# MGV - Musgrave Minerals



## Miner (20 June 2011)

Hi All

Mushgrave Minerals listed in ASX following an IPO at 25 cents is now running at 18 cents.

I also saw there is a name alike scrip in Canada with a change in one vowel (a replaced with o). That is puzzling for me to learn how could so much of similarity or was there shortage of words to differentiate.


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## derty (23 June 2011)

Miner said:


> Hi All
> 
> Mushgrave Minerals listed in ASX following an IPO at 25 cents is now running at 18 cents.
> 
> I also saw there is a name alike scrip in Canada with a change in one vowel (a replaced with o). That is puzzling for me to learn how could so much of similarity or was there shortage of words to differentiate.



Any likeness is surely coincidental Miner. They are named Musgrave Minerals as they are concentrating on exploring in the Musgrave Ranges.  

MGV are headed up by Rob Waugh. He was the geo that discovered the Nebo and Babel deposits for WMC in 2000. He knows the area well and is very good at dealing with the Aboriginal land holders in the area.


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## springhill (24 July 2012)

MC - $7.5m
SP - 6.5c
Shares - 121m
Options - 16m
Cash - $13.6m

*Top 10 Shareholders*
*% Holding*
Mithril Resources Investments Pty Ltd 7.7
Independence Group NL 7.5
Goldsearch Ltd 7.2
Acorn Capital Ltd 6.4
Barrick (Australia Pacific) Limited 5.0
Integra Mining Limited 4.6
JP Morgan Nominees Australia Ltd CI A/C 4.4
Argonaut Resources NL 2.1
Mr WD Goodfellow 1.3
Mr SH Koppe 1.2
TOTAL - 47.9%

That cash position : MC ratio is incredible. There is something here that troubles me.
Having just flipped through their last company presentation, (below) there is nothing there that tells me this is a compelling buy. Being greenfield and with the information not being overly scintillating, my spidey senses are telling me to avoid.
http://www.asx.com.au/asxpdf/20120502/pdf/4260tl1xqx94zx.pdf
MGV have alot of money to throw at an exploration program, and you don't have to find anything remotely remarkable to get some appreciation in MGV's SP, given the low it is at. MGV may well have bottomed out.
Whether they find anything or not, I feel there is a moderately high risk investment that could be made for a chance at a rising SP based on speculation. This is where I feel the potential for this company is.
In a nut shell a buy would be based on SP:cash:MC, not what I think they have in the ground.

I won't take a piece of MGV, but will be happy to be proven wrong.
Will watch and update.


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## springhill (24 July 2012)

Musgrave on BRR.
http://www.brrmedia.com/event/99448


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## springhill (5 April 2013)

Not a lot has changed since my assessment of MGV 9 months ago. They are $3.2m poorer, but have an increase in MC of $1.9m

Although the MC:Cash ratio and low liquidity remain compelling factors, there isn't a speculative push up of SP or buyer volume that sometimes accompanies good drill results.
I am still unable to consider this a buy for these reasons.

MC - $9.4m
SP - 7.8c
Shares - 121m
Options - 15m (unlisted)
Cash - $10.3m

*TRADING HALT REQUEST*
MGV intends to make an announcement pending the assessment of drilling results. 
The Company further requests that the trading halt be granted until the Company is able to make an announcement in relation to the drilling results, which is expected to be released prior to the opening of market trade on 9 April 2013. 

Trading halt most likely relates to announcement below.

*Musgrave Commences Drilling on New Nickel-Copper Targets *
• Vacuum drilling over new nickel-copper targets has commenced at Deering Hills 
• 200 holes planned for ~3,000m over six targets


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## greggles (8 December 2017)

Musgrave Minerals up 10.45% today to 7.4c after announcing that a 30m zone of high-grade gold has been intersected at the company's Break of Day project. Results look encouraging:


> • Thick, 30m (true width 25m) high-grade gold zone intersection at only 100m vertical depth
> • New intersections from Break of Day include:
> o 30m @ 11.3g/t Au from 120m down hole (17MORC127), including:
> • 4m @ 22.3g/t Au from 120m, and
> ...




Further assays from three drill holes at Break of Day are expected within two to three weeks.


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## Country Lad (8 December 2017)

I saw it when I was going through all the company announcements before open.  I generally don't buy around the open to see what happens.  This was a good example, opened at 7.7 jumped up to 8 (the day's high) and downhill from there to finish up 12% but 6% down off the initial trades.






AXE is another example.


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## greggles (28 May 2018)

Westgold Resources Limited has subscribed for 48 million ordinary shares in Musgrave Minerals through a share placement at a price of 7c per share. The $3.36 million investment by Westgold is at a 15.4% premium to the 15-day VWAP and represents a holding of 15% (undiluted) in Musgrave. After the placement MGV will have approximately $5.5 million in cash, enabling them to accelerate exploration at their 100% owned Cue Project in the Murchison district of Western Australia.

This is a big vote of confidence in Musgrave Minerals by Westgold Resources. No doubt they see a lot of potential in MGV's Cue Project and perhaps there is also JV potential somewhere down the line. Now they are well funded and there will be no need to raise capital in the near future.

MGV had just slipped below support at 6c last week but this announcement has given the market a little more confidence in them. They are currently trading at 6.6c, up 17.86% on their last close of 5.6c.


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## greggles (29 October 2018)

MGV's Cue Project just keeps on delivering solid intersects. Further results released today reported that the southern most RC drill hole in A Zone at Lake Austin North has intersected the best result to date:

o 94m @ 2.4 g/t Au from 156m to end of hole (“EOH”) in 18MORC057 including:
▪ 52m @ 4.1 g/t Au from 198 m to EOH, including:
• 12m @ 8.8g/t Au from 204m and
• 6m @ 6.3g/t Au from 240m​
To quote the announcement further:


> Musgrave Managing Director Rob Waugh said “Drill hole 18MORC057 has returned another thick  high-grade result and delivered our best intercept to date at A Zone. It is the most southerly hole drilled to date testing the basement on A Zone and the results indicate the system is open to the south as well  as to the north and at depth. Lake Austin North is proving to be a large, well mineralised system and the current diamond drilling program will aim to further outline the size and grade of this new and exciting  gold discovery.”




A new diamond drilling program has commenced at A Zone with initial assays expected in five weeks.

MGV closed up 27.12% to 7.5c today on volume of more than 11 million shares.


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## barney (30 October 2018)

greggles said:


> MGV's Cue Project just keeps on delivering solid intersects. Further results released today reported that the southern most RC drill hole in A Zone at Lake Austin North has intersected the best result to date:
> 
> o 94m @ 2.4 g/t Au from 156m to end of hole (“EOH”) in 18MORC057 including:
> ▪ 52m @ 4.1 g/t Au from 198 m to EOH, including:
> ...




Positive again today ……. thick intercept at 94 mtrs!!


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## greggles (1 November 2018)

barney said:


> Positive again today ……. thick intercept at 94 mtrs!!




Up again today as well. A 14.1% gain to finish the day at 8.9c with an intraday high of 10c. Looking at a three year chart 10c looks like long term resistance so a break through there would be a very bullish sign.

Solid support at 6c is worth noting also.


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## greggles (3 December 2018)

Breakout for Musgrave Minerals today after the company announced this morning that diamond drilling has confirmed a significant gold discovery at Lake Austin North.

Here are the details as announced by MGV. Some fantastic results there.






MGV smashed through resistance at 10c this morning and is currently trading at 10.5c, up 14.13% from Friday's close. It will be interesting to see if it can consolidate above 10c and build a new base of support.


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## barney (5 December 2018)

greggles said:


> Breakout for Musgrave Minerals today after the company announced this morning that diamond drilling has confirmed a significant gold discovery at Lake Austin North.
> 
> Here are the details as announced by MGV. Some fantastic results there.
> 
> View attachment 90599




This is shaping up to be pretty big ....  widespread lower grade near surfacer and looks to be increasing grade as it gets deeper.

The first 300 metres I assume will be relatively straight forward Open Pit so the extra "dirt" is not too much of an issue …… and if the grades continue to improve at depth, SH's will be smiling ……


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## greggles (28 February 2020)

MGV bucking the trend today with some impressive high grade drilling results released.






Interesting that the resource update has been pushed back to Q3 this year. That would seems to indicate that the company is becoming increasingly confident with the incoming drilling results and would like more time to continue drilling before completing it.

The results from the follow-up drilling scheduled to commence in April should reveal a lot.


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## barney (28 February 2020)

greggles said:


> MGV bucking the trend today with some impressive high grade drilling results released.




Thanks for the bump Greg ……. Should have put this on the watchlist that I watch  .... Time to accumulate the retracements  ... hopefully not too late.


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## Padowan (31 July 2020)

I’ve picked MGV for the August 2020 ASF competition 
High grade gold drilling results continue to flow from the companies exploration projects in particular the Starlight discovery
Quarterly report out today caught my eye


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## finicky (30 May 2021)

Just refreshed my snapshot level of understanding of this. Don't remember why I passed on it in the past, seems to have a lot going for it.
Couldn't want for a better positioning with a view to toll milling, jvs, merger, or takeover possibilities - maybe Kalgoorlie region would shade it. Ramelius' (RMS) Mt Magnet Checkers mill just down the road, but also in the picture, Westgold and Silverlake. Gasgoyne's Dalganga is a nice big 2.5mtpa mill ~120kms by road. Getting some great hits and has a high grade open cut resource that is easily good enough to be truckable to the farthest prospective mill (Silverlake's Deflector ops)

They have a very high grade near surface MRE of *262kozs @ 10.2g/t *in early prefeasibility that tests out at 96-97% recoverability with a high gravity portion. They have identified an unexplored 7km gold corridor associated with this and have embarked on a 30,000 mtr ac/rc drilling program. Outside this 100% core area they have a jv happening with EVN who are earning 70% for $18m expenditure.

534m fpos
15m options
$23m cash + $2m investments 
No debt

Some possibly ramping speculative chat elswhere that MGV will eventually be taken out caused me to look at the weekly chart and the downtrend was broken almost 3 months ago. The last two strong wkly candles completed the recovery with a neckline break of a head and shoulders on two blips of firm positive volume.

Not Held, Not Buying

Weekly


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## finicky (12 June 2021)

Daily chart this time. So has done a 50% retrace of the prior short term rally, is currently back at the neckline, is possibly following a channel and is making reversal signs last 3 candles. So with the background of their exploration results and situation close to Ramelius operations and others, am reconsidering.

Not Held


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## Sean K (13 June 2021)

finicky said:


> Daily chart this time. So has done a 50% retrace of the prior short term rally, is currently back at the neckline, is possibly following a channel and is making reversal signs last 3 candles. So with the background of their exploration results and situation close to Ramelius operations and others, am reconsidering.
> 
> Not Held




Chart looks good to me. Bouncing off .40 support and holding. 

Not sure why it should have a MC of $200m with 262k oz au in the ground. Amazing grades, but... 

Must be some exploration upside. All look to be high grade. 

Is their plan just to truck Break of Day to someone else's mill? Or, be bought out / JV?


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## finicky (13 June 2021)

They talk about the aspiration to build a mill but I doubt that they are looking for that outcome although I could easily be wrong. But just looking at the Spectrum Metals (SPX) takeover bymRamelius Resources to gain the Penny West deposit which was 355,000 ozs @ 13.8g/t grade but that, while not exactly deep, was deeper than MGV resource. Moreover, SPX's tenement with Penny West was 150 kms away from the Mt Magnet mill whereas MGV's resource is only about 30 kms away with a nice direct road by the looks. Ramelius has done a lot of acquisitiins and this one seems obvious if price is ageeable. If not, there are other potential acquirers. Am 'researching' now, probably buying on Monday or next week.


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## Sean K (13 June 2021)

finicky said:


> They talk about the aspiration to build a mill but I doubt that they are looking for that outcome although I could easily be wrong. But just looking at the Spectrum Metals (SPX) takeover bymRamelius Resources to gain the Penny West deposit which was 355,000 ozs @ 13.8g/t grade but that, while not exactly deep, was deeper than MGV resource. Moreover, SPX's tenement with Penny West was 150 kms away from the Mt Magnet mill whereas MGV's resource is only about 30 kms away with a nice direct road by the looks. Ramelius has done a lot of acquisitiins and this one seems obvious if price is ageeable. If not, there are other potential acquirers. Am 'researching' now, probably buying on Monday or next week.




Grades of 10g/t above 200m would be very interesting to any nearby producers I'd reckon. Low hanging fruit. 

Interested here as it's 6% of LTRs portfolio.


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## finicky (13 June 2021)

Enthusiasm cooling off now. At this price it is as if a t/o is already factored in. Won't go into my rough calcs unless it's needed but agree that a $219m market cap for 262kozs resource is over the top if only considering the gold resource. Firstly they have a 30,000 mtr drilling campaign going on, secondly they claim to have identified a new 7km gold 'corridor' splaying off the strike line that Break of Day is on. They also have 20% of the copper resource at Hollandaire - total is 51k tonnes Cu, so say 10kt of Cu to MGV. Then there is also the Lake Austin jv with EVN where they have very wide low grade intersections. So don't have an idea how all these would add to value.

There are so many things that would not be the same but if using the acquisition of Spectrum Metals by Ramelius as a very rough guide my calcs are that RMS paid $585/oz of resource for Spectrum's Penny West. MGV's market cap currently values its gold resource at $836/oz.

Will watch


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## Sean K (15 June 2021)

finicky said:


> There are so many things that would not be the same but if using the acquisition of Spectrum Metals by Ramelius as a very rough guide my calcs are that RMS paid $585/oz of resource for Spectrum's Penny West. MGV's market cap currently values its gold resource at $836/oz.




What did RMS actually pay for Spectrum?

I'm not sure how this added up to a price per ounce.

_Spectrum Metals Limited in exchange for 1 Ramelius Share for every 10 of Your Spectrum Shares plus $0.017 cash for each of Your Spectrum Shares_


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## finicky (15 June 2021)

My calc used 0.15 per SPX share paid in RMS shares plus cash. Then I multiplied by 1,386,000,000 SPX shares to get $208m. Didn't bother with options/perf shares as only want a basic figure. Then divided by $208m by 355,000 ozs of gold resource (Penny West).


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## Sean K (15 June 2021)

finicky said:


> My calc used 0.15 per SPX share paid in RMS shares plus cash. Then I multiplied by 1,386,000,000 SPX shares to get $208m. Didn't bother with options/perf shares as only want a basic figure. Then divided by $208m by 355,000 ozs of gold resource (Penny West).




I suppose they could have paid unders for Penny West and might pay overs for BoD I guess. 

Do they have capacity to add tonnage to the nearest mill, or would BoD just extend availability? 

Westgold has a mill just as close, might be a good bolt on for them too. 

They have stated their strategic aim includes M&A.

Will be interesting to see who makes a play.


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## finicky (15 June 2021)

kennas said:


> I suppose they could have paid unders for Penny West and might pay overs for BoD I guess.



Yes, I can't really make a meaningful guess. As said, my crude comparison doesn't try to take into account the other assets or prospects each comparable (SPX and MGV) have. So RMS might see extensions to the BoD trend as valuable potential or the splayed off newly identified 7kms "gold corridor". Then the jv with EVN.
RMS seems the most likely suitor but I have no perception as to whether they need more time to digest what they have already acquired - it all needs capital and attention to develop. The MGV chart is so tempting.


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## finicky (15 June 2021)

Wonder if this (below) is significant - a mining engineer appointed to the board recently (Feb 2021) who has experience at Mt Magnet and its Checkers mill that now belongs to RMS 30 kms down the road. Made me more iffy about whether MGV is serous about the scenario of mining the resource itself. I still don't think so for the current resource size they have and with a geo as M.D but then they describe the identification of the aforesaid new 7kms "gold corridor" as "changing the paradigm".

*Brett Lambert*
BAppSc (Mining Engineering) (Non-Executive Director)

Mr Lambert is a *mining engineer* and experienced company director who *joined* the Company as a Non-executive Director in *February 2021.* He has over 35 years’ involvement in the Australian and international resources industry encompassing mining operations, project development, business development and corporate administration.

Mr Lambert is a graduate of the *Western Australian School of Mines* and commenced his professional career with Western Mining Corporation in 1983. He was a member of the senior management team at WMC’s *Mt Magnet gold *operations that initiated the transition to large scale open pit mining and construction of the current *Checker processing plant*.

Post WMC, Mr Lambert held executive roles with a number of junior and mid-tier resource companies where his responsibilities included *overseeing several greenfields resource projects through feasibility study, development and commissioning.*


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## finicky (15 June 2021)

Oh well took the bait, in for 10,000 shares @ 0.405
Didn't include the *Lena* deposit in the calc: that's another 325kozs Au @ 2.3g/t
So much for my research prowess.
Also they have assays in the lab for 7 diamond holes at Lake Austin, the EVN jv. Results predicted for June.
Too much happening not to have a taste.


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## finicky (16 June 2021)

The current resource estimate for the *Cue Gold Project* totals 6.4Mt @ 3.2g/t Au for *659koz* *comprising*: 

 - the *Break of Day* deposit (797Kt @ 10.2g/t Au for *262koz* contained gold) and 
 - the *Lena* deposit (4.3Mt @ 2.3g/t Au for *325koz* contained gold) located 130m to the west of Break of Day 

Yeah, I know they don't exactly add up but can't be bothered to find out why.
So to amend with a revision, that's now a market capitalisation per oz of indicated/inferred resource:

$220m ÷ 659kozs = *$334/oz*

Plus very strong looking exploration prospects on the BoD and Lena line, the new splayed off 2.6kms of mineralised of strike containing 'Big Sky' and then there is the EVN jv on Lake Austin. 

Held


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## Sean K (16 June 2021)

finicky said:


> So to amend with a revision, that's now a market capitalisation per oz of indicated/inferred resource:
> 
> $220m ÷ 659kozs = *$334/oz*




So, that looks pretty good when comparing to previous takeovers for a relatively easy bolt on. I suppose it comes down to the nearest mill capacity. The 10gt in under 200m would definitely be a priority compared to some of the other stock they're carting in. I saw somewhere that RMS had problems with one of their mills last quarter. Not sure if that's a short term issue for them in chasing additional ounces.


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## finicky (17 June 2021)

I'm buying. For the above reasons. Didn't change a sitting bid @ 0.39 so that filled. Bidding for 10,000 more @ 0.365


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## finicky (17 June 2021)

Interested me that the placement and SPP that was issued in January was priced at 0.36, i.e. higher than the lowest buy today. The SPP was closed early due to being capped at $2m and already over subscribed. Placement was for another $16m. Bid in for more @ .355


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## Sean K (18 June 2021)

These results are OK at Big Sky. Quite a lot of assays pending. Will be interesting to see what comes out of Target 14 as it had a number of hits with grades above 4.5g/t. Numbers looks like it's got quite a bit of gold in it as well.


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## finicky (18 June 2021)

Feel the width (Hal Todd)

Some objections to the result descriptions from a couple of self described geos elsewhere which are confusing but it feels very prospective to amateur me, more so when they will be looking for the source of the mineralisation of the broken up, not far from surface, rock that they are drilling so far. They have 50 more hole samples from this session that are still at the lab. A follow up RC program of 15,000 mtrs extensional drilling is planned as well as diamond drilling into basement in late June. News flow.

Separately from this they have the first diamond holes (7) from the Lake Austin jv with EVN at the lab.

My waiting bid @ 0.355 was hit at the open, maybe I lucked out, if I get a rise in price I might dump the tranche @ .405

M.D Quote: "The near surface nature of the oxide, regolith gold mineralisation is expected to be favourable for open-cut mining ..."


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## finicky (22 June 2021)

Feel the thickness. Up twenty dollars against my average buy price if it closes @ 0.38 today. It's just the beginning, probably $100 in a year or two if I don't go for the quick gains. Patience.

Looking for the 'hot spots' in the 2.5kms of 'regolith' mineralised strike containing 'Big Sky' prospect and we all know what regolith is (1) Trying to zero in on possible shoots in the fresh basement rock for diamond drilling. Assay results pending and drilling ongoing.

(1) regolith

/ˈrɛɡəlɪθ/
_noun_
GEOLOGY


the layer of unconsolidated solid material covering the bedrock of a planet.


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## Sean K (22 June 2021)

finicky said:


> Feel the thickness. Up twenty dollars against my average buy price if it closes @ 0.38 today. It's just the beginning, probably $100 in a year or two if I don't go for the quick gains. Patience.




Are you aiming too high? 

I note MGV is in LRT's portfolio. 2nd highest at about 6%. Average entry 0.077, so they're doing ok. They've been picking some winners the past year or so.


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## bk1 (22 June 2021)

Kennas, Slide 5 of the LRT presentation contains that graph curve that you have mentioned before....
Or it looks very similar.....


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## Sean K (23 June 2021)

bk1 said:


> Kennas, Slide 5 of the LRT presentation contains that graph curve that you have mentioned before....
> Or it looks very similar.....




Yes, that's what LRT have modelled their approach on. The Lassonde Curve. Get in during early discovery.


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## Sean K (16 August 2021)

This has really come off since June. Been a steady flow of results and some quite significant one's like this now at White Heat only 150m down. Needs some length to make it really worthwhile I suppose. Big Sky is still producing results. White Light will add ounces too. It's all adding up. 

Doesn't seem to be any plan to get an updated resource out there any time soon. Just drilling for the rest of the year and prefeasibility studies. 

MC down to about $154m. Looks tasty at that price for those grades near surface.


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## finicky (16 August 2021)

Just infill drilling results but great grades at White Heat, 300 metrs south of Break of Day. White Heat does not have a  mineral resource estimate yet. Is open "down plunge". 

Last week more infill results at the Big Sky prospect showed good continuity - B.Sky also not developed enough yet to be included in an MRE.

I'm finding it hard to be motivated to post lately due to underperformance of all my specs, most of what I read turns into cognitive mush for me. Also feel I can't *buy* anything and must conserve cash because I fear a  crash - ergo interest in the share market has slackened off drastically. Why look in a cake shop if you're sick of cakes and cant buy a cake anyway?

Held


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## finicky (26 August 2021)

Added 10,000 @ .30 today.
Thought the chart looks a chance at making a higher low. Nice small bodied candles and has quietly filled the breakaway gap on low volume - ignited a little optimism.

Dly


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## Sean K (27 August 2021)

finicky said:


> Added 10,000 @ .30 today.
> Thought the chart looks a chance at making a higher low. Nice small bodied candles and has quietly filled the breakaway gap on low volume - ignited a little optimism.
> 
> Dly




Looks like a bottom down there to me too. 

I've got a feeling they're angling for a takeover/partnership with one of the locals.


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## finicky (31 August 2021)

Short term higher high following a higher low on the daily chart *might* provide another ST rally before September is out. Catalysts might come from drill assays pending in Sept for a few prospects: Big Sky, target 14 and Evolution Gold JV has 4 diamond drillholes pending from Lake Austin. Then again not much that MGV announces gets attention from the market these days.

2 Year Daily


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## Sean K (1 September 2021)

finicky said:


> Then again not much that MGV announces gets attention from the market these days.




They need an adjective grander than 'bonanza' to get some attention. Maybe bonanza with along with 100m width will do it. Chart does look better at the moment. 35c a hurdle.


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## finicky (16 September 2021)

Tacked on 10,000 @ 0.28 then price dropped to 0.275 with the bid at 0.27 last I looked.
They announced some drilling results today from Big Sky and Target 28.
Chart rationale was the indecisive daily candles on higher volume then a hammer candle, bit of momentum divergence. Of course there is that gap down at 0.15 (shudder). Anyway, unless I'm insane, this will eventually look undervalued against a resumed gold bull market, it has a resource and prospects that surely can't be ignored by nearby producers?

6 mth daily



2 year daily


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## Sean K (16 September 2021)

finicky said:


> Tacked on 10,000 @ 0.28 then price dropped to 0.275 with the bid at 0.27 last I looked.





finicky said:


> Of course there is that gap down at 0.15 (shudder).




You must have accumulated quite a few now.

Let's hope that's a gap that never gets filled. Market cap at 15c would be about $80m with $20m cash. 

Is there a schedule for when they want to get out resource updates and initial MRE for Big Sky and Tgt 14?


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## Sean K (30 September 2021)

Westgold taking over GCR which has less prospectivity than MGV, imo. Strange move from WGX. Is it a value thing? I'm a bit confused.


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## finicky (2 October 2021)

Right @kennas - although you mean GCY (Gascoyne). I have just been reading chat about it. I saw your earlier post btw but didn't have an answer for it then got distracted (everything is distraction to me)
Wonder if this is cause for optimism about an MGV t/o - maybe not since the attraction of Gascoyne is its shiny fairly new *mill* and extant expensive infrastructure is to be increasingly valued in a mining company's valuation it seems to me given the deficit of skilled workers and inflating costs in W.A gold fields. That makes me think of RRL and DCN (not for t/o but just for the value of infrastructure you get for the depressed share prices of those two, assuming DCN survives)

Keith Goode alerts to m&a potential in the Murchison region but doesn't give MGV a  mention.





Keith Goode
@Eagleresa
Murchison area becoming a hot spot of activity, given $RMS trucks >300km past $AME to Mt Magnet, after  $WGX @LimitedWestgold stoush with $FFR over $GCY, $RMS acquiring $SPX (Penny West), $RXL making progress, $ODY in there, & $BGL @BellevueGold soon to start mill construction:


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## Sean K (8 October 2021)

I've got a feeling here, @finicky 

I can feel a change in general sentiment in gold equities over the past week. I'm not sure if feelings are a good FA or TA tool, so maybe it's more than a feeling. MGV one of the few at the top of LRT's pile yet to make a move. Might just be soaking up the recent M&A and WeAf positive anns.


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## finicky (8 October 2021)

Interest still seems a bit flaccid @kennas in spite of a brace of mostly positive days. In the right area for m&a though, as discussed. And GCY wasn't showing any volume or strength until the very day that WGX came out of left field with its unsolicited t/o offer. It's a sleeper stock for me - might have been overvalued when I first bought, got a bit excited and fmo.


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## finicky (12 October 2021)

Maybe it'll be the Lake Austin jv with Evolution that will bring on the critical mass for a takeover?
Very thick aircore results in regolith (unconsolidated material covering bedrock) that are prospective for the main target - primary mineralisation in bedrock. Gold in bedrock has already been detected 700 metres north of these drilling results. Diamond drilling is the next step under these aircore hits. Note how close this jv prospect is to high grade million oz mines (attachment #2)


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## finicky (14 October 2021)

At last, I'm in the black. 
Clear level of broken support @ 0.35 has now been retaken. Higher high.
Check out what joint venturer EVN is looking for with diamond drilling into bedrock beneath thick gold mineralised intersections in the 'regolith' layer at (salt) Lake Austin. 

Daily


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## Sean K (27 October 2021)

A couple of exceptionally good hits here.

MRE for Big Sky due Q2 22. Not sure if Target 14 will be included in that?

The gold corridor, which runs into the EVN JV, is looking like it's going to host some significant tonnage with some discrete patches of very high grade. It's probably not big enough yet for EVN to take over but the JV area seems to be a significant part of their exploration plans.

POG off overnight and going back down through $1800 psychological level, but will hopefully hold up at $1790 ish minor support. MGV support and resistance shown.


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## finicky (27 October 2021)

Good grades coming in from assays of shallow rc drilling, one intersection they describe as 'bonanza' and also they've found an underlying 'dolerite unit' which EVN has also found further north in the jv project. Of dolerite rock they say, 
“The identification of a new dolerite hosted zone in the footwall of Big Sky is also a positive. This 
could be the southern extension of the same dolerite unit identified to the north on the Evolution JV. 
Gold can be hosted in many different rock types on the Yilgarn but *dolerites are one of the most prolific 
host lithologies for large deposits"




*


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## frugal.rock (1 December 2021)

ASX RELEASE 1 December 2021 
ASX:  MGV 

New lodes identified 
Stunning high-grade intercept at Cue 

• Successful RC drilling of new ‘Starlight’-type analogue targets along strike from Break of Day has identified four potential new lodes

• A new target, ~80m south of White Heat, intersected two new parallel lodes including an exceptionally high-grade, shallow result:  
• 15m @ 111.6g/t Au from 25m (21MORC232) in new hanging-wall lode, including: 

o 5m @ 313.4g/t Au from 26m, and; 

• 18m @ 1.0g/t Au from 62m in new footwall lode 

• The mineralisation is open to the west and down dip. Follow-up drilling will commence next week 

• Drilling at a second ‘Starlight’-type analogue target, ~250m north of Break of Day, intersected:  
• 1m @ 16.5g/t Au from 73m (21MORC318), and; 

• 1m @ 14.4g/t Au from 90m 

• Only the one hole has tested this interpreted new lode position to date, with the mineralisation open to the east, west and down dip. Follow-up drilling to commence in December 

• Extensional resource drilling at the White Heat prospect, 300m south of Break of Day, intersected: 
• 1m @ 21.8g/t Au from 158m (21MORC223) 

• 3m @ 3.5g/t Au from 23m (21MORC224) 

• The White Heat mineralisation remains open down plunge 

• Assays from further drilling at Big Sky, Target 14 and the EVN JV are expected in December


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## frugal.rock (1 December 2021)

Hmm, it seems a broker? has a target of 60c on this with a strong buy.
Another broker states it's undervalued and has a 51c value apparently, by quant analysis.

Not held but delving into it...🧐
That "stunning" drill hole announced today is certainly impressive, especially as it's in an area outside the current resource.

Two more drill rigs arriving on site soon and more assay results due December.

Dang it, the silly thing has broken out further whilst posting...🤪


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## finicky (1 December 2021)

Their 'Starlight' discovery was the one that set MGV alight on the price chart, I started buying when I saw it had retraced a lot of that but was still too early with a starter pack. My average is 0.35, so today's price not a lot more. Starlight is a pretty amazing deposit as it is shallow, almost from surface if I remember, very high grade for an open pittable project and is highly recoverable, i.e it's got everything. A pullback is a fair chance going by past behaviour. I see it as a patient hold stock and feel that it is a likely takeover somewhere down the track - but a market crash might intervene first.

They were expressly chasing a Starlight analogue deposit with this campaign and have certainly found at least one strong contender. Twelve separate locations tested along strike and 4 new locational hits to drill out.

For those unfamiliar, these results come from the break of day line of mineralisation. The 'bonanza' result mentioned in the prior post was from a campaign on the Big Sky line which splays off to the west of break of day - two distinct mineralised trends.


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## finicky (3 December 2021)

They've enlisted 3 more drilling rigs and one is a diamond rig to drill under the 'regololith' layer aircore results at Big Sky. Find out what's in the bedrock.
Another aircore rig will drill just south of the Evolution jv border - i think they are hoping for a meet-up of the 'dolerite unit' they have recently found with Evolution's find on the salt lake. Remembering that dolerite has been associated with big deposits not just in the Yilgarn generally but local to the MGV tenements just 25kms north (Great Fingal and Golden Crown - together worth 2mozs @ 14g/t)
The third rig will drill around the recent shallow Starlight analogue discovery grading +100g/t over 15m.
Still assay results due in from several locations before Christmas.


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## finicky (4 December 2021)

Below is what *Evolution (EVN)* touched on in its *September Quarterly* regarding the Cue jv with MGV at Lake Austin. At 3.12 in the above video clip, MGV's MD says in effect that they're chasing up the dolerite unit on their 100% tenement south of the Lake Austin jv having moved the aircore rig up there. Calls it an exciting position. MGV have already found dolerite rock (which is very prospective in the region) in their area. Admittedly reading between the lines I think he is suggesting a possible meeting up of the mineralised dolerite unit that Evolution has on their side with what MGV is finding south of the jv line, i.e possibly a much bigger prospective structure. Moreover, EVN has continued diamond drilling deeper on its side and I haven't seen any recent assay reports coming back yet. Companies don't waste DD on lame prospects as it is expensive. Might amount to nothing but could be significant.
There 's more in the package today for MGV @0.34 than what I was getting buying MGV @ average 0.35 over the months.

*EVN Sept Qtrly*:
At Cue Joint Venture, aircore drilling expanded the
strike length to at least *1.6km*. New diamond drilling
results in fresh rock include 8m grading 3.0g/t gold
from 212m (21MODD024). Significant results from
the aircore program include 27m grading 3.6 g/t gold
from 134m (21MOAC025). *A second rig is being 
mobilised to test this exciting emerging discovery*.


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## Sean K (4 December 2021)

finicky said:


> Below is what *Evolution (EVN)* touched on in its *September Quarterly* regarding the Cue jv with MGV at Lake Austin. At 3.12 in the above video clip, MGV's MD says in effect that they're chasing up the dolerite unit on their 100% tenement south of the Lake Austin jv having moved the aircore rig up there. Calls it an exciting position. MGV have already found dolerite rock (which is very prospective in the region) in their area. Admittedly reading between the lines I think he is suggesting a possible meeting up of the mineralised dolerite unit that Evolution has on their side with what MGV is finding south of the jv line, i.e possibly a much bigger prospective structure. Moreover, EVN has continued diamond drilling deeper on its side and I haven't seen any recent assay reports coming back yet. Companies don't waste DD on lame prospects as it is expensive. Might amount to nothing but could be significant.
> There 's more in the package today for MGV @0.34 than what I was getting buying MGV @ average 0.35 over the months.
> 
> *EVN Sept Qtrly*:
> ...




I think once the JV tenement or MGV’s firm up to something in the 3m oz region, EVN will take out them out. I thought one of the other neighbours with a mill with spare capacity, or ability to expand, would have by so done by now, but since they haven’t picked what looks to be low hanging fruit, maybe not.


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## frugal.rock (4 December 2021)

finicky said:


> There 's more in the package today for MGV @0.34 than what I was getting buying MGV @ average 0.35 over the months.



I had a bite again at 0.345 yesterday. Had been in on 0.365 on the way up, but was out again on same price on the dip. A loss of brokerage.


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## finicky (4 December 2021)

@frugal.rock that's pretty tight trading. I'm positive on MGV but as a longer term investment.

There are a few ways it could take off: EVN finds something big in the jv area, MGV finds more high grade shallow Starlight knockoffs, the Big Sky trend drilling gets into something big in bedrock. If none of these then the mineral resource across all prospects just continues to gradually build to over 1m ozs, justifying the present price and qualifying it for a premium as a takeover target. Musgrave has only 659,000 ozs @ 3.3g/t but currently but within that is the 262koz Break of Day deposit grading @ 10.2g/t, shallow and 97% recoverable. Chairman said of BoD that, "We believe this is one of the *highest grade, undeveloped, near-surface gold resources in Australia*. And most of this can be open put mined."

The M.D said to expect New mineral resource estimate "Q2 next year" meaning the June Qtr. Everything they've been finding as reflected in recent announcements has not been incorporated into their MRE yet.


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## frugal.rock (2 January 2022)

frugal.rock said:


> I had a bite again at 0.345 yesterday.



Holding this bite still.
Not my usual trade, but, haven't really been trading much of late.
A goldy punt for the 2022 comp as I do think gold shall appreciate somewhat, however, there's the "bloody kids" factor throwing their funds at crypto... I mean, what's wrong with holding beautiful shiny gold. Heck, you can't make a gold ring out of NFT's or crypto.


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## Sean K (6 January 2022)

There seems to be a lot of gold at Cue, over multiple deposits, and growing. MC still under $200m.

There's some good grades here but a bit thin. There's no cartoon in the ann to see how these line up with any other trends.

Any ideas on what the MRE for Big Sky is going to be? It's 2.6km long but surely they're going to divide it up into loads?

Pretty up and down year last year.


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## frugal.rock (2 February 2022)

ASX RELEASE 2 February 2022 
ASX: MGV 

*Exceptional gold grades intersected near-surface  
at new Mosaic Lode *

o Follow-up RC and diamond drilling at the newly discovered 
Mosaic Lode near White Heat has returned new exceptional high- 
grade gold results including: 

o 9m @ 110.5g/t Au from 42m (21MORC414), including; 
o 3m @ 307.3g/t Au from 45m 
o 2.8m @ 122.2g/t Au from 72m (21MODD041), including; 
o 0.8m @ 381g/t Au from 74m 

o These new intersections are down dip from the original Mosaic discovery intersection of 15m @ 111.6g/t Au from 25m  
(21MORC232) 

o Infill RC drilling at Big Sky continues to intersect significant near- surface gold mineralisation with an initial mineral resource  
estimate scheduled for Q2 2022.

 New intercepts include: 
o 3m @ 22.6g/t Au from 68m (21MORC259), including; 
o 1m @ 62.6g/t Au from 69m 
o 2m @ 9.1g/t Au from 64m (21MORC260)  
o 8m @ 4.3g/t Au from 23m (21MORC241), including; 
o 1m @ 30.9g/t Au from 23m 
o 1m @ 20.1g/t Au from 46m (21MORC266) 
o 2m @ 6.8g/t Au from 56m (21MORC270)  
o 2m @ 5.6g/t Au from 64m (21MORC263)  

o Assay results are pending for approximately 130 drill holes


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## finicky (2 February 2022)

High volume gap up move today. Up 17% intraday, albeit from very depressed recent level - reached 0.27 yesterday.

This Mosaic discovery is going to be small but very high grade - drilling is ongoing and more assays are pending.

Across the whole Cue project (of which Mosaic is a small part) MGV have 3 rigs drilling and assay results pending for 130 drill holes. Additionally there are results pending from the EVN jv on Lake Austin - 74 aircore and some dd holes.

There will be a substantial upgrade to MGV's current 659koz gold resource in Q4FY22, mostly from the shallow thick lower grade 'Big Sky' base load prospect where drilling is mostly infill. Big Sky has 2.6km strike.


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## finicky (2 August 2022)

Some more nice grades from the White Heat-Mosaic prospect, some of which are extensional and down plunge. Basically all MGV's Cue project prospects are open at depth. The high grade resource along the White Heat to Break of Day trend has not been systematically drilled below 170m and on the Western side the 1.7g grading resource on the Big Sky trend has only been drilled to 120m.
There is a heap of drill assays outstanding - all the bright green triangles on the map are completed pending drills.

Evolution (EVN) is accelerating its spend on the jv area of Cue to $5m in H1 fy23.

My enthusiasm for MGV has flagged along with the share price. It'll have to get cheaper for me to add. Got a bit carried away.

Held


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