Navarre Minerals : 14/04/2020 – Drilling Expands Gold-Silver Discovery At Glenlyle Project

ASX Announcement (ASX:NML)

14 April 2020

DRILLING EXPANDS GOLD-SILVER DISCOVERY AT GLENLYLE

PROJECT, WESTERN VICTORIA

HIGHLIGHTS

• Encouraging new assay results received for a 2,150m program of 26 holes of step-out reconnaissance air-core (AC) drilling recently completed at the Glenlyle Project - gold and silver discovery made by Navarre in 2018
• The silver-gold zone has now been expanded to approximately 350m (E - W) by 300m (N - S) and remains open to the south and at depth
• Strongly anomalous gold, silver, zinc and copper grades for this early stage of shallow drilling continue to be intersected beneath a thin veneer of younger, post-mineralisationNewer Volcanics cover
• Results provide further evidence Navarre is potentially honing-in on a "blind" poly-metallic mineralised system within the Dryden-StavelyVolcanic Belt, the same volcanics that host Stavely Minerals' Cayley Lode copper discovery at Thursdays Gossan deposit, 25km to the south-east
• Gold grades of up to 3.6 g/t and silver up to 12.4 g/t were recorded in the latest round of drilling, with
  2052856Drilling Expands Gold-Silver

several holes finishing in mineralisationDiscoveryat ACAt refusalGlenlyle

•Project

Highlight intercepts include:

• • 5m @ 1.0 g/t goldfrom 58m, incl. 1m @ 3.6 g/t gold(GAC077)
  • 19m @ 2.8 g/t silverfrom 84m, incl. 3m @ 8.8 g/t silver(GAC075)
  • 46m @ 2.2 g/t silverfrom 54m to end of hole, incl. 1m @ 0.5 g/t gold & 0.5% zinc(GAC085)
  • 31m @ 1.0 g/t silverfrom 63m to end of hole (GAC073)
• These new results complement previously announced1 AC intercepts of:
• • 23m @ 30.3 g/t silverfrom 76m to end of hole (GAC054)
  • • including 2m @ 245 g/t silver, 0.5 g/t gold & 0.1% zinc
  • 47m @ 11.8 g/t silverfrom 58m to end of hole (GAC055)
  • • including 1m @ 390 g/t silver, 1.0 g/t gold, 0.3% lead & 0.7% zinc
• A helicopter VTEM geophysical survey was completed over Glenlyle to potentially assist in detection of mineralised targets beneath the Newer Volcanics cover - data processing underway with results due shortly

1 See NML ASX release of 21 March 2019

Navarre Minerals Limited | ABN 66 125 140 105 | ASX: NML

40 - 44 Wimmera Street | PO Box 385 | Stawell VIC 3380 Australia

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Navarre Minerals Limited (Navarre or the Company) (ASX: NML) is pleased to announce encouraging new reconnaissance air-core (AC) drilling results from its 100%-owned Glenlyle Project (EL 5497) in western Victoria, Australia (Figure 1).

The Glenlyle Project is located 25km south-west of Ararat, under 10 - 40m of Newer Volcanics cover, and approximately 25 kilometres north-east,on-strike, of Stavely Minerals Limited's (ASX: SVY) recent Cayley Lode copper discovery at their Thursdays Gossan project (see Figures 1 & 2).

The new results have significantly expanded the mineralised footprint and the potential of the Glenlyle Project and follow two earlier phases of reconnaissance AC drilling (refer NML ASX releases of 23 April 2018 and 21 March 2019) which also demonstrated strong silver-gold mineralisation.

Navarre's Managing Director, Geoff McDermott, said:

"The new air-core drilling results continue to provide evidence for a large poly-metallic mineral system at Glenlyle in the emerging Stavely Arc volcanics of western Victoria.

"The mineralised footprint at Glenlyle has now been expanded to approximately 350m by 300m and remains open to the south and at depth. Given the tenor of results being generated at this early stage of exploration, the proximity to a magnetic low and IP anomaly, a favourable geological setting and proximity to an existing large copper discovery, we believe there is potential to discover a large poly-metallic mineral system at depth at Glenlyle.

"We look forward to completing the targeting of potential mineralisation under cover and to plan our next phases of drilling."

Figure 1: Location of Navarre's western Victorian gold projects

Navarre Minerals Limited | ABN 66 125 140 105

40 - 44 Wimmera Street | PO Box 385 | Stawell VIC 3380 Australia

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Results of the AC drilling program

Navarre has completed its third phase of AC drilling totalling 2,150 metres across 26 holes at the Glenlyle Project. The drilling program was designed to expand and scope the shallow lateral expanses of the gold and silver mineralisation discovered in 2018 (now referred to as the Morning Bill prospect).

Three east-west lines of 80m spaced, angled AC drilling were completed on 200m (north-south) line spacings. The drilling comprised:

• extension of the original discovery traverse, containing mineralisation including 46m @ 8.1 g/t silver, including 1m @ 252.0 g/t silver, 3.1 g/t gold, 0.3% lead and 0.3% zinc in hole GAC030 (see NML ASX release of 23 April 2018) that remained open to the east; and
• two step out drill traverses located north and south of the discovery line.

All AC holes were drilled at 60 degrees towards the east and to blade refusal, which typically occurs about 30m below the base of the weathered Dryden - Mt Stavely volcanic host rocks.

The drilling intersected similar discrete gold +zinc +copper mineralisation mainly within a broad envelope of anomalous silver (assaying between 1 and 12 g/t silver) as seen in the earlier phases of shallow AC drilling. The gold- silver zone is interpreted to have lateral extents of approximately 350m (east-west) by 300m (north-south), remaining open to the south and at depth (Figures 3 - 5). The mineralisation occurs as fine-grained disseminations and as discrete silica and sulphide veinlets within a pervasive sericite-pyrite altered andesite.

Highlight drill intercepts returned in this round of drilling include (See Tables 1 - 5 and Figures 3 - 4):

• 5m @ 1.0 g/t gold from 58m, incl. 1m @ 3.6 g/t gold (GAC077)
• 2m @ 1.7 g/t gold from 30m (GAC064)
• 19m @ 2.8 g/t silver from 84m, incl. 3m @ 8.8 g/t silver (GAC075)
• 46m @ 2.2 g/t silver from 54m to end of hole, incl. 1m @ 0.5 g/t gold & 0.5% zinc (GAC085)
• 31m @ 1.0 g/t silver from 63m to end of hole (GAC073)
• 9m @ 1.4 g/t silver from 58m (GAC086)
• 3m @ 9.0 g/t silver & 0.1% Cu from 57m (GAC079)

These drill intercepts complement previously reported drill intercepts from the Morning Bill prospect (see NML ASX releases of 23 April 2018 & 21 March 2019):

• 46m @ 8.1 g/t silver from 53m to end of hole, incl. 1m @ 252 g/t silver & 3.1 g/t gold (GAC030)
• 33m @ 2.1 g/t silver from 44m to end of hole (GAC028)
• 10m @ 1.2 g/t silver from 56m to end of hole (GAC029)
• 31m @ 6.1 g/t silver from 54m to end of hole, incl. 1m @ 155 g/t silver & 4.0 g/t gold (GAC042)
• 37m @ 2.9 g/t silver from 53m to end of hole (GAC045)
• 48m @ 2.9 g/t silver from 51m to end of hole (GAC046)
• 1m @ 6.7 g/t silver & 1.7 g/t gold from 83m (GAC047)
• 23m @ 30.3 g/t silver from 76m to end of hole, incl. 2m @ 245 g/t silver & 0.5 g/t gold (GAC054)
• 47m @ 11.8 g/t silver from 58m to end of hole, incl. 1m @ 390 g/t silver & 1.0 g/t gold (GAC055)
• 27m @ 1.4 g/t silver from 49m to end of hole (GAC056)
• 51m @ 7.3 g/t silver from 45m to end of hole, incl. 1m @ 248 g/t silver & 0.5 g/t gold (GAC057)

Navarre Minerals Limited | ABN 66 125 140 105

40 - 44 Wimmera Street | PO Box 385 | Stawell VIC 3380 Australia

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• 60m @ 2.0 g/t silver from 36m to end of hole (GAC058)
• 40m @ 1.3 g/t silver from 56m to end of hole (GAC059)
• 15m @ 1.0 g/t silver from 70m (GAC060)

These highly anomalous metal intersections are considered significant for this early stage of reconnaissance drilling into the weathered top of the basement rocks.

The broad silver and gold zone intersected in drilling is coincident with a magnetic low zone, interpreted to represent demagnetising of the volcanic (andesite) host rock as a result of the pervasive silica-sericite alteration. This observation highlights other larger magnetic lows within the project area that remain untested (T1 - T7 in Figure 3). The silver-gold zone also coincides with a deeper (200 - 300m) Induced Polarisation (IP) chargeability anomaly which currently remains untested by drilling (see Figure 5).

The Company also reports that it has recently completed an airborne VTEM geophysical survey to assist with the search for potential massive sulphide mineralisation below the post-mineralisation cover rocks at Glenlyle. Final processing and interpretation of the VTEM survey is in progress. Preliminary observations indicate the cover rocks are more conductive than previously thought which may interfere with the signal of the basement responses. Further investigation and processing may be required to refine potential subtle features observed in the basement rocks.

The orientation of the mineralisation and the controlling structures at the Morning Bill prospect are poorly understood at this stage of early exploration and will require diamond drilling to understand the geometry of the mineralised system. The Company interprets the mineralised broad alteration zones to represent potential epithermal-style mineralisation situated above a deeper porphyry target, as indicated in the IP geophysics (Figure 5).

Thursdays

Gossan

Figure 2: Magnetic image showing the Dryden-Stavely Volcanic Belt and the Glenlyle 5-6km circular magnetic feature. Inset: Dryden-Stavely volcanic belt relative to Glenlyle and Thursdays Gossan

Navarre Minerals Limited | ABN 66 125 140 105

40 - 44 Wimmera Street | PO Box 385 | Stawell VIC 3380 Australia

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Figure 3: Map of the Glenlyle Project showing interpreted geology, location of Morning Bill prospect and potential intrusive complex. Note: Many of the previous drill holes shown did not penetrate the Newer Volcanics basalt cover.

Navarre Minerals Limited | ABN 66 125 140 105

40 - 44 Wimmera Street | PO Box 385 | Stawell VIC 3380 Australia

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Figure 4: Cross-section 5 858 180N interpretation showing key drill intercepts, geology and alteration.

Navarre Minerals Limited | ABN 66 125 140 105

40 - 44 Wimmera Street | PO Box 385 | Stawell VIC 3380 Australia

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Figure 5: Expanded Cross-section 5 858 180N interpretation showing mineralised zones relative to deeper IP chargeability target.

Navarre Minerals Limited | ABN 66 125 140 105

40 - 44 Wimmera Street | PO Box 385 | Stawell VIC 3380 Australia

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Next Steps

Planning for follow-up diamond drilling at the Morning Bill prospect is underway, potentially to be undertaken during the coming quarter, subject to cropping activity, Autumn weather conditions and any health and safety considerations and government restrictions arising from the COVID-19 global pandemic.

Follow-up regional reconnaissance AC drilling will be planned on receipt and integration of final VTEM data with previous IP, magnetics and gravity geophysical surveys.

Background - Glenlyle Project (EL 5497)

Navarre's 2018 maiden drilling program at the Glenlyle Project intersected a thick pile of andesitic volcanics below a (10 - 40m thick) veneer of Newer Volcanics basalt cover. At the top of the basement rocks, a 15 - 20m thick metal depletion zone typically occurs. Below the depletion zone, areas of strong sericite-pyrite alteration have been intersected and this alteration correlates with an elongate induced polarisation chargeability anomaly which extends in a north-south direction for up to one kilometre (Figure 3). This zone is also coincident with a gravity low, interpreted to represent either a buried porphyry intrusive (potential source of mineralised fluids) or a broad alteration zone related to epithermal-style mineralisation.

Historical exploration completed by previous explorers at the Glenlyle Project area focused on the area of a 5 - 6 kilometre diameter circular magnetic feature, which stands out as unusual compared to the more linear magnetic trend of the Dryden - Stavely Volcanic Belt (Figure 2).

Drilling indicates that the complex circular magnetic feature is mainly composed of andesitic rocks containing varying degrees of alteration intensity. The andesitic volcanic rocks are concealed beneath post-mineralisation Newer Volcanics cover that has made surface sampling and exploration difficult in the past, potentially concealing significant zones of near surface mineralisation that remain to be detected.

Previous work indicates a high level of preservation of the original Stavely Arc sequence with probable sub-volcanic intrusions, which is a positive indicator for the prospectivity for porphyry and epithermal style mineralisation. The extent of precious and base metals as well as the alteration logged in drill holes is encouraging for the presence of significant mineralisation.

AC drilling is the initial stage of the Company's discovery strategy used to rapidly and cost effectively identify the shallow footprint of basement gold and silver mineralisation from which deeper targeted drilling programs can be deployed with the aim of defining the extents of economic mineralisation.

TABLE 1: Significant gold intercepts (GAC061 - GAC086)

	Hole ID			From			To (m)			Interval			Gold			Comment
			(m)					(m)			(g/t)
	GAC064	30	32	2	1.70
	GAC069	50	52	2	1.15
	GAC077	58	63	5	1.00
	including	58	59	1	3.57
	GAC085	81	82	1	0.50

Navarre Minerals Limited | ABN 66 125 140 105

40 - 44 Wimmera Street | PO Box 385 | Stawell VIC 3380 Australia

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TABLE 2: Significant silver intercepts (GAC061 - GAC086)

	Hole ID			From			To (m)			Interval			Silver			Comment
			(m)					(m)			(g/t)
	GAC073	63	94	31	1.0			Broad silver zone to end of hole
	GAC075	84	103		19	2.8
	including	100		103		3	8.8
	including	100		101		1	12.4
	GAC079	57	60	3	9.0
	GAC086	58	67	9	1.4
	GAC085	54	100		46	2.2			Broad silver zone to end of hole

TABLE 3: Significant copper intercepts (GAC061 - GAC086)

	Hole ID			From			To (m)			Interval			Copper			Comment
			(m)					(m)			(%)
	GAC062	46	48	2	0.16
	GAC064	44	48	4	0.10
	GAC079	57	60	3	0.10

TABLE 4: Significant zinc intercepts (GAC061 - GAC086)

	Hole ID			From			To (m)			Interval			Zinc (%)			Comment
			(m)					(m)
	GAC073	85	87	2	0.14
	GAC079	57	60	3	0.10
	GAC085	81	82	1	0.53
	GAC086	58	67	9	0.06

TABLE 5: Air-Core Drill Hole Collars (GAC061 to GAC086)

	Hole ID			East			North			RL			Depth			Dip			Azimuth GDA
			(GDA94)			(GDA94)			(AHD)							(Degrees)
	GAC061	653226		5858432		256		84		-60		89
	GAC062	653323		5858419		256		80		-60		89
	GAC063	653428		5858402		256		84		-60		89
	GAC064	653515		5858390		257		66		-60		89
	GAC065	653611		5858374		257		60		-60		89
	GAC066	653707		5858359		257		75		-60		89
	GAC067	653800		5858340		257		60		-60		89
	GAC068	653897		5858324		258		84		-60		89
	GAC069	653991		5858309		258		75		-60		89
	GAC070	654084		5858295		258		66		-60		89
	GAC071	653143		5858032		256		72		-60		89
	GAC072	653238		5858019		256		72		-60		89
	GAC073	653334		5858004		255		94		-60		89

Navarre Minerals Limited | ABN 66 125 140 105

40 - 44 Wimmera Street | PO Box 385 | Stawell VIC 3380 Australia

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	Hole ID			East			North			RL			Depth			Dip			Azimuth GDA
			(GDA94)			(GDA94)			(AHD)							(Degrees)
	GAC074	653430		5857988		256		84		-60		89
	GAC075	653626		5858157		256		108		-60		89
	GAC076	653692		5858148		257		100		-60		89
	GAC077	653788		5858133		257		74		-60		89
	GAC078	653882		5858117		257		102		-60		89
	GAC079	653978		5858103		257		86		-60		89
	GAC080	654072		5858091		257		69		-60		89
	GAC081	653995		5857899		256		78		-60		89
	GAC082	653902		5857912		256		90		-60		89
	GAC083	653807		5857927		257		95		-60		89
	GAC084	653712		5857944		256		99		-60		89
	GAC085	653617		5857958		256		100		-60		89
	GAC086	653573		5857977		256		93		-60		89

This announcement has been approved for release by the Board of Directors of Navarre Minerals Limited.

- ENDS -

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

Geoff McDermott

Managing Director

Navarre Minerals

1. [e-mail]

1. [phone]

Competent Person Declaration

The information in this release that relates to Exploration Targets, Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Shane Mele, who is a Member of The Australasian Institute of Mining and Metallurgy and who is Exploration Manager of Navarre Minerals Limited. Mr Mele 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 Mele consents to the inclusion in the release of the matters based on his information in the form and context in which it appears.

Reporting of Historic Glenlyle Exploration Results

Although Navarre was not involved in previous exploration at the Glenlyle Project, it has elected to update the information about drill hole GRC05, shown in Figure 4, to comply with the JORC 2012 Code to demonstrate the existence of a significant anomalous silver zone that has been subsequently confirmed by Navarre's drilling. The results of GRC05 were first reported by P.S. Forwood, J.A. Forwood and Chivelle Pty Ltd in an annual technical report to the Victorian Government titled "EL 4621, Glenlyle Project, Victoria, Fifth Annual Technical Report for the period 1 April 2006 to 31 March 2007." The report is now open file and accessible to the public. Navarre has limited knowledge on how the data was collected and has had to make assumptions based on historical data generated by the previous explorer.

Navarre Minerals Limited | ABN 66 125 140 105

40 - 44 Wimmera Street | PO Box 385 | Stawell VIC 3380 Australia

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Forward-Looking Statements

This announcement contains "forward-looking statements" within the meaning of securities laws of applicable jurisdictions. Forward-looking statements can generally be identified by the use of forward-looking words such as "may", "will", "expect", "intend", "plan", "estimate", "anticipate", "believe", "continue", "objectives", "outlook", "guidance" or other similar words, and include statements regarding certain plans, strategies and objectives of management and expected financial performance. These forward-looking statements involve known and unknown risks, uncertainties and other factors, many of which are outside the control of Navarre and any of its officers, employees, agents or associates. Actual results, performance or achievements may vary materially from any projections and forward-looking statements and the assumptions on which those statements are based. Exploration potential is conceptual in nature, there has been insufficient exploration to define a Mineral Resource and it is uncertain if further exploration will result in the determination of a Mineral Resource. Readers are cautioned not to place undue reliance on forward-looking statements and Navarre assumes no obligation to update such information.

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 base metals projects in Victoria, Australia.

Navarre is searching for gold deposits in an extension of a corridor of rocks that host the Stawell (~five million ounce) and Ararat (~one million ounce) goldfields (The Stawell Corridor Gold Project). The discovery of outcropping gold on the margins of the Irvine basalt dome and high-grade gold in shallow drilling at Langi Logan are a prime focus for the Company. These projects are located 20km and 40km respectively south of the operating 4Moz Stawell Gold Mine.

The high-gradeTandarra Gold Project is located 50km northwest of Kirkland Lake Gold's world-class Fosterville Gold Mine, and 40km north of the 22 million-ounce Bendigo Goldfield. Exploration at Tandarra, in Joint Venture with Catalyst Metals Limited (NML 49%), is targeting the next generation of gold deposits under shallow cover in the region.

The Company is searching for a high-grade gold at its St Arnaud Gold Project. Recent reconnaissance drilling has identified gold mineralisation under shallow cover, up to 5km north from the nearest historical mine workings, which the Company believes may be an extension of the 0.4Moz St Arnaud Goldfield.

The Company is also targeting large volcanic massive sulphide, epithermal and porphyry copper-gold deposits in the Stavely Arc volcanics in western Victoria. The Project area captures multiple polymetallic targets in three project areas including Glenlyle, Black Range and Stavely. All properties are 100% owned except EL5425 where Stavely Minerals Limited is earning an 80% interest by spending $0.45M over 5 years.

Appendix 1

JORC Code, 2012 Edition - Table 1

Section 1 Sampling Techniques and Data

	Criteria			JORC Code explanation			Commentary
	Sampling		• Nature and quality of sampling (e.g. cut		Air Core Drilling
	techniques		channels, random chips, or specific specialised		• All air-core (AC) drill holes have been routinely sampled at 1m
				industry standard measurement tools		intervals downhole directly from a rig mounted cyclone. Each
				appropriate to the minerals under investigation,		metre is collected and placed on a plastic sheet on the ground
				such as down hole gamma sondes, or handheld		and preserved for assay sub-sampling analysis as required.
				XRF instruments, etc). These examples should not		• Sub-samples for assaying were generated from the 1m
				be taken as limiting the broad meaning of		preserved samples and were prepared at the drill site by a grab
				sampling.		sampling method based on logged geology and mineralisation
				• Include reference to measures taken to ensure		intervals. Sub-samples were taken at 1m intervals or as
				sample representivity and the appropriate		composites ranging from 2-5m intervals ensuring a sample
				calibration of any measurement tools or systems		weight of between 2 to 3 kg per sub-sample.
				used.		• The sample size is deemed appropriate for the expected grain
				• Aspects of the determination of mineralisation		size of the material being sampled.
				that are Material to the Public Report.		• Certified reference material and sample duplicates were
				• In cases where 'industry standard' work has been		inserted at regular intervals with laboratory sample submissions.

Navarre Minerals Limited | ABN 66 125 140 105

40 - 44 Wimmera Street | PO Box 385 | Stawell VIC 3380 Australia

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	Criteria			JORC Code explanation			Commentary
				done this would be relatively simple (e.g. 'reverse
				circulation drilling was used to obtain 1 m
				samples from which 3 kg was pulverised to
				produce a 30g charge for fire assay'). In other
				cases, more explanation may be required, such
				as where there is coarse gold that has inherent
				sampling problems. Unusual commodities or
				mineralisation types (e.g. submarine nodules)
				may warrant disclosure of detailed information.
	Drilling		• Drill type (e.g. core, reverse circulation, open-		Air Core Drilling
	techniques		hole hammer, rotary air blast, auger, Bangka,		• AC drilling was carried out using a Wallis Mantis 80 Air-core rig
				sonic, etc) and details (e.g. core diameter, triple		mounted on a Toyota Landcruiser base. The AC rig used a 3.5"
				or standard tube, depth of diamond tails, face-		blade bit to refusal, generally just below the fresh rock interface.
				sampling bit or other type, whether core is
				oriented and if so, by what method, etc).
	Drill sample		• Method of recording and assessing core and chip		Air Core Drilling
	recovery		sample recoveries and results assessed.		• AC drill recoveries were visually estimated as a semi-quantitative
				• Measures taken to maximise sample recovery		range and recorded in the log.
				and ensure representative nature of the samples.		• Recoveries were generally high (>90%), with reduced recovery in
				• Whether a relationship exists between sample		the initial near-surface sample.
				recovery and grade and whether sample bias		• Samples were generally dry, but many became wet at the point
				may have occurred due to preferential loss/gain		of refusal in hard ground below the water table.
				of fine/coarse material.		• No sampling issue, recovery issue or bias was picked up and is
							considered that both sample recovery and quality is adequate
							for the drilling technique employed.
	Logging		• Whether core and chip samples have been		• Geological logging of samples follows Company and industry
				geologically and geotechnically logged to a level		common practice. Qualitative logging of samples includes (but
				of detail to support appropriate Mineral		was not limited to); lithology, mineralogy, alteration, veining and
				Resource estimation, mining studies and		weathering.
				metallurgical studies.		• All logging is quantitative, based on visual field estimates.
				• Whether logging is qualitative or quantitative in		• A small representative sample was retained in a plastic chip tray
				nature. Core (or costean, channel, etc)		for future reference and logging checks.
				photography.		• Detailed chip logging, with digital capture, was conducted for
				• The total length and percentage of the relevant		100% of chips logged by Navarre's geological team.
				intersections logged.
	Sub-sampling		• If core, whether cut or sawn and whether		• Company procedures were followed to ensure sub-sampling
	techniques		quarter, half or all core taken.		adequacy and consistency. These included (but were not limited
	and sample		• If non-core, whether riffled, tube sampled, rotary		to), daily workplace inspections of sampling equipment and
	preparation		split, etc and whether sampled wet or dry.		practices.
				• For all sample types, the nature, quality and		• Blanks and certified reference materials are submitted with the
				appropriateness of the sample preparation		samples to the laboratory as part of the quality control
				technique.		procedures.
				• Quality control procedures adopted for all sub-		• AC composite, 1m individual and EOH samples were collected as
				sampling stages to maximise representivity of		grab samples.
				samples.		• Samples were recorded as dry, damp or wet.
				• Measures taken to ensure that the sampling is		• Drill sample preparation and base metal and precious metal
				representative of the in-situ material collected,		analysis is undertaken by a registered laboratory (ALS Perth,
				including for instance results for field		WA). Sample preparation by dry pulverisation to 85% passing 75
				duplicate/second-half sampling.		microns is undertaken by ALS Adelaide, SA.
				• Whether sample sizes are appropriate to the		• The sample sizes are considered appropriate to correctly give an
				grain size of the material being sampled.		accurate indication of mineralisation given the qualitative
							nature of the technique and the style of gold mineralisation
							sought.
	Quality of		• The nature, quality and appropriateness of the		• Analysis for gold is undertaken at ALS Perth, WA by 50g Fire
	assay data		assaying and laboratory procedures used and		Assay with an AAS finish to a lower detection limit of 0.01ppm
	and		whether the technique is considered partial or		Au using ALS technique Au-AA26.
	laboratory		total.		• ALS also conducted a 35 element Aqua Regia ICP-AES (method:
	tests		• For geophysical tools, spectrometers, handheld		ME-ICP41) analysis on each sample to assist interpretation of
				XRF instruments, etc, the parameters used in		pathfinder elements.

Navarre Minerals Limited | ABN 66 125 140 105

40 - 44 Wimmera Street | PO Box 385 | Stawell VIC 3380 Australia

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N a v a r r e M i n e r a l s L i m i t e d ( N M L ) A S X A n n o u n c e m e n t	P a g e | 13
	Criteria			JORC Code explanation			Commentary
				determining the analysis including instrument		• No field non-assay analysis instruments were used in the
				make and model, reading times, calibrations		analyses reported.
				factors applied and their derivation, etc.		• A review of certified reference material and sample blanks
				• Nature of quality control procedures adopted		inserted by the Company indicate no significant analytical bias
				(e.g. standards, blanks, duplicates, external		or preparation errors in the reported analyses
				laboratory checks) and whether acceptable levels		• Internal laboratory QAQC checks are reported by the laboratory
				of accuracy (i.e. lack of bias) and precision have		and a review of the QAQC reports suggests the laboratory is
				been established.		performing within acceptable limits.
	Verification of		• The verification of significant intersections by		• Samples are verified by Navarre geologists before importing into
	sampling and		either independent or alternative company		the drill hole database.
	assaying		personnel.		• No twin holes have been drilled by Navarre during this program.
				• The use of twinned holes.		• Primary data was collected for drill holes using a Geobase
				• Documentation of primary data, data entry		logging template on a Panasonic Toughbook laptop using lookup
				procedures, data verification, data storage		codes. The information was sent to a database consultant for
				(physical and electronic) protocols.		validation and compilation into a SQL database.
				• Discuss any adjustment to assay data.		• Reported drill results were compiled by the Company's
							geologists and verified by the Exploration Manager and
							Managing Director.
							• No adjustments to assay data were made.
	Location of		• Accuracy and quality of surveys used to locate		• All maps and locations are in UTM Grid (GDA94 zone 54).
	data points		drill holes (collar and down-hole surveys),		• All drill collars are initially measured by hand-held GPS with an
				trenches, mine workings and other locations used		accuracy of +3 metres. On completion of program, a contract
				in Mineral Resource estimation.		surveyor picks-up collar positions utilising a differential GPS
				• Specification of the grid system used.		system to an accuracy of +0.02m.
				• Quality and adequacy of topographic control.		• At the Irvine gold project, topographic control is achieved via
							use of DTM developed from a 2005 ground gravity survey
							measuring relative height using radar techniques.
							Air Core Drilling
							• Down-hole surveys have not been undertaken
	Data spacing		• Data spacing for reporting of Exploration Results.		• Variable drill hole spacings are used to adequately test targets
	and		• Whether the data spacing and distribution is		and are determined from geochemical, geophysical and
	distribution		sufficient to establish the degree of geological		geological data together with historic mining information.
				and grade continuity appropriate for the Mineral		• Drilling reported in this program is of an early exploration nature
				Resource and Ore Reserve estimation		and has not been used to estimate any mineral resource or ore
				procedure(s) and classifications applied.		reserves.
				• Whether sample compositing has been applied.		• Refer to sampling techniques, above for sample compositing
	Orientation of		• Whether the orientation of sampling achieves		• Exploration is at an early stage and, as such, knowledge on exact
	data in		unbiased sampling of possible structures and the		location of mineralisation, in relation to lithological and
	relation to		extent to which this is known, considering the		structural boundaries, is not accurately known.
	geological		deposit type.		• The drill orientation is attempting to drill perpendicular to the
	structure		• If the relationship between the drilling		geology and mineralised trends previously identified from earlier
				orientation and the orientation of key		AC drilling. Due to the early stage of exploration it is unknown if
				mineralised structures is considered to have		the drill orientation has introduced any sampling bias. This will
				introduced a sampling bias, this should be		become more apparent as further drilling is completed.
				assessed and reported if material.
	Sample		• The measures taken to ensure sample security.		• Chain of custody is managed by internal staff. Drill samples are
	security					stored on site and transported by a licenced reputable transport
							company to a registered laboratory in Perth, WA (ALS
							Laboratories). At the laboratory samples are stored in a locked
							yard before being processed and tracked through preparation
							and analysis.
	Audits or		• The results of any audits or reviews of sampling		• There has been no external audit or review of the Company's
	reviews		techniques and data.		sampling techniques or data at this stage.

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

N a v a r r e M i n e r a l s L i m i t e d ( N M L ) A S X A n n o u n c e m e n tP a g e | 14

Section 2 Reporting of Exploration Results

	Criteria			JORC Code explanation			Commentary
	Mineral		• Type, reference name/number, location and		• The Glenlyle Project is located within Navarre's 100% owned
	tenement and		ownership including agreements or material		"Glenlyle" exploration licence EL 5497 which was granted on 9
	land tenure		issues with third parties such as joint ventures,		September 2014 for an initial period of 5 years.
	status		partnerships, overriding royalties, native title		• The tenement is current and in good standing.
				interests, historical sites, wilderness or national		• The project occurs on freehold land.
				park and environmental settings.
				• The security of the tenure held at the time of
				reporting along with any known impediments to
				obtaining a licence to operate in the area.
	Exploration		• Acknowledgment and appraisal of exploration by		• Past exploration has identified the Glenlyle target as a potential
	done by other		other parties.		intrusive complex similar to Thursdays Gossan. Most recent
	parties					work was completed from 2002-2008 where a range of
							geophysical techniques (Ground magnetics, IP and trial EM)
							identified several targets for testing by five RC drill holes.
							• Recent structural interpretation by the Geological Survey of
							Victoria indicates the Dryden and Stavely volcanic belts as being
							one of the same.
	Geology		• Deposit type, geological setting and style of		• The project area is considered prospective for
				mineralisation.		Epithermal/Porphyry style mineralisation akin to Thursdays
							Gossan within the Dryden - Stavely Volcanic Belt.
	Drill hole		• A summary of all information material to the		• Reported results are summarised in Figures 3 & 4 and Tables 1 -
	Information		understanding of the exploration results		5 within the main body of the announcement.
				including a tabulation of the following		• Drill collar elevation is defined as height above sea level in
				information for all Material drill holes:		metres (RL)
				o easting and northing of the drill hole collar		• Drill holes were drilled at an angle deemed appropriate to the
				o elevation or RL (Reduced Level - elevation		local structure and is tabulated in Table 5.
				above sea level in metres) of the drill hole		• Hole length of each drill hole is the distance from the surface to
				collar		the end of hole, as measured along the drill trace.
				o dip and azimuth of the hole
				o down hole length and interception depth
				o hole length.
				• If the exclusion of this information is justified on
				the basis that the information is not Material and
				this exclusion does not detract from the
				understanding of the report, the Competent
				Person should clearly explain why this is the case.
	Data		• In reporting Exploration Results, weighting		• All reported assays have been average weighted according to
	aggregation		averaging techniques, maximum and/or		sample interval.
	methods		minimum grade truncations (e.g. cutting of high		• No top cuts have been applied.
				grades) and cut-off grades are usually Material		• An average nominal 0.2g/t Au and 1g/t Ag or greater lower cut-
				and should be stated.		off is reported as being potentially significant in the context of
				• Where aggregate intercepts incorporate short		this drill program.
				lengths of high grade results and longer lengths		• No metal equivalent reporting is used or applied.
				of low grade results, the procedure used for such
				aggregation should be stated and some typical
				examples of such aggregations should be shown
				in detail.
				• The assumptions used for any reporting of metal
				equivalent values should be clearly stated.
	Relationship		• These relationships are particularly important in		Air Core Drilling
	between		the reporting of Exploration Results.		• The exact geometry and extent of any primary mineralisation is
	mineralisation		• If the geometry of the mineralisation with		not known at present due to the early stage of exploration.
	widths and		respect to the drill hole angle is known, its nature		• Mineralisation results are reported as "down hole" intervals as
	intercept		should be reported.		true widths are not yet known.
	lengths		• If it is not known and only the down hole lengths
				are reported, there should be a clear statement
				to this effect (e.g. 'down hole length, true width
				not known').

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

N a v a r r e M i n e r a l s L i m i t e d ( N M L ) A S X A n n o u n c e m e n t	P a g e | 15
	Criteria			JORC Code explanation			Commentary
	Diagrams		• Appropriate maps and sections (with scales) and		• Refer to diagrams in body of text
				tabulations of intercepts should be included for
				any significant discovery being reported These
				should include, but not be limited to a plan view
				of drill hole collar locations and appropriate
				sectional views.
	Balanced		• Where comprehensive reporting of all		• All drill hole results received have been reported in this
	reporting		Exploration Results is not practicable,			announcement.
				representative reporting of both low and high		• No holes are omitted for which complete results have been
				grades and/or widths should be practiced to			received.
				avoid misleading reporting of Exploration
				Results.
	Other		• Other exploration data, if meaningful and		• All relevant exploration data is shown in diagrams and discussed
	substantive		material, should be reported including (but not			in text.
	exploration		limited to): geological observations; geophysical
	data		survey results; geochemical survey results; bulk
				samples - size and method of treatment;
				metallurgical test results; bulk density,
				groundwater, geotechnical and rock
				characteristics; potential deleterious or
				contaminating substances.
	Further work		• The nature and scale of planned further work	•	Areas of positive AC drill results are expected to be followed up
				(e.g. tests for lateral extensions or depth			with infill and expansion AC and/ or diamond drilling programs.
				extensions or large-scalestep-out drilling).
				• Diagrams clearly highlighting the areas of
				possible extensions, including the main
				geological interpretations and future drilling
				areas, provided this information is not
				commercially sensitive.

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