Carnavale Resources Ltd (CAV) is pleased to provide an update to its exploration activities at the Ora Banda South Gold Project. CAV has received excellent results from the third aircore program following up on previous high-grade gold in the regolith.

High-Grade results received in aircore at Ora Banda South Gold Project

CAV has completed a program of 105 aircore holes for 8,885m following up strong gold grades intercepted in previous aircore programs. Shallow bedrock gold results confirm a gold bearing system with a strike length of 15km. Significant results from the recent aircore drilling at Ora Banda South include:

CEO Humphrey Hale commented: 'We are excited about the results from this third aircore program at Ora Banda as they represent the highest-grade results from the project to date. This drilling has provided better definition to the substantial gold anomalies that cover multiple kilometres of strike along the Carnage Shear. We are keen to target the fresh rock source with an RC drilling program.'

Aircore drilling at the Ora Banda South Gold Project by CAV has identified gold anomalies and structural targets under alluvial cover. CAV's recent aircore drilling program confirmed the prospectivity of the Carnage Shear along the 15km long tenement package. The Carnage shear is anomalous in gold, arsenic, bismuth and lead. Three new gold prospects were identified in CAV's earlier aircore drilling that contain high-grade gold intercepts. The most recent aircore program targeted the Carnage Prospect and Highlander Prospect

To date, aircore has been drilled on wide spaced lines, across the new gold prospects with holes drilled on 40m to 80m drill centres. This has successfully discovered three new prospects within the tenement package. The results from the most recent drilling outline and confirm significant gold mineralisation in the regolith geochemistry at Carnage and Highlander. CAV has gained an improved understanding of the geology and structure as well as the depth of weathering within the regolith profile across the tenement package that has refined the targeting process. (See ASX release Exploration Update 10 August 2022) The recent aircore drilling at Ora Banda has reduced the drill spacing within the prospect areas to 180m between the lines providing better resolution of the geochemical footprint of concealed gold mineralisation in the regolith and providing the best intercepts at the project to date. The current aircore program was designed to find the extents of the mineralisation and define RC drill targets.

The mineralisation at Carnage is interpreted to be orientated North- East along the Carnage Shear and is modified to have a more North-South trend by the geology. Both trends are evident within the interpreted gold contours that are shown in (Figure 1). Gold mineralisation has been intersected in both the transported material and the residual saprolite and saprock. The gold anomalies in the transported material are spatially related to the bedrock mineralisation as can be seen in the cross section (figure 3). This can help provide an additional vector to further mineralisation. The high-grade mineralisation of 4m @ 30.2g/t in OBAC413 appears to be related to the sediment mafic boundary and it is interpreted that a gold bearing structure is present at this interface. This high-grade zone provides a good target for a future RC program (Figure 2). In section C-D through Carnage (Figure 3) the high grade in OBAC379 ended in mineralisation with an intercept of 7m @ 5.95g/t. This intercept is surrounded by strong gold anomalism both in the residual saprolite and the transported cover overlying and adjacent to it. This shallow bedrock gold mineralisation provides a strong target for RC drilling to unlock the potential fresh rock mineralisation at depth.

Contact:

Humphrey Hale

CEO

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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