Something to ponder for us longs...MUSGRAVE MINERALS LIMITED...

Something to ponder for us longs...

MUSGRAVE MINERALS LIMITED (ASX:MGV $0.52 (MC~$256m CASH~$7.5m) –

Preferred Gold stocks pregnant with news as we expect its imminent resource upgrade to tickle the 1Moz mark.

Getting to the pointy end of 2020, with the fourth quarter appearing to be a crescendo for news flow.

MGV’s current resource estimate for the Cue Gold Project totals 6.45Mt @ 3.0g/t Au for 613koz including the Break of
Day deposit (868Kt @ 7.2g/t Au for 199koz contained gold) and the Lena deposit (4.3Mt @ 2.3g/t Au for 325koz
contained gold) located 130m to the west.

Pregnant with news flow, this current resource estimate does not include any results from the new Starlight and White
Light gold discoveries. The updated resource estimate incorporating these results is scheduled for late October 2020.
Stunning intersections at Starlight include 42m grading 77.3g/t Au (from 30m), 12m grading 112.9g/t Au (36m), 45m
grading 11.8g/t Au (144m), and 6m grading 51.7g/t Au (228m).

We eagerly await the Met-test results at Starlight, which we believe are imminent together with the
release of a flurry of assays due from >17,000m Aircore/RC drilling on new targets underway at Starlight. 4

We have made our own manual polygonal estimate of what we think might be in the Starlight and White Light
deposits (non-JORC). We estimate Starlight and White Light deposits may contain 250k-300k ounces grading around
15g/t Au. This has the potential to take the total Cue project resources up to around 900koz Au.

This would be an absolute cracker of a result for MGV. Firstly, resources of this sizing (and grade) should be adequate
critical mass for a standalone operation. In addition, as the HG resources being delineated at Cue are close to hungry
treatment facilities at Mt Magnet (RMS), Tuckabianna (WGX) and Deflector (SLR) the ounces would be of high value as
satellite feed.

The MGV share price ~ $0.54 has retreated from its highs of mid-70’s and we expect these levels to be re-tested with
the pending news flow and current strength in the gold price.

Cheers
Matt