The latest results from the recently discovered Mosaic lode near the White Heat prospect included 3m grading 105.4 grams per tonne gold from 20m, with the true width of the mineralisation still to be confirmed.
Mosaic is currently estimated to extend about 80m.
It is part of the Cue gold exploration project where Musgrave has current resources of 6.4 million tonnes grading 3.2gpt for 659,000oz, including the Break of Day deposit (797,000t at 10.2gpt for 262,000oz) and the Lena deposit (4.3Mt at 2.3gpt for 325,000oz).
The new gold discoveries at White Heat-Mosaic and Big Sky are both outside the existing resource areas.
Musgrave started the current quarter with A$17.5 million cash.
Shares in Musgrave were down 1.5% to 32.5c in early trade, capitalising the company at $174.5 million.
