Navarre Minerals : 05/10/2016 – New gold drill targets identified at Ararat, Victoria (amended)

5 October 2016

Market Announcements Office Australian Securities Exchange Exchange Centre

20 Bridge Street

SYDNEY NSW 2000

By electronic lodgement

Amended announcement

Navarre Minerals Limited (Company) (ASX: NML) advises that the competent person statement required by Listing Rule 5.22 was inadvertently omitted from the announcement entitled "New gold drill targets identified at Ararat, Western Victoria" that was released by the Company yesterday.

An amended copy of the announcement, with the competent person statement included, is attached. This has affected the formatting of the announcement but no other changes to the substance of the announcement have been made.

Yours sincerely

Navarre Minerals Limited

Jane Nosworthy Company Secretary

Navarre Minerals Limited | ABN 66 125 140 105

40 - 44 Wimmera Street | PO Box 385 | Stawell VIC 3380 Australia t [phone]

e [e-mail] | w navarre.com.au

ASX Announcement

4 October 2016

Navarre Minerals Limited

ABN 66 125 140 105 ASX Code: NML

Corporate Details

Issued capital:

1. M ordinary shares 25.4M unlisted options

   Directors & Management:

   Kevin Wilson

   (Non-Executive Chairman)

   Geoff McDermott (Managing Director)

   John Dorward

   (Non-Executive Director)

   Colin Naylor

   (Non-Executive Director)

   Jane Nosworthy (Company Secretary)

   Contact Details

   Geoff McDermott Managing Director

   Navarre Minerals Limited 40 - 44 Wimmera Street

   Stawell VIC 3380 Australia

   PO Box 385

   Stawell VIC 3380 Australia

   Tel: [phone]

   Email: [e-mail] Website: www.navarre.com.au

   New gold drill targets identified at Ararat, western Victoria

   Drilling planned to commence in November to test IP anomalies identified from recent geophysical program at Irvine gold prospect

   • Twelve drill targets have been identified following an Induced Polarisation (IP) geophysics survey at the Irvine gold prospect located 15 kilometres south of Stawell's 4Moz Magdala gold deposit
   • IP targets are proximal to the margins of the Irvine basalt dome and are consistent with the type of expected anomalies from a typical Stawell-style gold system
   • Targets have never been drill tested, except one which returned 0.5m @ 7.2 g/t gold from 86.5m in DD94AA2541 and remains open in all directions
   • 4,000m air-core drilling program to test shallow IP targets and follow- up DD94AA254 intercept is planned to commence in November, weather permitting
   • Northern 4km of Irvine gold prospect is now covered by IP geophysics
   • Re-processing of previous gravity surveys suggests the Irvine basalt dome extends a further 4km southeast and remains untested

     Navarre Minerals Limited (ASX Code: NML) (Navarre or the Company) is pleased to announce that 12 drill targets have been identified at its 100%-owned Stawell Corridor Gold Project, located 15 kilometres south of Stawell in western Victoria (Figure 1), following analysis of results from an IP geophysical survey over the Irvine gold prospect.

     The recently completed survey comprised 75 line kilometres of gradient array IP (GAIP) covering the northern half (4km or 50%) of the interpreted Irvine basalt dome (Figure 2). This work has resulted in the recognition of twelve GAIP responses comprising two styles of potential gold bearing targets consistent with the type of expected anomalies from a typical Stawell analogue:

   • chargeability targets - potential sulphide bodies associated with gold mineralisation; and

   • resistivity targets - silica alteration and quartz veining also potentially associated with gold.

     1 Source: 1994 unpublished CRA Exploration technical report (see NML ASX release 29 April 2016)

     Navarre Minerals Limited | ABN 66 125 140 105

     40 - 44 Wimmera Street | PO Box 385 | Stawell VIC 3380 Australia t [phone]

     e [e-mail] | w navarre.com.au

     These targets are located proximal to the margins of the Irvine basalt dome and have been ranked and prioritised according to:

   • strength of the IP anomaly;

   • position relative to the basalt dome; and

   • proximity to known surface gold geochemistry.

With the exception of Target 5, these targets have never been drill tested. In 1994 drill hole DD94AA254 returned a highly encouraging intercept of 0.5m @ 7.4 g/t gold (see NML ASX release 29 April 2016) into the area now referred to as Target 5 (see Figure 2). DD94AA254 is the only drill hole to effectively test the flanks of the Irvine basalt dome and this target remains open in all directions.

To refine the geometry and position of the drill targets in the vertical dimension, the Company has acquired eight lines or 13 line kilometres of dipole-dipole IP across many of the GAIP anomalies. The processing of this information is underway.

Navarre is preparing to drill test the anomalies with a 4,000 metre air-core drilling program due to commence in November 2016, weather permitting. It is anticipated that peak gold results from the air-core drilling will be followed up with a diamond drill program in early 2017.

Following completion of a recent capital raising (NML ASX release 28 September 2016) and the award of a Victorian government co-funding grant under the TARGET Minerals Initiative (NML ASX release 28 June 2016), the Company is now fully funded to execute its exploration program at Ararat.

Background

The Stawell Corridor Gold Project comprises two exploration licences, Tatyoon and Ararat, which includes the historic Ararat Goldfield. It is located between 10 and 70 kilometres south-east of the Stawell Gold Mine which is owned by Navarre's largest shareholder Newmarket Gold Inc. (Figure 1).

Approximately 6 million ounces of historic and modern gold production has occurred from Ararat and Stawell.

The Irvine prospect is located 15 kilometres south of Stawell's Magdala Gold Mine and was identified in 2015 (NML ASX release 12 June 2015). The prospect occupies the northern end of the Ararat Goldfield, which is estimated to have produced approximately one million ounces of gold mainly from alluvial and deep lead production during the period 1854 to 1925.

Production of primary hard-rock gold from the Ararat Goldfield was low given the richness of the alluvial deposits, in contrast to the Stawell Goldfield, and is one of the reasons why Navarre is searching for economic primary gold mineralisation in the vicinity of the richest alluvial gold deposits.

The largest gold mine along the Stawell Corridor is the Magdala Gold Mine, which is producing gold from a deposit that has been mined to depths in excess of 1,600 metres below surface. Modern gold mining at Stawell has been continuous since 1982 with the Magdala gold deposit contributing more than 4 million ounces of the total 5 million ounces of gold produced to date from the Stawell Goldfield.

Gold mineralisation of the Stawell style occurs proximal to the margins of large basalt dome structures. The basalt structures are rigid and do not deform as much as the surrounding sediments. The deformation leads to the creation of voids allowing quartz veining and gold mineralisation to form around the basalt margins.

- ENDS -

For further information, please visit www.navarre.com.au or contact:

Geoff McDermott Managing Director

E: [e-mail] T: [phone]

Competent Person Declaration

The information in this release that relates to the Company's Exploration Targets, Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Geoffrey McDermott, who is a Member of The Australian Institute of Geoscientists and who is Managing Director of Navarre Minerals Limited. Mr McDermott has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration, and to the activity which he is undertaking, to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr McDermott consents to the inclusion in the release of the matters based on his information in the form and context in which it appears.

About Navarre Minerals Limited:

Navarre Minerals Limited (ASX: NML) is an Australian-based resources company that is creating value from a portfolio of early to advanced stage gold and copper projects in Victoria, Australia.

Navarre is searching for gold deposits in the extension of a corridor of rocks that host the Stawell (~5 million ounce) and Ararat (~1 million ounce) goldfields. The discovery of outcropping gold at the Irvine prospect is a prime focus for the Company in 2016/17. This is located 15km south of the operating Stawell Gold Mine which is owned by Navarre's largest shareholder and leading Victorian gold producer, Newmarket Gold Inc.

At the high-grade Tandarra Gold Project exploration work is targeting the next generation of gold deposits under shallow cover 40kms north of the 22 million ounce Bendigo Goldfield. Under a farm-out agreement, Catalyst Metals Limited is earning a 51% equity interest in Tandarra by spending $3 million over four years by advancing the project towards mineral resource status.

The Company is also targeting large VMS, porphyry-copper and gold deposits. The Western Victoria Copper Project captures multiple, largely untested targets in 130km of western Victoria's Stavely Arc volcanics.