Musgrave Minerals Ltd: Quarterly Activities Report

Perth, Australia - Musgrave Minerals Ltd. (ASX:MGV) (FRA:6MU) (OTCMKTS:MGVMF) is an Australian focused gold and base metal exploration company with plans to grow through the discovery and development of gold and base metal resources.

Cue Gold Project

Resource drilling at both the Big Sky and White HeatMosaic prospects is now complete in preparation for the resource update scheduled for late May-early June 2022.

The current Mineral Resource Estimate (Indicated and Inferred) at the Cue Project stands at:

- 6.4Mt @ 3.2g/t gold for 659koz of contained gold

Regional drilling is continuing to outline new mineralised positions, with infill diamond drilling ongoing at Lena and Break of Day and regional RC drilling due to recommence in early May.

Regional Exploration Drilling (100% MGV)

New Mosaic Lode drill hole intersections include:

- 9m @ 110.5g/t Au from 42m (21MORC414), including;
- 3m @ 307.3g/t Au from 45m
- 4m @ 79.6g/t Au from 20m (22MORC052), including;
- 3m @ 105.4g/t Au from 20m
- 2.8m @ 122.2g/t Au from 72m (21MODD041)

New significant RC drill results from Big Sky include:

- 6m @ 19.2g/t Au from 87m (22MORC039), including;
- 1m @ 82.5g/t Au from 88m
- 3m @ 22.6g/t Au from 68m (21MORC259)
- 3m @ 20.3g/t Au from 26m (21MORC274)
- 8m @ 6.0g/t Au from 65m (22MORC008)
- 9m @ 5.4g/t Au from 53m (22MORC010)

New significant RC drill results from Amarillo include:

- 7m @ 23.7g/t Au from 102m (22MORC060)

Evolution JV

Diamond drilling to follow-up the extensive regolith gold anomalies identified in regional aircore drilling at West Island returned basement gold intercepts of:

- 19m @ 4.4g/t Au from 282m (22CUDD001)
- 12m @ 4.9g/t Au from 322m (22CUDD002)

Corporate

Musgrave acquires 100% interest in Mt Magnet South project covering the southern extension of the Hill 50 and Latecomer fault zones associated with the Hill 50, Galaxy and Morning Star gold deposits at Mt Magnet.

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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