Navarre Minerals Limited reported high-grade gold intercepts from the first holes of an ongoing program of diamond core drilling at its wholly owned St Arnaud Gold Project, 240 kilometres northwest of Melbourne. The Company has received results for the first eight holes of the program, carried out on the New Bendigo Line. Highlights include a gold intercept of 0.4 metres at 38.3 grams per tonne (g/t) gold, within a broader interval of 1.0 metre at 15.6 g/t gold from 153.7 metres (NBD005). The ongoing 9,000 metre, phase 1 diamond core program followed up encouraging air-core (AC) gold intersections around historic workings within the St Arnaud Goldfield. The target area is close to the old New Bendigo Mine, the second largest gold mine within the rich historical St Arnaud Goldfield that produced 400,000 ounces between 1855 and 1916 at an average grade of 15 grams per tonne. Along with other high-grade gold intercepts, the latest results confirm the strong potential to discover significant economic gold mineralisation beneath, and adjacent to, the shallow historical gold workings of the St Arnaud Goldfield. This current program of diamond core drilling on the New Bendigo Line is expected to comprise 5,000 metres across 13 diamond core holes and is likely to be extended given the encouraging results to date. After completing drill testing along the New Bendigo Line, the drilling rig will test multiple targets at the nearby Nelson Line which is also part of the St Arnaud Gold Project for an expected total of approximately 4,000m. This release is for the first eight holes of the program, covering 3,239 metres of drilling. A further three holes have been subsequently drilled (NBD009 - NBD011), with results expected following completion of geological logging, sampling, assaying and interpretation. Navarre remains well positioned with a landholding of more than 1,600 square kilometres across the broader St Arnaud Gold Project. Following a well-supported $14.9 million capital raising, by way of a placement and share purchase plan, the Company is well placed to fund ongoing exploration with a June-end cash balance of $14.1 million. This announcement relates to Navarre's ongoing 9,000 metre maiden diamond core drilling program testing the New Bendigo and Nelson lines of reef within the historic St Arnaud Goldfield. This drilling is testing for potentially economic gold mineralisation beneath encouraging recent AC drilling intercepts. The program is also examining legacy drill hits around the historic mine workings of the St Arnaud Goldfield, including one metre at 1,174 g/t gold1 (RXM legacy intercept). Results have been received for the first eight holes of the diamond program. This drilling has intersected a variably 0.5- to 8-metre-wide quartz reef structure (East Reef), with significant assays extending over 250 metres of strike extent and to 170 metres depth. These remain open to the north and at depth. The East Reef is approximately 40 metres east of the "Main Reef", historically mined in the New Bendigo Shaft. This reef contains areas of visible gold and strong sulphide mineralisation in the form of arsenopyrite + galena + sphalerite (strong pathfinder elements in most Victorian gold deposits). Significant diamond core drilling intercepts from the New Bendigo Line include: 0.4m @ 38.3 g/t gold from within a broader interval of 10.m @ 15.6 g/t gold from 153.7m (NBD005); 1.0m @ 11.1 g/t gold from 169.7m (NBD007); 0.6m @ 5.1 g/t gold from 196.5m (NBD007); 0.5m @ 2.9 g/t gold from 152.8m (NBD007). The results indicate: Exceptional potential to locate potentially economic areas of high-grade gold mineralisation in and around historic workings, to underpin a maiden mineral resource and complement existing resources recently reported for the Stawell Corridor Gold Project. Gold mineralisation occurs in planar, sub-parallel quartz reef structures that are generally inclined steeply to the west at approximately 70 - 75 degrees. The quartz reefs vary from 0.5 to 8 metres in thickness. The quartz reef textures vary from laminated, brecciated to massive (buck) with the former textures related to higher grade gold mineralisation as compared to buck vein zones. Based on historical mining records and recent drilling, higher grade gold shoots tend to develop at near vertical orientations, pitching steeply towards the south within the plane of the mineralisation. This contrasts with the shallow orientations typically developed in the central Victorian goldfields. Drill holes NBD001 - NBD003, testing around the RXM legacy drill intercept, were unable to replicate the original high-grade gold intercept, suggesting the gold mineralisation has nuggety characteristics.