Musgrave Minerals Ltd (ASX:MGV) (FRA:6MU) (OTCMKTS:MGVMF) is an Australian resources company focused on gold exploration and development at the Cue Project in the Murchison Province of Western Australia.

At the Cue Project, the total gold resources (Indicated and Inferred) are 6.59Mt @ 3.2g/t Au for 659koz Au following a Mineral Resource update for the Break of Day deposit announced in November 2020 that included the Starlight discovery (see MGV ASX announcement 11 November 2020, "Break of Day High-Grade Mineral Resource Estimate"). Prefeasibility level studies are ongoing at Break of Day and Lena.

During the quarter, activity on the Company's wholly owned tenure at Cue included a large regional reverse circulation ("RC") drilling program at the new Target 14 and Big Sky gold prospects, and extensional and infill drilling at the White Heat Prospect. A total of 92 RC holes for approximately 11,973m of drilling was completed across multiple areas. This RC program included the commencement of a resource infill drilling program at Big Sky and White Heat.

Significant delays in assay turn-around are being experienced, with the Company awaiting assay results for more than 130 drill holes.

On Lake Austin, part of the Evolution Mining Ltd ("Evolution") JV, significant aircore and diamond drilling programs are ongoing. Strong aircore gold mineralisation was intersected in the weathered Archaean regolith below lake cover at West Island and has extended the regolith footprint at this prospect to over 1.6km of strike. Diamond drilling follow-up is underway.

The exploration upside for the project is high with significant follow-up drill programs already underway in the December quarter.

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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.



Rob Waugh
Managing Director
Musgrave Minerals Limited
+61 8 9324 1061

Luke Forrestal
Associate Director
Media and Capital Partners
+61 411 479 144

Link: Quarterly Activities & Cashflow Report

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Musgrave Minerals Ltd

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