Musgrave Minerals Ltd: Further Near-Surface High Grades Intersected at Mosaic

Perth, Australia - Musgrave Minerals Ltd. (ASX:MGV) (FRA:6MU) (OTCMKTS:MGVMF) is pleased to report further highgrade gold assay results from reverse circulation ("RC") drilling of the Mosaic Lode south of White Heat and extensional drilling at Break of Day. All new intersections are outside the current Mineral Resource estimate boundaries. Drilling is on-going 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: "These results from the new Mosaic Lode at White Heat continue to highlight the upside potential of the project. The near-surface high grades intersected at Cue are some of the best, recent near-surface exploration hits in the Yilgarn. We are continuing to grow our understanding of the system and the controls on mineralisation, and have confidence in our ability to grow the Mineral Resource base. We are on track to deliver a maiden Mineral Resource for Big Sky and White Heat-Mosaic in late Q2 2022."

Mosaic Lode - White Heat

The Mosaic lode, located just south of White Heat (Figure 1*), is a new discovery and all drill results are outside the current Mineral Resource estimate boundary. Mosaic is a very high-grade near-surface quartz lode hosted within a high-titanium basalt stratigraphic unit that also hosts the Break of Day deposit, 300m to the north (Figure 2*).

Interpretation suggests the lode has a strike extent of approximately 80m where it intersects the White Heat lode to the north (Figure 2*). The lode has currently been drill tested to a maximum depth of ~100m.

True widths are not yet confirmed. Further drilling is planned.

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

o 4m @ 79.6g/t Au from 20m (22MORC052), including;
o 3m @ 105.4g/t Au from 20m
o 4m @ 8.9g/t Au from 61m (22MORC053) o 3m @ 6.5g/t Au from 50m (22MORC001)
o 2m @ 7.8g/t Au from 92m (22MORC047)
o 2m @ 5.8g/t Au from 58m (22MORC051)

Other results of interest - Break of Day extensional drilling

Two RC pre-collar drill holes at Break of Day have intersected gold mineralisation in previously untested locations outside the current Mineral Resource Estimate boundary. New extensional intersections from composite sampling include:

o 2m @ 10.4g/t Au from 138m to EOH (22MORC066) with RC pre-collar terminating in highgrade mineralisation, in an area poorly drill tested. The intercept is approximately 80m south of the current Break of Day Mineral Resource boundary. A diamond tail is pending for this hole.

o 6m @ 2.4g/t Au from 66m (22MORC066) in an area not previously drill tested and approximately 100m south of the current Break of Day Mineral Resource boundary.

o 6m @ 4.3g/t Au from 84m (22MORC071) is within the broader Break of Day Mineral Resource area but approximately 20m away from a currently defined lode.

Assays for one metre resamples are pending for these composite assay intervals. Further drilling is currently being planned to determine the continuity of these potential new lodes and extensions.

*To view tables and figures, please visit:
https://abnnewswire.net/lnk/1CGORE79

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