Musgrave Minerals Ltd: Big Sky Gold Mineralisation Strike Length More Than Doubled

Perth, Australia - Musgrave Minerals Ltd. (ASX:MGV) (FRA:6MU) is pleased to report further strong assay results from regional aircore drilling at the Big Sky prospect along the new gold corridor south-west of Lena on its 100% owned ground at its flagship Cue Gold Project in Western Australia's Murchison district (Figure 1*). Aircore drilling has further extended the regolith gold mineralisation to over 2.6km of continuous strike where it remains open to the north, south and down dip. Follow-up RC drilling has commenced.

Musgrave Managing Director Rob Waugh said: "The aircore drilling has continued to extend the strong continuous regolith gold mineralisation along the new gold corridor south-west of Lena at Big Sky. This new system is masked from surface by a thin veneer (1-4m) of transported cover. The grade, extent and strong continuity of the Big Sky regolith mineralisation indicates the potential to host a significant mineralised system. A large follow-up, 10,000m RC drill program has commenced."
Big Sky Prospect

Extensional aircore drilling south-west of Lena within the new 7km long gold corridor has continued to intersect significant gold mineralisation below thin transported cover (1-4m) in areas not previously drilled. Drilling has extended the Big Sky mineralisation to over 2.6km of continuous strike length where it remains open to the north and south. RC drilling is currently underway to test the continuity, grade and down dip extent of the mineralisation in fresh basement rock (Figures 1 & 2*). The Big Sky Prospect is approximately 3.5km south of Break of Day and the mineralisation remains open to the north and south where further drilling is planned (Figures 1 & 2). There is the potential for 2 parallel zones of basement gold mineralisation at Big Sky (Figure 3*).

Six-metre composite samples have been analysed from aircore drill holes in the current program at Big Sky. Significant new intersection include:

- 18m @ 1.33g/t Au from 36m (21MUAC145)
- 42m @ 0.46g/t Au from 12m to EOH (21MUAC155), including:
o 6m @ 2.52g/t Au from 48m to EOH
- 12m @ 0.97g/t Au from 48m (21MUAC184)
- 24m @ 1.29g/t Au from 78m to EOH (21MUAC205), including:
o 6m @ 3.80g/t Au from 84m
- 6m @ 0.87g/t Au from 30m (21MUAC217)
- 45m @ 1.05g/t Au from 42m to EOH (21MUAC227)

Drill hole and assay details are presented in Tables 1a and 1b. All intervals assaying above 0.1g/t have been reported in this release and are considered significant where they occur over broad widths as they present potential targets for basement follow-up drilling. One-metre samples from anomalous gold composites have been submitted for individual analysis with results expected in June.

Aircore drill holes are spaced 40m apart along 160-320m spaced traverse lines. The extensive nature and continuity of the gold mineralisation supports the view that the Big Sky Prospect has the potential to add to the Company's existing resource base. A 10,000m follow-up RC drilling program to define the extent of gold mineralisation in basement rock has commenced with 26 RC drill holes completed to date, assays pending. If successful, this will be followed by resource definition drilling.

One-metre resamples from aircore drilling

Individual one-metre resamples of previously reported six-metre composite samples from aircore drill holes at Big Sky and Target 14 (Table 2a*) have returned significant results consistent with the original composites and include:

Big Sky Prospect

- 17m @ 2.47g/t Au from 38m (21MUAC041)
- 9m @ 4.36g/t Au from 45m5m @ 1.69g/t Au from 67m (21MUAC048)
- 9m @ 6.81g/t Au from 32m (21MUAC049), including;
o 1m @ 50.5g/t Au from 34m
- 6m @ 2.45g/t Au from 50m (21MUAC064)
- 12m @ 0.81g/t Au from 30m (21MUAC084)
- 1m @ 10.28g/t Au from 53m (21MUAC085)
- 45m @ 1.05g/t Au from 42m to EOH (21MUAC227)

Target 14

- 36m @ 0.65g/t Au from 26m (21MUAC095)
- 1m @ 7.6g/t Au from 28m (21MUAC098)
- 3m @ 3.1g/t Au from 65m (21MUAC099)
- 3m @ 3.45g/t Au from 82m (21MUAC101)
- 13m @ 0.93g/t Au from 28m (21MUAC102), and
- 8m @ 1.31g/t Au from 78m
- 11m @ 8.36g/t Au from 66m (21MUAC103)
- 19m @ 1.14g/t Au from 28m (21MUAC104)

*To view tables and figures, please visit:
https://abnnewswire.net/lnk/X5VL81OV

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