Musgrave Minerals Ltd. reported further high-grade gold assay results from reverse circulation ("RC") and diamond drilling along the Break of Day Trend at the White Heat-Mosaic deposit. The results are from a combination of infill and extensional drilling and highlight the very high-grade nature of the near-surface mineralisation. The White Heat-Mosaic deposit with its near-surface, high-grades is expected to be a key component of future project development at Cue.

The results continue to reflect the unique potential of Musgrave's 100% owned ground at its flagship Cue Gold Project in Western Australia's Murchison district. The Break of Day Trend has a total Mineral Resource Estimate of 982kt @ 10.4g/t Au for 327koz gold with 70% of this in the higher confidence Indicated Resource category. A subset of this inventory (185kt @ 11.0g/t Au for 65koz gold) defines the White Heat-Mosaic deposit.

The deposit, only 300m south of Break of Day (797kt @ 10.2g/t Au for 262koz gold) is currently modelled to a maximum depth of 160m. This recent drilling (not yet incorporated into the resource estimate) confirms the near surface and high-grade endowment along this trend, which is characterised by quartz lodes within a high-titanium basalt stratigraphic unit. The drilling was aimed at better defining the mineralised limits and high-grade plunge orientations at the White Heat-Mosaic deposit.

New RC drill intersections outside the current Mineral Resource boundary on the Mosaic lode include: 4m @ 7.6g/t Au from 2m (22MORC253) extending the Mosaic mineralisation up-dip to within 2m of surface. New RC intersections within the current Mineral Resource boundary (infill drilling) include: 5m @ 80.2g/t Au from 12m (22MORC251), including; 2m @ 194.5g/t Au from 12m. 8m @ 19.8g/t Au from 37m (22MORC242), including; 3m @ 49.7g/t Au from 38m.

5m @ 43.9g/t Au from 89m (22MORC248), including; 1m @ 176g/t Au from 89m. 7m @ 8.1g/t Au from 66m (22MORC236), including; 1m @ 49.4g/t Au from 69m, 3m @ 17.6g/t Au from 3m (22MORC243), 2m @ 20.0g/t Au from 96m (22MORC254), 4m @ 5.3g/t Au from 43m (22MORC249)v and 2m @ 4.9g/t Au from 17m (22MORC239). The mineralisation remains open down plunge but appears to be weakening at depth.

Further extensional drilling to confirm shoot and plunge geometries is currently being planned. Minor splay lodes are evident from drilling but are expected to have limited strike extent. Results for diamond hole (22MODD030) into the Mosaic lode were received where low grade mineralisation was intersected in the quartz vein at the projected depth, but outside the high-grade plunge zone.

The Cue Gold Project is located approximately 30km south of the township of Cue in the Murchison district of Western Australia. The southern area gold deposits are only 5km from the Great Northern Highway, approximately 600km north of Perth on tenure wholly owned by Musgrave. The current Mineral Resource Estimate for the Cue Gold Project totals 12.3Mt @ 2.3g/t Au for 927koz including the Break of Day High-Grade Trend (982kt @ 10.4g/t Au for 327koz contained gold) and the Moyagee Western Trend (9.8Mt @ 1.7g/t Au for 541koz contained gold) both in the southern area of the project (see MGV ASX announcement dated 31 May 2022, "Cue Mineral Resource Increases to 927,000oz").

The new gold discoveries at Amarillo and along the Waratah trend are all outside the existing resource areas. The Company is working towards delivery of a Stage 1 Pre-feasibility Study (PFS) in first quarter of 2023 with focus on the technical and financial viability of the early years of the Cue Gold Project. The study will focus on the Project's current Indicated Mineral Resources whilst exploration and resource conversion drilling will continue, aiming to extend the mine life beyond Stage 1.