Musgrave Minerals Ltd: Exceptional Gold Grades Near-Surface at New Mosaic Lode

Perth, Australia - Musgrave Minerals Ltd. (ASX:MGV) (FRA:6MU) (OTCMKTS:MGVMF) is pleased to report further exceptional gold assay results from reverse circulation ("RC") and diamond drilling at the new Mosaic target south of White Heat. In addition, further strong assay results from resource infill drilling at the Big Sky Prospect continue to be received. Drilling is on-going at both prospects on Musgrave's 100% owned ground at its flagship Cue Gold Project in Western Australia's Murchison district (Figure 1*).
Musgrave Managing Director Rob Waugh said: "Our Cue gold project continues to deliver with more exceptional near-surface gold results in both RC and diamond drilling. We think there is a lot more gold to be found in this district. These results again demonstrate the upside of the project. Even modest tonnages at these sort of near surface grades could have a positive impact on the future project economics. The Company currently has three drill rigs on our 100% tenure and one on the Evolution JV. The immediate focus is on building the resource base and delivering a Mineral Resource Estimate update in late Q2 2022."

Mosaic Lode - White Heat

The Mosaic lode located just south of White Heat (Figure 1*), is a new discovery and a very high-grade near-surface quartz lode hosted within the high-titanium basalt stratigraphy that also hosts the Break of Day deposit 300m to the north (Figure 2*).

Initial interpretation suggests the lode has a limited strike extent (approximately 40-60m) but is near-surface and very high-grade (Figure 3*). Some of the initial follow-up drilling failed to intersect the lode until we re-orientated the drill rig. Re-interpretation from diamond core suggests a north-east strike, north-west dip to the lode. True widths are not yet confirmed. Follow-up drilling is continuing.

New intersections testing down dip from the original discovery intersection of 15m @ 111.6g/t Au from 25m in 21MORC232 (see MGV ASX announcements dated 1 December 2021) (Figure 3*), include:

RC drilling

o 9m @ 110.5g/t Au from 42m (21MORC414), including;
o 3m @ 307.3g/t Au from 45m
o 21MORC414 was drilled 25m down dip of 21MORC232

Diamond drilling

o 2.8m @ 122.2g/t Au from 72m (21MODD041), including;
o 0.8m @ 381g/t Au from 74m
o 21MODD041 was drilled 20m down dip of 21MORC414

Big Sky Prospect

RC drilling at the Big Sky Prospect, south-west of Lena within a 7km-long new gold corridor (Figure 1) on MGV's 100% ground, continues to intersect significant gold mineralisation below thin transported hardpan cover (~1-6m thick). The Big Sky gold target (Figures 1 and 4) extends for over 2.6km of strike.

Infill resource definition RC drilling is continuing to test the continuity, grade and down dip extent of the Big Sky mineralisation in weathered and fresh basement rock (Figures 4 to 6*). Three zones of higher grade gold mineralisation are currently being tested with a combined strike of over 1.5km.

The Big Sky Prospect is approximately 2km south-west of Break of Day.

New RC drill intercepts include:

o 8m @ 4.3g/t Au from 23m (21MORC241), including;
o 1m @ 30.9g/t Au from 23m
o 9m @ 1.0g/t Au from 60m
o 7m @ 1.0g/t Au from 42m (21MORC242
o 6m @ 1.1g/t Au from 62m (21MORC244)
o 11m @ 2.6g/t Au from 122m (21MORC250) including;
o 3m @ 5.7g/t Au from 122m
o 3m @ 22.6g/t Au from 68m (21MORC259) including;
o 1m @ 62.6g/t Au from 69m
o 2m @ 9.1g/t Au from 64m (21MORC260) and
o 9m @ 1.1g/t Au from 111m
o 2m @ 5.6g/t Au from 64m (21MORC263)
o 2m @ 4.6g/t Au from 137m (21MORC265)
o 1m @ 20.1g/t Au from 46m (21MORC266) and
o 3m @ 3.1g/t Au from 52m
o 2m @ 6.8g/t Au from 56m (21MORC270) and
o 10m @ 1.7g/t Au from 69m
o 5m @ 2.3 g/t Au from 122m (21MORC272)

Drill hole and assay details are presented in Tables 1a and 1b*. All new samples assaying above 1g/t have been reported in this release.

The ongoing focus of drilling is on the higher grade and thicker intervals of gold mineralisation intersected to date. The extensive nature and continuity of the gold mineralisation supports the view that the Big Sky prospect has strong potential to add to the Company's existing resource base at Cue. Diamond drilling has commenced with the focus on delivering a maiden Resource Estimate in Q2 2022.

Other results of interest

Two RC pre-collar drill holes have intersected gold mineralisation in previously untested locations. An RC pre-collar for a diamond drill hole tail planned for resource conversion at Break of Day (Figure 2*) intersected:

o 1m @ 10.2g/t Au from 93m (21MORC427) in an area approximately 200m south of the current Break of Day mineral resource boundary on a potential new lode.

An RC pre-collar for a diamond drill hole tail planned for resource conversion at Lena intersected:

o 3m @ 11.7g/t Au from 15m (21MORC420) in an area approximately 60m outside the current Lena mineral resource boundary on a potential new lode.

*To view tables and figures, please visit:
https://abnnewswire.net/lnk/3P8SH8O6

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