Musgrave Minerals Ltd (ASX: MGV) ('Musgrave' or 'the Company') is pleased to report that reverse circulation ('RC') drilling has commenced at Break of Day on the Company's flagship Cue Gold Project in Western Australia's Murchison district.
The drilling is focussed on confirming the new 'link-lode' hypothesis and testing for possible additional 'link-lodes' along the strike of the Break of Day resource.
On completion of the Break of Day program the drill rig will move to Mainland to undertake further drilling at Consols where high-grade gold has been intersected near surface.
Musgrave Managing Director Rob Waugh said 'The Company is very active in the Cue region and will continue to drill multiple targets in the first quarter of 2020 to make new discoveries and grow the resource base. We look forward to reporting the new drill results as they come to hand.'
Musgrave hold 100% of the Break of Day area and holds an option to acquire 100% of the basement gold rights at Mainland.
The RC drill programs at Break of Day and Mainland will consist of approximately 14 holes for over 2,000m. The first assays from this drilling are expected in early March 2020.
Break of Day
Drill hole 19MORC037, reported on 3 December 2019 intersected an interpreted linking structure assaying 45m @ 11.8g/t Au from 144m down hole, including 5m @ 29.2g/t Au from 150m and 23m @ 16.2g/t Au from 166m.
The current follow-up drill program will confirm the strike, grade and extent of the 'link-lode' intersected in 19MORC037 and also test for possible parallel 'linklodes' along the Break of Day system.
THE CUE PROJECT
The Cue Project ('the Project') is located in the Murchison district of Western Australia. The Company has defined a +28km-long prospective gold corridor that hosts the Break of Day and Lena gold resources and the Lake Austin North gold discovery.
The Company believes there is significant potential to extend existing mineralisation and discover new gold deposits within the Project area, as demonstrated by the recent drilling success at Break of Day, Lena, Mainland and Lake Austin North. Musgrave's intent is to investigate options to best develop a low-cost operation, capable of delivering strong financial returns for its shareholders.
Musgrave has executed an $18 million Earn-in and Exploration Joint venture with Evolution Mining Ltd over the Lake Austin portion of the Cue Project. In May 2019 Cyprium Australia Pty Ltd ('Cyprium') exercised an exclusive option to earn an 80% interest in the non-gold rights over the northern tenure at Cue including the Hollandaire deposit. Cyprium is required to spend $2 million on exploration within two years to acquire the 80% interest. Musgrave will retain 100% of the gold rights and a 20% free-carried interest in the non-gold rights to the completion of a definitive feasibility study.
Contact:
Rob Waugh
Tel: +61 8 9324 1061
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 NiCu-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 forwardlooking 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.
MUSGRAVE MINERALS 
