Musgrave Minerals Ltd: New lodes Identified. Stunning High-Grade Intercept at Cue

Perth, Australia - Musgrave Minerals Ltd. (ASX:MGV) (FRA:6MU) (OTCMKTS:MGVMF) is pleased to report further high-grade gold assay results and potential new lodes from regional drilling 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: "Drillhole 21MORC232 has a fantastic new high-grade result and has potentially identified two new lodes in close proximity to Break of Day. It supports our view that there is a lot more gold to be found at Cue. We currently only have a few drill holes testing these new lodes with further drilling planned to commence next week. The very high-grade intersection in 21MORC232 is near surface and only 80m south of White Heat. It remains open to the west and down dip. All of the new gold intersections reported in this release are outside the current mineral resource estimates for Cue. We are expecting two additional drill rigs to arrive on site over the next week with a focus on growing the resource base and maintaining a pipeline of prospects for resource definition."

New gold lodes - 'Starlight analogues'

A regional RC drilling program to test for further high-grade 'Starlight'-type analogue lodes was completed across 12 separate targets. Four potentially significant, new zones of interest were intersected that may represent new lodes. All have very limited drill testing to date and remain open.

Drilling to the south of White Heat intersected two new mineralised positions (Figures 2 and 3*) that are approximately 80m south of White Heat, 380m south of Break of Day (Figure 2*). Both new lodes remain open to the west and down dip. Intersections include:

- 15m @ 111.6g/t Au from 25m (21MORC232) in a hanging-wall position, including:
o 5m @ 313.4g/t Au from 26m, and;
- 18m @ 1.0g/t Au from 62m (21MORC232) in a footwall position
- 1m @ 28.4g/t Au from 76m (21MORC223) in footwall position and approximately 20m from the footwall intersection in 21MORC232

Drilling 250m north of Break of Day intersected another potential new zone with two separate mineralised lodes. Only one drill hole has currently tested this position and it remains open to the east, west and down dip. Drilling returned:

- 1m @ 16.5g/t Au from 73m (21MORC318), and;
- 1m @ 14.4g/t Au from 90m

Follow-up RC drilling on both new target areas will commence next week. All new assay results above 1g/t gold are reported in Tables 1a and 1b.

White Heat Prospect

RC drilling at White Heat, 300m south of Break of Day (Figure 2*) has returned further gold intersections down plunge and along strike of the previous mineralisation. All new results are reported in Tables 1a and 1b*. Significant new intercepts include:

- 1m @ 7.4g/t Au from 175m (21MORC222) - mineralisation remains open down plunge
- 1m @ 21.8g/t Au from 158m (21MORC223) - mineralisation remains open down plunge
- 3m @ 3.5g/t Au from 23m (21MORC224) - mineralisation remains open to the west

The White Heat mineralisation has a similar strike to the Starlight lode at Break of Day, located 400m to the north, (Figures 1 & 2*) and is hosted within a basalt package of rocks thought to be the same stratigraphy as that hosting Starlight. A leached near-surface zone is present (Figure 3*) where gold is depleted in the upper saprolite. The mineralisation remains open down plunge.

*To view tables and figures, please visit:
https://abnnewswire.net/lnk/Z5H72110

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