Carnavale Resources Limited (ASX: CAV) is pleased to advise that it has commenced a program of approximately 5,000m of RC drilling at the Kookynie Gold Project. The Kookynie Gold project is located 160km north of Kalgoorlie in the West Australian Goldfields. Drilling will be targeting the newly identified, high-grade lodes within the McTavish East prospect and exploring at the shallow, high-grade gold mineralisation identified in CAV aircore at the McTavish North prospect

CEO Humphrey Hale commented: 'CAV has been quick to return to Kookynie to follow up on the impressive high-grade gold identified in the first RC program at McTavish East. The follow up RC drilling is planned to grow this bonanza grade gold discovery and test other targets.

The initial RC program at McTavish East extended the high-grade gold mineralisation encountered in the previous aircore programs into the fresh rock. Initial RC drilling focused on the McTavish East prospect, which hosts the highest gold grades in the Project area at present. CAV's McTavish East prospect is situated east of Nex Metals Explorations Ltd (ASX: NME) and Metalicity Ltd.'s (ASX: MCT) McTavish highgrade gold deposit. The newly identified mineralised structure identified by recent CAV aircore and RC drilling has high-grade gold defined along 250m of strike and dips steeply east and strikes northeast and remains open (Figure 2).

The current 5,000m RC drilling program is designed to expand the substantial high-grade gold mineralisation associated with strong quartz veining in fresh rock, identified by the previous RC drilling.

The main structure at McTavish East is also supported by mineralised splays in the hanging wall and footwall that have similar mineralogy to the highest-grade zones on the main structure. The current RC program is aimed at expanding and targeting the thickest zones high-grade mineralisation within the main structure that appear to have a south easterly plunge. In addition, CAV will explore the shallow high-grade gold identified in earlier CAV aircore at McTavish North The large-scale mineralised structure identified in the RC drilling that hosts McTavish East strikes northeast across CAV's tenement package and intersects the Champion South Prospect (Figure 4).

This represents a 1.1km priority target corridor that is untested by previous drilling due to the presence of the depletion zone in the regolith profile. CAV has an aircore program planned for Q2 2022 to test this highly prospective corridor for repeat high-grade structures

Contact:

Ron Gajewski Humphrey Hale

Chairman 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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