Musgrave Minerals Ltd: High Grades Confirm Big Sky Upside Potential

Perth, Australia - Musgrave Minerals Ltd. (ASX:MGV) (FRA:6MU) (OTCMKTS:MGVMF) is pleased to report further strong assay results from reverse circulation ("RC") and diamond drilling at the Big Sky Prospect along the new gold corridor south-west of Lena and Break of Day, on its 100% owned ground at its flagship Cue Gold Project in Western Australia's Murchison district (Figure 1). All recent drilling results for Big Sky have now been received and will form the basis for a maiden Mineral Resource Estimate that will focus on the near surface mineralisation at Big Sky. The scheduled mineral resource update will also include a maiden resource for the high-grade White Heat-Mosaic deposit and is expected to be completed in MayJune 2022.

Musgrave Managing Director Rob Waugh said: "The latest assay results from resource drilling at Big Sky confirm the potential of the system to host higher grade zones and improves the confidence in the geological continuity of the system. The scheduled May-June resource update will focus only on the top 100 vertical metres (dominantly weathered open cuttable mineralisation) and be an interim Mineral Resource update (adding Big Sky and White Heat-Mosaic) as we continue to grow our resource base.

The high-grade gold mineralisation at Big Sky remains open down dip in fresh rock, which will be the focus of subsequent drill programs planned to commence in late May 2022."

Big Sky Prospect

RC and diamond drilling at Big Sky, 2km south-west of Lena-Break of Day within the new 7km-long 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 prospect (Figures 1 and 2*) extends for over 2.6km of strike and has only been tested near surface to date (within ~100m). It remains open depth.

The current phase of resource definition RC and diamond drilling that focussed on the top 100 vertical metres at Big Sky is now complete with assays results received for the final 43 RC and 8 diamond drill holes in the program. The drilling was focussed on testing the continuity, grade and down dip extent of the Big Sky mineralisation from surface through the weathered zone and into the top of fresh basement rock (Figures 2 to 5*).

Significantly, drilling has continued to intersect multiple, parallel, high-grade mineralised zones often associated with larger envelops of lower grade mineralisation. Grade variability is significant within the regolith. The gold mineralisation is hosted within a package of sedimentary rocks and porphyry intrusives.

The extensive nature and continuity of the gold mineralisation supports the view that the Big Sky prospect has strong potential to significantly add to the Company's existing resource base at Cue.

The collection of specific gravity (rock density) data from drilling is ongoing, along with the geological modelling that will focus on delivering a maiden Resource Estimate for Big Sky in May-June 2022.

Drill hole and assay details are presented in Tables 1a,1b and 2a and 2b*. All new samples assaying above 1g/t have been reported in this release.

New RC drill hole assay results include:


o 6m @ 19.2g/t Au from 87m (22MORC039), including;
o 1m @ 82.5g/t Au from 88m

o 3m @ 20.3g/t Au from 26m (21MORC274), including;
o 1m @ 46.6g/t Au from 26m

o 2m @ 34.9g/t Au from 62m (22MORC038)

o 8m @ 6.0g/t Au from 65m (22MORC008), including;
o 1m @ 33.3g/t Au from 65m

o 9m @ 5.4g/t Au from 53m (22MORC010), including;
o 1m @ 34.2g/t Au from 53m

o 5m @ 5.9g/t Au from 29m (21MORC025)
o 6m @ 4.1g/t Au from 114m (22MORC037)
o 5m @ 3.4g/t Au from 53m (22MORC035)
o 2m @ 9.0g/t Au from 18m (22MORC024)
o 2m @ 7.6g/t Au from 60m (22MORC028)
o 2m @ 7.6g/t Au from 18m (22MORC023)
o 2m @ 7.0g/t Au from 10m (21MORC273)
o 6m @ 4.1g/t Au from 114m (22MORC037)
o 5m @ 3.4g/t Au from 53m (22MORC035)
o 3m @ 3.6g/t Au from 57m (22MORC026)
o 11m @ 1.1g/t Au from 17m (22MORC046)

Diamond drilling has also confirmed the mineralisation with intervals including:

o 6.3m @ 9.7g/t Au from 39.6m (22MODD003), including;
o 1m @ 42.7g/t Au from 39.6m

o 8m @ 2.9g/t Au from 121m (21MODD043), including;
o 2m @ 9.0g/t Au from 127m

o 8.6m @ 1.2g/t Au from 71m (21MODD042)

*To view tables and figures, please visit:
https://abnnewswire.net/lnk/T01MKCGH

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