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MGV - Musgrave Minerals

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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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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.
 

springhill

Make the drill work for YOU
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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

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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
 

greggles

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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
• 8m @ 28.1g/t Au from 136m​
o 6m @ 13.2g/t Au from 56m down hole (17MORC125), including
• 3m @ 23.5g/t Au from 136m​
o 4m @ 9.3g/t Au from 288m down hole (17MORC120), including
• 2m @ 16.8g/t Au from 289m
• This intercept is more than 160m outside the current resource boundary​
o 3m @ 9.2g/t Au from 278m down hole (17MORC116)
Further assays from three drill holes at Break of Day are expected within two to three weeks.
 

Country Lad

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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.

mgv tick2  8 Dec 17.jpg


AXE is another example.
 
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greggles

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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.

big.chart-MGV.gif
 

greggles

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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.

big.chart-MGV.gif
 
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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​
Positive again today ……. thick intercept at 94 mtrs!!
 

greggles

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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.

big.chart-MGV.gif
 
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greggles

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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.

screenshot-stocknessmonster.com-2018.12.03-13-58-43.png


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.

big.chart-MGV.gif
 
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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 …… :happy:
 

greggles

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

screenshot-stocknessmonster.com-2020.02.28-10_34_55.png


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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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:rolleyes: .... Time to accumulate the retracements;) ... hopefully not too late.
 
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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

C1F97541-229A-4344-8032-D23CE93B47D4.jpeg
 
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