Musgrave Increases Cue Mineral Resource to 927,000 Ounces

• The total Mineral Resources (Indicated and Inferred) at the Cue Project increased 41% to: 12.3Mt @ 2.3g/t gold for 927,000 ounces

Musgrave Minerals Ltd today reported a significant Mineral Resource estimate update on its 100% owned tenure at the Company’s flagship Cue Gold Project in Western Australia’s Murchison district

The total Cue Project Mineral Resource Estimate has now grown to 12.3Mt @ 2.3g/t Au for 927,000 ounces of contained gold (Table 1) with the high-grade Mineral Resources hosted in the Break of Day trend totalling 982kt @ 10.4g/t Au for 327,000 ounces of contained gold. This near-surface high-grade component of our total resource base is expected to be a significant driver of future value and the Company’s exploration efforts will continue to focus on identifying and testing near-surface, high-grade gold targets to further grow the resource base.

Musgrave’s Managing Director Rob Waugh said “This is a significant result for the Company and the growth in Mineral Resources will improve the future development potential of the project. The ongoing focus is to continue to grow our near-surface high-grade resources at Cue and progress PFS level studies to accommodate these new deposits and potential future resource upgrades. The deposits sit on a combination of granted Mining and Exploration Licences in a region with excellent infrastructure within a favourable mining jurisdiction.