Musgrave Minerals Ltd: 2022 Chairman's Address to AGM and Presentation

Perth, Australia - Musgrave Minerals Ltd.'s (ASX:MGV) (FRA:6MU) (OTCMKTS:MGVMF) Cue Gold Project ("Cue") in the well-endowed, gold producing Murchison region of Western Australia, continues to deliver new discoveries and the outstanding success of our exploration programs at Cue continue to grow our resource base.

In May 2022 the Company delivered an updated Mineral Resource Estimate (MRE) for Cue that includes significant additions from the new White Heat-Mosaic and Big Sky deposits and the Total Mineral Resource now stands at 12.3Mt @ 2.3g/t Au for 927koz of contained gold. Significantly the near surface high-grade Break of Day Trend is now estimated to host 982kt @ 10.4g/t Au for 327koz of contained gold. The updated MRE strengthens our economic modelling for the development studies that are currently underway for the project to define a pathway to production.

To that end, pre-development works are continuing with the aim of delivering a Stage 1 Pre-feasibility Study (PFS) early in the March quarter 2023. This study will be dominantly focussed on open pit mining and based on the May 2022 Mineral Resource Estimate, with an understanding that Stage 2 would be subsequently progressed by further resource conversion and exploration and resource growth.

Exploration success continues at Cue and we are confident that the resource base will grow further in the near term. At White Heat and Big Sky, drilling to date has only focussed on the top 100 to 160m and as such both areas have strong potential to further contribute to resource growth with further extensional and infill drilling programs underway or recently completed. New discoveries not yet included in the MRE include Amarillo and Waratah and regional drilling programs continue to identify further targets for follow up on our extensive land holding at Cue with the objective of identifying new resources to grow the already significant resource base.

Exploration on Lake Austin continued under the Evolution Mining Limited (Evolution) Earn-in and Exploration Joint Venture and drilling results to date have identified multiple new gold lodes at West Island along with a number of highly prospective regional targets that require further drill testing. Evolution are now operating the Joint Venture and a significant basement drilling program is underway.

*To view the AGM Presentation, please visit:
https://www.abnnewswire.net/lnk/9JO806Z6

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 Angela East Associate Director Media and Capital Partners +61 428 432 025