Focused on gold and base metal exploration and project development within Australia…

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Musgrave Minerals Limited Overview

Musgrave Minerals’ listed on the Australian Securities Exchange on 29 April 2011.

Musgrave Minerals has a powerful shareholder base which includes Westgold Resources Ltd (ASX:WGX), Evolution Mining Ltd (ASX: EVN) and Independence Group NL (ASX: IGO).

Musgrave’s cornerstone project is the Cue Project in the Murchison Province of Western Australia where Musgrave holds 100% of the key project tenure containing the existing gold resources. Musgrave’s objective is to focus on increasing gold resources through exploration with the near-term goal of delivering a viable path to development.  Progress at the Break of Day and Lena gold prospects within the Cue Project has been very positive with high-grade gold mineralisation being intersected at Break of Day over a strike extent of approximately 360m and still open at depth and along strike. Drilling has culminated in a significant resource upgrade announced in February 2020 for Lena and a resource update at Break of Day expected later in 2020. The Cue Project now hosts 6.45Mt @ 3.0g/t Au for 613koz Au. The recent discovery of the high-grade Starlight link-lode at Break of Day has the potential to significantly grow the Break of Day Mineral Resource which currently stands at 868kt @ 7.2g/t Au for 199koz Au.

The focus on gold exploration on the salt lakes north of Break of Day where Musgrave holds a significant land position has led to the recent Lake Austin North gold discovery. Intercepts include 94m @ 2.4g/t Au including 52m @ 3.8g/t Au within a strong broad alteration envelope suggests the presence of a large new gold system. The system is open in multiple directions.

Musgrave has executed an $18 million Earn-in and Exploration Joint venture with Evolution Mining Ltd (Evolution) over the Lake Austin portion of the Cue Project. Evolution can earn 75% by spending $18M within 5 years including a minimum commitment of $4M within the first two years. The Break of Day, Lena and Mainland areas are excluded from the Earn-in and Exploration Joint Venture with Evolution Mining Ltd.

The Company also has a massive footprint in the Musgrave Province – one of the least explored exploration frontiers in Australia. The Company has tenements covering an area of 20,000km2 – approximately 2 percent of South Australia.

The Company continues to review new opportunities with a view to identifying additional projects that would complement the Company’s current activities and add value for our Shareholders.

Project Locations

Company Objectives and Strategy

Musgrave Minerals is a focused mineral exploration company applying modern-day exploration techniques and conceptual models to prospective gold and base metals regions of Australia.

Our core objective is to grow shareholder wealth through successful exploration and development of projects in the regions in which we operate.

Musgrave’s methods include early-stage exploration techniques and technologies that aim to delineate targets for drill testing in the near term. The application of airborne and ground geophysical surveys, along with ground-based mapping, sampling and drilling programs, will be implemented and follow methodologies that have been proven successful in known mineral camps.

Musgrave Minerals has developed an exploration strategy that builds on the experience gained by key personnel exploring for similar deposit styles globally.

At the Cue Project, Musgrave’s objective is to increase 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.  There are four operating gold plants within trucking distance of high-grade gold resources at Cue.

The work of previous explorers in the Musgrave region, while limited, resulted in the discovery of the large Nebo and Babel nickel-copper deposit in the Western Australian portion of the region in 2000 (WMC Resources Limited). Although these deposits are not part of the Musgrave Minerals’ tenement package, they do demonstrate the potential of the region.

Exploration in the southern Gawler Craton has intensified in recent years following the discovery of high-grade silver in the district where Musgrave has the wholly owned Corunna project. Corunna is prospective for silver-zinc-lead and copper-gold mineralisation.

We will carry out substantial drilling programs designed to discover and advance mineral deposits along a development timeline. The mineral deposits we seek are of high intrinsic value and, if discovered and proven economic, would have the potential to generate substantial long-term cash flows from operations once developed.