Musgrave Minerals Ltd. report further highly encouraging assay results from diamond drilling at the A-Zone gold target at Lake Austin North, located 3km north of the Break of Day gold deposit within the Company's Cue Project in Western Australia's Murchison district. The first phase of diamond drilling on the new gold discovery at A-Zone, Lake Austin North was completed before Christmas with seven holes drilled for 1,950m. Gold assay results for all seven holes have now been received, with the final four holes reported here. Diamond drill hole 18MODD011, drilled 50m south of hole 18MODD008 (242m @ 1.0g/t Au from 61m down hole including 45m @ 3.3g/t Au from 70m down hole, ASX announcement 4 December 2018, "Diamond Drilling Confirms Significant Gold Discovery at Lake Austin North") intersected a thick mineralised interval of 239.4m @ 0.4g/t Au from 71.6m down hole including a higher-grade zone of 43.2m @ 1.0g/t Au from 115.0m. Diamond drill hole 18MODD012, drilled a further 50m south of 18MODD011 intersected a thick mineralised interval of 128.1m @ 0.5g/t Au from 133.3m down hole including a higher-grade zone of 32.0m @ 1.5g/t Au from 133.3m including 9.7m @ 3.1g/t Au for 133.3m. 18mODD012 is now the southern-most hole drilled at A-Zone. The mineralisation remains open to both the south and north. Drill hole 18MODD009 drilled approximately 30m up dip of 18MODD008 intersected a mineralised interval of 137.2m @ 0.6g/t Au from 97.8m down hole including a higher-grade zone of 20.2m @ 2.3g/t Au from 194.0m suggesting the possibility of the mineralisation strengthening down dip. A hole is currently being planned to test this interpretation. Drill hole 18MODD010 drilled 200m north of the discovery section (6,939,200mN) did not reach the interpreted target depth and will be extended in January to test the target zone below the end of the hole. Ongoing Exploration: The phase 2 program of diamond drilling at A-Zone has commenced. This program consists of a minimum of 15 drill holes for approximately 4,000m and drilling will continue until April. Next assays are expected in late February. A regional lake aircore drilling program will commence this week to define the extents of the A- Zone and C-Zone mineralisation to enable accurate diamond drill targeting along strike. The lake aircore program will also include preliminary first pass testing of new lake gold targets. An aircore drilling program has commenced testing three new gold targets on the northern tenure including the Vostock target situated only 2km east of Westgold's Comet mine. Assays are expected in March. Musgrave is continuing development studies on the Break of Day and Lena gold deposits to evaluate options to optimise cash flow and maximise shareholder returns. Negotiations are continuing with Westgold regarding a mining and processing profit sharing agreement over the existing gold resources at Cue. This proposed arrangement does not include Lake Austin North. The Cue Project is located in the Murchison district of Western Australia, with key tenure wholly owned by Musgrave Minerals. The Project consists of the Moyagee Gold and Hollandaire Copper Resources. The Company has defined a +20km-long prospective gold corridor that hosts the Break of Day and Lena gold resources (Break of Day hosts 868kT @ 7.15g/t Au for 199koz Au and Lena 2,682kT @ 1.77g/t Au for 153koz Au.