Musgrave Minerals' new gold discoveries White Heat and Blue Sky continue to deliver

Musgrave Minerals Ltd (ASX:MGV) (OTCMKTS:MGVMF) (FRA:6MU) is set to upgrade the resource estimate for its flagship Cue Gold Project in Western Australia’s Murchison district, incorporating the latest results from the new Starlight and White Light gold discoveries. The company said the Cue Project had a big system of more than 28 kilometres of shear zone and the current resource estimate totals 6.45 million tonnes at 3 g/t for 613,000 ounces. This includes the Break of Day deposit with 868,000 tonnes at 7.2 g/t for 199,000 ounces and Lena deposit with 4.3 million tonnes at 2.3 g/t for 325,000 ounces, 130 metres to the west. It does not include any results from the new Starlight and White Light gold discoveries. An updated resource estimate incorporating these results is expected to be completed later this quarter. Ongoing exploration Follow-up reverse drilling on the Starlight lode at Break of Day is nearing completion and is continuing along with the diamond drilling program. Further assays from both programs are expected shortly. Additional drilling on the newly discovered White Light lode at Break of Day is ongoing and shallow oxide infill RC drilling at Break of Day on the Twilight and Velvet lodes has started. New Starlight and White Gold discoveries The company said the new discoveries were sub-parallel to historical drilling and that the upside was undefined. Break of Day: High-grade gold ➢ 868,000 tonnes at 7.2 g/t gold for 199,000 ounces gold (indicated and inferred) ➢Resource drilling only to around 250 metres vertical depth ➢ Open down plunge New Starlight Link-lode ➢Outside existing resource ➢ Opens search space and creates opportunity to grow Further assays are pending and a resource update is expected late in the third quarter of 2020. New White Light lode ➢ Outside existing resource ➢ Demonstrates potential for repetitions Excellent infrastructure available Its prospects are surrounded by significant gold producers - Westgold Resources Ltd (ASX:WGX) and Ramelius Resources Limited (ASX:RMS) (FRA:RRZ) - and its high-grade gold ore can be trucked. There are also five third-party mills nearby with capacity for high-grade feed. It also has the opportunity for multiple potential processing options, which includes standalone operations. Evolution JV exploration Musgrave has entered into an $18 million earn-in and exploration joint venture with Evolution Mining Ltd (ASX:EVN) over the Lake Austin portion of the Cue Project. The Break of Day, Starlight, Lena and Mainland areas are excluded from the JV. Under the joint-venture, a minimum of $4 million will be spent in the first two years. The phase two aircore drilling program testing high-priority gold targets on Lake Austin, and a passive seismic survey to better estimate cover depths over prospective undrilled areas, have commenced. Copper discovery Its partner Cyprium Metals Ltd (ASX:CYM) (ASX:CYM) has found high-grade copper surface samples at the joint venture Cue Copper Project, northwest of the Hollandaire deposits in WA. The samples were from a regional field mapping and surface sampling campaign at the Cue project’s Rapier West and Mt Eelya prospects. This campaign was carried out to prioritise targets for the next phases of drilling as part of CYM a strategy to increase the copper resource base. Samples were taken of mineralised quartz/iron gossans at the Rapier West and mineralised and unmineralised quartz/iron gossans at Mt Eelya. The highlights include: ➢12.3% copper in Rapier West north costean surface sample; ➢13% copper in Mt Eelya Gossan 1 surface sample; ➢10.6% copper in Mt Eelya Gossan 3 surface sample; and ➢10.2% copper in Mt Eelya Gossan 8 surface sample. Drilling is planned in the second half of 2020. As part of an agreement between a subsidiary of Cyprium and Musgrave, an option has been granted by Musgrave for CYM to earn-in and joint venture for an 80% interest in the non-gold rights over the Cue project tenements. The earn-in expenditure requirement was met in the March 2020 quarter.