Musgrave Minerals Ltd: Quarterly Activities & Cashflow Report

Perth, Australia - Musgrave Minerals Ltd. (ASX:MGV) (FRA:6MU) (OTCMKTS:MGVMF) is dedicated to building a sustainable and profitable gold mining business driven by exploration and development success.

Cue Gold Project (100% MGV)

- Total Mineral Resources at the Cue Gold Project have grown 41% to:

o 12.3Mt @ 2.3g/t Au for 927koz of contained gold

- Included in this resource update are maiden mineral resources for the White Heat-Mosaic and Big Sky deposits.

- With the addition of White Heat-Mosaic (185kt @ 11.0g/t Au for 65koz gold), Mineral Resources within the highgrade, near-surface Break of Day Trend now host:

o 982kt @ 10.4g/t Au for 327koz of contained gold

- The maiden Mineral Resource at Big Sky contains:

- 4.65Mt @ 1.2g/t Au for 173koz of contained gold

- With the addition of Big Sky the total resources along the Western Trend are:

o 9.8Mt @ 1.7g/t Au for 541koz of contained gold

- Updated Mineral Resource estimates have also been completed for all satellite deposits to comply with JORC 2012 reporting standards

- Extensional and infill drilling is continuing at White HeatMosaic and Big Sky to de-risk the higher margin, open pittable zones within these deposits

Regional Exploration Drilling (100% MGV)

- Regional exploration drilling is continuing, with aircore and RC drilling assays pending for multiple new target areas

- New Amarillo RC drill hole intersections include:

o 3m @ 14.6g/t Au from 60m (22MORC088)
o 17m @ 2.5g/t Au from 18m (22MORC094)
o 12m @ 2.0g/t Au from 47m (22MORC078)

Evolution JV

- Diamond drilling continued at West Island returning basement gold intercepts of:

o 2.0m @ 66.0g/t Au from 438m (22CUDD008)
o 3.5m @ 16.2g/t Au from 366m (22CUDD007)

Corporate

- Musgrave appointed experienced mining engineer Anthony Buckingham as General Manager - Development

*To view full Quarterly Report, please visit:
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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