Carnavale Resources Ltd. (CAV) is pleased to provide an update to the diamond drilling program that was completed in July 2022 at the high-grade Kookynie Gold Project. CAV drilled 3 diamond tails for 490m at McTavish East to test depth extensions of the mineralisation and provide detailed geological information, which is generally not available from RC drilling. The information gathered from the diamond drilling has provided important information on the orientation of the mineralizing structures and their interaction with the host geology in the local area at McTavish East as well as detail on the rock strength and density.

CEO Humphrey Hale commented: 'The recent diamond tail drilling program at McTavish East has successfully provided CAV with important density, metallurgical and structural detail to progress the development at McTavish East. In addition, the drilling has extended the major mineralised structure down dip by a further 50m with the mineralisation unconstrained at depth. CAV plans to further develop McTavish East with RC drilling targeting the high-grade shoots within the main mineralizing structure.'

The Kookynie Gold Project is located in the central portions of the historic Kookynie mining centre 20km south of Leonora. Carnavale's strategy is to explore and define sufficient high-grade, high value resources and reserves that can be mined and transported to a processing plant nearby.

At McTavish East high-grade gold mineralisation has been confirmed by previous CAV aircore, 2 phases of RC drilling over a strike extent of 700m (Figure 2). The CAV RC and diamond drilling defined a highgrade lode in fresh rock that has a strike of 500m and a vertical extent of 250m (Figure 3) open at depth and along strike. This is within a broader envelope that has a 700m strike length. (See CAV ASX release New high-grade gold discovery at Kookynie Gold Project 1 August 2022) CAV followed up the RC drilling with 3 diamond tails for 490m to test depth extents of the mineralizing structure and provide additional geological and structural information not available from RC drilling. The core was orientated and logged onsite before being transported to Kalgoorlie for cutting and sampling prior to being submitted to the laboratory.

The strike length of the McTavish East Prospect was expanded by the most recent aircore program 200m northeast towards the Champion South prospect. This new zone remains untested in the fresh rock at depth and provides further exciting opportunities to expand the footprint of the high grade zones at McTavish East. The mineralisation at McTavish East is characterized by quartz, pyrite, gold with trace tungsten hosted within an extensive mineralizing structure that strikes northeast to Champion South. Within this mineralisedstructure are zones of very high-grade gold as characterized by the intercepts such as 16m @ 20.92g/t in in MERC005 and 4m @ 12.94g/t in MERC009 (figure 3). These very high-grade zones are contained with shoot like structures within the main mineralised zone. Figure 3 shows that the main structure has further mineralised structures as splays in the hanging wall. It is expected that these structures may extend to the north beneath the recent aircore drilling that defined a 200m extension to the McTavish prospect in the regolith.

Contact:

Humphrey Hale

Chief Executive Officer

P: +61 8 9380 9098

Competent Persons Statement

The information that relates to Exploration Results for the projects discussed in this announcement represents a fair and accurate representation of the available data and studies; and is based on, and fairly represents information and supporting documentation reviewed by Mr. Humphrey Hale, a Competent Person who is a Member of The Australian Institute of Geoscientists. Mr. Hale is the Chief Executive Officer of Carnavale Resources Limited and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resource and Ore Reserves'. Mr. Hale consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.

Forward Looking Statements

Statements regarding Carnavale's plans with respect to the mineral properties, resource reviews, programs, economic studies and future development are forward-looking statements. There can be no assurance that Carnavale's plans for development of its mineral properties will proceed any time in the future. There can also be no assurance that Carnavale will be able to confirm the presence of additional mineral resources/reserves, that any mineralisation will prove to be economic or that a mine will successfully be developed on any of Carnavale's mineral properties.

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