Musgrave Minerals Ltd: New Gold Corridor Identified at Cue

Perth, Australia - Musgrave Minerals Ltd. (ASX:MGV) (FRA:6MU) is pleased to report further strong reverse circulation ("RC") gold assay results from regional drilling of new targets on its 100% owned ground at its flagship Cue Gold Project in Western Australia's Murchison district (Figure 1*).

Musgrave Managing Director Rob Waugh said: "These results are potentially very significant as these are the first basement drill holes into what could represent a 7km stretch of a new mineralised shear corridor with no previous drilling. We have now intersected basement gold mineralisation in broad intervals over more than 3km of strike in this new shear corridor and the team is excited by the opportunity to continue to test this area. This new well mineralised gold corridor remains largely undrilled in bedrock and can host significant widths of high-grade gold mineralisation. Drilling is ongoing with further assay results expected in coming weeks from White Heat and follow-up of Targets 5, 14 and 20".

- First basement RC drilling of regional targets west of and parallel to, the Lena-Break of Day shear intersected high-grade gold at three new prospects along a new gold corridor that is interpreted to be ~7km long

- RC drilling at the Target 14 prospect, west of Lena intersected thick gold mineralisation including:

- 30m @ 3.5g/t Au from 36m (21MORC019), including;
o 12m @ 6.9g/t Au from 36m, and

- Drilling at Target 5, 2.5km to the south, has intersected extensive gold mineralisation in basement and 1m resamples have confirmed high gold grades. Significant results include:

- 5m @ 42.2g/t Au from 25m (20MUAC412)

- 34m @ 0.73g/t Au from 42m to EOH (21MORC030), including;
o 18m @ 1.2g/t Au from 48m

- 52m @ 0.61g/t Au from 30m to EOH (21MORC029), including;
o 12m @ 1.2g/t Au from 36m

- At Target 20, 500m south of Target 5, initial RC drilling intersected;

- 34m @ 0.74g/t Au from 38m to EOH (21MORC020), including;
o 6m @ 2.3g/t Au from 44m

- The mineralisation at each of the three prospects remains open down plunge and along strike with follow-up drilling underway to define the strike and depth extent of the mineralisation.

New Regional Gold Corridor

First basement RC drilling west of Lena has intersected significant gold mineralisation in what could potentially be a 7km long new mineralised corridor extending from Target 14 in the north through to Targets 5 and 20, 2.5km to the south where it remains open. The drilling at Target 14 was targeted to identify the source of a regional regolith aircore gold anomaly 800m west of Lena (Figure 1 and 2*), interpreted to represent a possible new, untested shear corridor hosted in felsic and sedimentary lithologies. This new corridor has a potential strike of over 7km and is along trend from Targets 5 and 20 more than 2.5km to the south (Figure 2 and 3*). The area has no previous drilling.

These early-stage broad intercepts define a well mineralised corridor that remains largely undrilled in bedrock, and can host significant widths of high grade gold mineralisation as shown by holes 20MUAC412 and 21MORC019.

Strong high-grade, near surface gold mineralisation has been intersected at Target 14 (Figures 2, 3 and 4*). The mineralisation is open along strike and down dip. Six-metre composite samples have been analysed from the RC holes drilled in the current program with new details presented in Tables 1a and 1b. All intervals assaying above 0.5g/t have been reported in this release. One-metre samples from anomalous gold composites have been submitted for individual analysis.

*To view tables and figures, please visit:
https://abnnewswire.net/lnk/WE4MHOS5

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.

Source:
Musgrave Minerals Ltd.

Contact:

Rob Waugh Managing Director Musgrave Minerals Ltd. +61 8 9324 1061 Luke Forrestal Associate Director Media and Capital Partners +61 411 479 144