Corunna

Musgrave Minerals Ltd was successful in a ballot for the Southern Gawler Craton tenement EL5497 in South Australia, now named the Corunna Project.

The new tenement covers approximately 260km2 in the emerging epithermal porphyry province of the Southern Gawler Craton which hosts the Menninnie Dam Zn-Pb-Ag deposit and the 20Moz Paris epithermal silver deposit (Figure 1).

Exploration in the 1980’s identified anomalous silver and lead in a surface rock chip sample with values up to 148g/t silver and 0.5% lead. The tenement has the right geological characteristics for epithermal mineralisation including the major Uno fault and significant cross cutting structures that are often important for controlling the emplacement of mineralising intrusives and fluids.

Musgrave has recently completed an aircore drilling program testing 6 high priority targets. A zone of anomalous silver-lead-zinc has been identified over a 300m strike extent and is open to the north and south. Results include:

• 11m @ 1.0% Pb, 0.5% Zn and 4.2g/t Ag from 19m
• 6m @ 1.0% Pb, 0.2% Zn and 8.2g/t Ag from 14m
• 13m @ 0.6% Pb, 0.4% Zn and 7.2g/t Ag from 32m
• 22m @ 0.5% Pb, 0.2% Zn and 13.2g/t Ag from 17m

The Corunna Project is located approximately 50km west of Port Augusta and is well positioned in regards to infrastructure and proximity to the coast.

Figure 1: Location of Musgrave’s Corunna Project in the Southern Gawler Craton of South Australia

Figure 2: Area 1 target and aircore drill hole collar locations with anomalous silver, zinc and lead assay results on silver soil geochemical image.