Gold Intersections Continue at West Island, Cue JV
Gold Intersections Continue at West Island, Cue JV

Perth, Oct 20, 2022 AEST (ABN Newswire) - Musgrave Minerals Ltd (ASX:MGV) (6MU:FRA) (MGVMF:OTCMKTS) is pleased to report further assay results from diamond and aircore drilling programs on the Cue Joint Venture with Evolution Mining Ltd ("Evolution") in Western Australia's Murchison district.

Diamond drilling (completed by Evolution) at the West Island prospect, approximately 6km north of Break of Day, continues to intersect potential ore grade intersections within a basement dolerite host unit. The West Island prospect is approximately 1.6km long and part of a broad regional 7kmlong anomalous gold corridor within the joint venture (Figure 1*). Regional scale aircore drilling is continuing to identify new regolith gold anomalies in areas of no previous drilling.

Musgrave Managing Director Rob Waugh said: "These results are another positive step in defining the scope of the basement gold mineralisation at the West Island prospect. Together with the diamond drilling results, aircore drilling is identifying new gold anomalies within the regolith outlining new untested basement gold targets. Assay results are pending for multiple drill holes."

Lake Austin Diamond Drilling Program

Evolution drilled a total of 9 diamond holes for 4,699m are reported in this release from the West Island prospect. The drilling program is targeting the key mineralised gold lodes to determine the scale of the mineral system at West Island (Figures 2 and 3*). The mineralised lodes are interpreted as a series of stacked shears and veins, with associated high-grade splays. The drilling program currently underway will further investigate the potential for these stacked lodes.

Significant new diamond drill core intercepts at West Island include:

o 1.9m @ 34.3g/t Au from 461.0m (22CUDD011), and
o 8.1m @ 3.7g/t Au from 563.9m (22CUDD011)
o 6.0m @ 6.4g/t Au from 385.5m (22CUDD012)
o 1.0m @ 74.2g/t Au from 410.0m (22CUDD016), and
o 12.4m @ 3.8g/t Au from 373.6m (22CUDD016), and
o 3.0m @ 5.7g/t Au from 186.4m (22CUDD016), and
o 1.3m @ 9.0g/t Au from 467m (22CUDD016)

Lake Austin Aircore Drilling Program

Evolution drilled a total of 117 aircore drill holes for approximately 14,191m are reported in this release. The drilling intersected the favourable host dolerite unit along strike from the West Island prospect with anomalous gold results in a number of new areas to the north (Figure 1*).

All significant new aircore drill assay results are presented in full in Table 2a with hole collar information in Table 2b*.

The most significant new aircore results include:

- 2m @ 1.66g/t Au from 178m to end of hole (22CUAC0226) in weathered dolerite

- 4m @ 5.12g/t Au from 172m (22CUAC0245) in coarse gravels (quartz and altered dolerite pebbles) at the base of transported cover

*To view tables and figures, please visit:

About Musgrave Minerals Ltd

Musgrave Minerals Ltd ASX MGVMusgrave 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

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

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