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Musgrave Minerals Ltd.

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Summary

Project:

Cue

Deposit:Break of Day, Lena
Location:Australia
Commodities:Gold-Silver-Zinc-Copper
Date:7/14/2017
Report Code:JORC
Report Type:Resource Estimation
Project Stage:Pursuing Resource Increase/Upgrade
Report details:14-7-2017: Musgrave Minerals Ltd. announces a Resource Estimation report for its Break of Day, Lena deposit at the Cue project. Significant upgrade to the Mineral Resource at Break of Day and Lena gold deposits. Musgrave Minerals Ltd (“Musgrave” or “the C
Resources:(Resource, Total): 3.55Mt @ 3.09g/t Au for 352koz contained at Break of day and Lena gold deposits
CP/QP:[Resources]: Aaron Meakin (CSA Global Pty Ltd.)
ABSTRACT:Musgrave Minerals Ltd (“Musgrave” or “the Company”) (ASX: MGV) is pleased to announce a significant upgrade to the total Mineral Resources at the Break of Day and Lena gold deposits on the Cue Project in the Murchison region of Western Australia (Figure 1). The Cue Project is a joint venture with Silver Lake Resources (ASX: SLR) where Musgrave holds a 60% interest and has elected to increase its interest to 80%. Musgrave Managing Director Rob Waugh said, “This is a significant milestone for the Company that will enable the Company to assess multiple processing options going forward to maximise shareholder value. The Company has now drilled more than 22,000m on the project. The Mineral Resource estimate strengthens the open-cut potential of Lena and the underground potential of Break of Day and together with the proximity to existing road and processing infrastructure, significantly increases the future development potential of the project.” “Break of Day is still open in all directions and we are yet to define the limits to the high grade gold mineralisation. Further drilling planned for early August will aim to continue to grow the resource base.” Musgrave is very pleased with this initial estimate, which is a significant increase on the previous Lena (76koz Au) and Break of Day (21koz Au) Mineral Resource estimates (see ASX announcement 26 October 2016, “2016 Annual Report – Replacement Report”) and continues to support the Company’s aim of developing a low-cost future operation capable of delivering strong financial returns for its shareholders. The Break of Day and Lena Mineral Resource estimates will be used as the basis for development studies. Further, the Company believes there is significant potential to extend existing mineralisation and also discover new high grade mineralisation within the Project area as shown by the recent success at Break of Day and Lena.

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