Carawine Resources : Latest Gold Results Extend Big Freeze Over 900m Strike

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ASX AND MEDIA RELEASE

20 December 2021

LATEST RESULTS EXTEND BIG FREEZE GOLD ZONE WITH

FOLLOW-UP DRILLING PLANNED FOR EARLY 2022

KEY POINTS

• Results from the final four reverse circulation ("RC") holes of an eight-hole program have confirmed the extents of the +1g/t Au gold zone at Big Freeze over more than 900m combined strike, including one new significant interval of:
  o 1m @ 1.89g/t Au from 155m (TNRC043)1
• The Big Freeze prospect is located on the same tenement as the Company's high-grade Hercules and Atlantis gold prospects, contains similar structures and host rocks, and has gold grades considered highly significant in both local and regional contexts
• Multiple parallel mineralised zones have been identified, enabling the design of an extensive follow-up drilling program
• Follow-upRC drilling program is planned to commence at Big Freeze in February 2022, in parallel with ongoing drilling at Hercules

Gold and base metals explorer Carawine Resources Limited ("Carawine" or "the Company") (ASX:CWX) is pleased to announce the latest assay results from an eight-hole RC drilling program, confirming the potential for significant mineralisation at the Big Freeze prospect.

Big Freeze is within the Neale tenement, part of Carawine's Thunderstruck Joint Venture ("Thunderstruck JV", Carawine 90% interest) and Tropicana North Project, located in the north-eastern Goldfields of Western Australia. The Neale tenement also hosts the Company's advanced Hercules and Atlantis gold prospects.

Assay results reported today are from RC drill holes TNRC040 to TNRC043, which, along with previously reported assay results from TNRC039, have further defined the 900m-long, continuous zone of gold mineralisation above 1g/t Au in wide-spaced drilling at Big Freeze. This zone is within a 900m x 200m wide, +0.3g/t Au drill hole anomaly within a much larger +10ppb Au anomaly along the Hercules Shear Zone, considered highly significant in both a local and regional context (Figure 1).

Locally, Carawine's drilling at Hercules shows +1g/t Au intervals to be a reliable indicator of potential high-grade gold mineralisation, especially those associated with quartz-sulphide veining. Regionally, the large Tropicana gold mine, 60km to the southwest, was discovered by following up +1g/t Au drill intervals within a +3ppb Au geochemical anomaly2. These latest results add further definition to the +1g/t Au zone at Big Freeze and will enable effective design of follow-up drilling.

Commenting on these latest results from Big Freeze, Carawine Managing Director David Boyd said:

"Today's results from the last four holes of our initial eight-hole RC program, testing gold anomalies on the Neale tenement, will enable us to design a targeted follow-up drilling program to explore for shallow, high-grade mineralisation within the much larger gold trend at Big Freeze. We look forward to commencing this program early in the New Year, which we expect to complete in parallel with our ongoing drill program at the Hercules prospect."

1. Downhole widths, refer Figures 1 to 4, Table 1 and Appendix 1 for details
2. Source: Independence Gold NL (ASX: IGO) Quarterly Report: 31 December 2002, released 28 January, 2003.

ASX AND MEDIA RELEASE

20 December 2021

onlyuse personalFor Figure 1: Big Freeze drill hole location and gold anomalism.

Assay results reported today are from the last four RC holes (TNRC040 to TNRC043) of the eight-hole program designed as an initial test of drill hole gold anomalies along the Hercules Shear Zone (refer ASX announcements 3 September 2020 and 15 April 2021).

In November 2021, the Company announced the definition of a large, continuous gold zone above 1g/t Au at the Big Freeze prospect, including an interval of 6m @ 1.12g/t Au from 64m, including 1m @ 4.22g/t Au in quartz-sulphide veins displaying a similar style to high-grade gold mineralisation at the Hercules and Atlantis prospects (TNRC039; Figure 1) (refer ASX announcement 1 November 2021).

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Significant intervals (>0.3g/t Au cut off) reported today are as follows:

• 3m @ 0.32g/t Au from 120m (TNRC040)
• 1m @ 0.47g/t Au from 27m and 1m @ 0.42g/t Au from 38m and 1m @ 0.37g/t Au from 68m (TNRC041)
• 1m @ 1.89g/t Au from 155m (TNRC043)

(intervals >0.3g/t Au cut-offincluding >1g/t Au cut-off, downhole widths, refer Table 1 and Appendix 1 for details)

TNRC040 was angled to the southeast as a "scissor" hole to TNRC039 (drilled on the same section but in the opposite direction), to test for vertical and northwest-dipping mineralisation. The low-grade interval in TNRC040 is in a weakly sulphidic granulite, located approximately 50m vertically below an interval of 1m @ 1.29g/t Au in air-core ("AC") drill hole TNAC0053 (Figure 2) (refer ASX announcement 15 April 2021). Follow-up drilling will focus on testing mineralisation under TNRC039 and along strike.

Figure 2: Big Freeze cross-section through TNRC039 & TNRC040 (+/-20m)

TNRC041 and TNRC042 were drilled as scissor holes beneath an interval of 2m @ 2.28g/t Au from 46m in AC hole TNAC0048 (Figure 3) (refer ASX announcement 15 April 2021). The first two intervals in TNRC041 are associated with weathered felsic granulite within a wide low-grade mineralised zone (>0.1g/t Au). The deeper interval of 1m @ 0.37g/t Au from 68m is associated with quartz veining in a chloritic shear zone, similar in style as that associated with the reported interval from TNAC048 (Figure 3).

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TNRC042 did not return any significant assay results, however lower grades (>0.1 to <0.3g/t Au) in this drill hole and TNRC040 define a southeast-dipping mineralised zone linked to the higher grade interval in TNAC048 (Figure 3).

Figure 3: Big Freeze cross-section through TNRC041 & TNRC042 (+/-20m)

TNRC043 targeted the depth extension of historic intercept 2m @ 3.40g/t Au from 110m in NLC140. The drill hole intersected a shear zone from the base of cover to 70m, followed by a broad zone of strongly foliated intermediate granulite, with the significant interval of 1m @ 1.89g/t Au from 155m linking significant intervals in drill holes NL02835 and NLC140 (Figure 4) (refer ASX announcement 3 September 2020). All three +1g/t Au intervals define an additional ~200m of strike to the Big Freeze Target Zone, southwest of an interpreted fault separating it from the larger 700m long Target Zone to the northeast (Figure 1).

Results from the initial RC program add further definition to the Big Freeze prospect, enabling a more effective design of follow-up drilling to test for high-grade, continuous gold mineralisation along its >900m strike length. This drilling is expected to commence in February 2022.

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Figure 4: Big Freeze cross-section through TNRC043 (+/-20m)

About Tropicana North

Carawine's Tropicana North Project covers 80km strike of the Tropicana Belt, containing strike extensions of the same and similar rock units and structures to those hosting the large Tropicana gold mine (operated by AngloGold Ashanti Australia Ltd ("AGA") & Regis Resources Ltd ("Regis")3). Several early stage to advanced gold prospects have been identified within the Project, providing Carawine with a large pipeline of high-quality exploration targets on which to focus its exploration activities.

The Project comprises the two granted exploration licences in the Thunderstruck JV (Neale and Don King), and six granted exploration licences (Dyno, Chicago, Westwood, Pleiades, Python and Bluebell South) and four exploration licence applications (Rason, Spackman, Naries and Blue Robin), held 100% by Carawine (Figure 3). Combined, these cover an area of more than 1,800km2, making Carawine the second-largest tenement holder in the region behind AGA.

3 On 31 May 2021 Regis announced completion of the acquisition of a 30% interest in the Tropicana Gold Project from IGO Limited for a cash consideration of A$903 million (refer Regis' ASX announcement 31 May 2021; ASX:RRL)

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