Musgrave Minerals Limited reported further assay results from reverse circulation ("RC") drilling across multiple prospects, on its 100% owned ground at its Cue Gold Project in Western Australia's Murchison district. These assay results are from drilling completed in December 2022 at Amarillo, Big Sky, Big Sky North and East Numbers. Additional follow-up drilling is currently being planned at these prospects. RC drilling assays for holes at
Waratah and the new Break of Day North targets are expected within two weeks. Amarillo Prospect: At Amarillo, 1.2km south-west of Break of Day and 800m north of Big Sky, infill RC drilling has continued to intersect regolith gold mineralisation with new intersections including: 8m @ 4.6g/t Au from 34m (22MORC371), including: 1m @ 21.5g/t Au from 35m; 6m @ 3.4g/t Au from 48m (22MORC363), and 5m @ 3.0g/t Au from 57m (22MORC363); 4m @ 1.6g/t Au from 25m (22MORC373); 4m @ 2.2g/t Au from 29m (22MORC379); and 10m @ 2.8g/t Au from 38m (22MORC388). The results will be incorporated into the 3D resource model to determine the strike and true width of the mineralisation. These results are part of a
resource definition drill program focused on delivering a maiden Mineral Resource for Amarillo in the second half of 2023. Big Sky Deposit: Further infill drilling at Big Sky, 2km south-west of Lena-Break of Day on MGV's 100% ground continues to intersect significant gold mineralisation below thin transported hardpan cover (~1-6m thick). The Cue Project hosts a total Mineral Resource Estimate of 12.3kt @ 2.3g/t Au for 927koz contained gold with 47% of this in the higher confidence Indicated Resource category. The Big Sky deposit is a subset of this resource and hosts 4.65Mt @ 1.2g/t Au for 173koz contained gold and is currently only modelled to a maximum depth of 150m where it remains open. This recent drilling (9 holes for 564m) continues to confirm and enhance the near-surface gold endowment along the Big Sky trend. Significant new RC drill hole assay results inside the current Mineral Resource Estimate boundary include; 5m @ 3.3g/t Au from 7m (22MORC395). 38m @ 1.2g/t Au from 50m (22MORC397), including: 1m @ 17.4g/t Au from 50m (22MORC397), and 8m @ 1.3g/t Au from 80m (22MORC397); 6m @ 2.9g/t Au from 18m (22MORC400) (composite sample). These intersections highlight the upside potential at Big Sky and will likely enable further resource
conversion (Inferred to Indicated) at the next resource update scheduled for second half of current year 2023. This has the capacity to further enhance the resource and future pit designs. It should be noted that there are now a significant number of drill intersections located outside the optimised pit design which is based on the May 2022 Mineral Resource. These intersections will not be included in the Stage 1 PFS scheduled for late March 2023. Big Sky North: Approximately 140m north of the Big Sky deposit RC follow-up drilling of an isolated aircore intercept intersected: 2m @ 3.3g/t Au from 34m (22MORC361). East Numbers Target: A reconnaissance RC drilling program was completed over a new target area east of the Numbers
deposit (Figure 1) where aircore drilling has identified a 1.3km long gold anomaly in Archaean regolith. First basement drilling in the area included six RC holes for 786m drilled on three 400m spaced traverse lines. Early stage basement gold intersections include: 1m @ 5.0g/t Au from 136m (22MORC390); 2m @ 2.9g/t Au from 84m (22MORC392); and 1m @ 5.7g/t Au from 121m (22MORC394). A single diamond drill hole was completed in late 2022 to better define the geological context and strike of the mineralisation. Cue Gold Project: 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. 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. Ongoing Activities: Musgrave 100% tenements - RC drilling results for the Waratah and Break of Day North targets expected late-February. RC drilling of new and existing targets has recommenced with the aim of growing the current resource base. A regional aircore drilling program will commence in late February on new target areas at Cue. Works to inform the Stage 1 Pre-feasibility Study for the Cue Gold Project are continuing with
final study expected late March 2023.