Musgrave Minerals Ltd (ASX: MGV) ('Musgrave' or 'the Company') is pleased to announce that drilling has commenced as part of the recently signed Evolution Mining Ltd ('Evolution') Earn-in and Exploration Joint Venture ('JV') at the Company's flagship Cue Project in Western Australia's Murchison district.

The drilling program will consist of a minimum of 1,200m of diamond drilling to test four targets for high-grade basement gold mineralisation below transported cover at Lake Austin North. The targets are defined by regolith gold geochemical anomalies and have been prioritised by structure, geology, geochemistry and alteration. This initial program will consist of approximately four drill holes and will take approximately four-five weeks to complete. First assays are expected in early February

The program will be funded by Evolution and managed by Musgrave under the JV through which Evolution can earn 75% by spending $18 million in five years. The JV agreement also stipulates that Evolution must spend a minimum of $4 million in the first two years.

Musgrave Managing Director Rob Waugh said 'It's a great result to be drilling these new targets at Lake Austin North so soon after signing the joint venture with Evolution. Evolution has a strong commitment to the project which is illustrated by an initial JV budget of $2 million for the remainder of the 2019-20 financial year. The rapid progress to this point is a strong endorsement of Evolution's commitment to the project and to making new discoveries.'

'Musgrave is also continuing reverse circulation drilling at its wholly owned Mainland, Break of Day and Lena prospects.'

Contact:

Tel: +61 411 479 144

About Musgrave Minerals

Musgrave Minerals Limited 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.

Forward Looking Statements

This document may contain certain forward-looking statements. Forward-looking statements include, but are not limited to statements concerning Musgrave Minerals Limited's (Musgrave's) current expectations, estimates and projections about the industry in which Musgrave operates, and beliefs and assumptions regarding Musgrave's future performance. When used in this document, words such as 'anticipate', 'could', 'plan', 'estimate', 'expects', 'seeks', 'intends', 'may', 'potential', 'should', and similar expressions are forward-looking statements. Although Musgrave believes that its expectations reflected in these forward-looking statements are reasonable, such statements are subject to known and unknown risks, uncertainties and other factors, some of which are beyond the control of Musgrave and no assurance can be given that actual results will be consistent with these forward-looking statements.

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