocks.

Read more »