Navarre Minerals : 01/12/2020 – Third drill rig starts at Irvine Gold Project, Victoria

ASX Announcement

1 December 2020

ASX: NML

THIRD DIAMOND DRILL RIG COMMENCES AT NAVARRE'S

FLAGSHIP VICTORIAN GOLD PROJECT

DRILLING IS TARGETING DEPTH EXTENSIONS ON 1.3 KILOMETRE LONG ADVENTURE LODE

• A third diamond drilling rig has commenced operations at the Irvine Gold Project, focused on extensional drilling at Adventure Lode.
• The 2,000m drilling program is in addition to a 12,000 metre diamond core program targeting a significant maiden mineral resource at Resolution Lode, about 4 kilometres north of Adventure Lode on the Irvine basalt dome.
• The style of gold mineralisation at Irvine is similar to the nearby multi-million ounce Magdala gold deposit in Stawell.
• Navarre is fully funded, with current cash of about $11.9 million.

Navarre Minerals Limited (ASX: NML) (Navarre or the Company) is excited by the arrival of a third diamond drilling rig at its 100 per cent owned Irvine Gold Project, 20 kilometres south of Stawell's operating five million ounce gold mine in Victoria's rich central goldfields (Figures 1 & 2).

The rig has commenced drilling at Adventure Lode, approximately 4 kilometres south of Resolution Lode where two diamond core rigs are actively deployed on a 12,000 metre resource definition and extension drilling program. Resolution Lode is also located on the eastern flank of the Irvine basalt dome (Figure 3).

The 2,000 metre drilling program will scope the depth potential of the 1.3 kilometre long Adventure Lode discovery. This program will follow up previously reported drill intercepts that included 4.75m @ 3.5 g/t Au from 206.9m, including 1.15m @ 9.8 g/t Au (See 20 December 2019 ASX release; Figure 4. Further details below).

The style and geometry of the Adventure Lode's gold mineralisation is similar to the 4.5 million ounce Magdala gold deposit on-strike 20 kilometres further north, where gold has been mined from surface to 1.6 kilometres depth.

Navarre's Managing Director, Mr Ian Holland said:

"We're excited to secure our third diamond drilling rig and to be back drilling at Adventure Lode where there is significant potential to intersect further high-grade gold mineralisation.

"We look forward to sharing further news flow from all three diamond drill rigs at the Irvine Project over the coming weeks, as we continue to unlock the full potential of the Irvine basalt dome."

Irvine is one of seven basalt dome targets within Navarre's 100 per cent owned and extensive (70 kilometre long) tenement package on the Stawell Corridor (Figure 1).

With approximately $11.9 million in the bank, Navarre remains well funded to complete its drilling programs and to move a step closer to becoming a producing gold mining company.

Navarre Minerals Limited | ABN 66 125 140 105 | ASX: NML

40 - 44 Wimmera Street | PO Box 385 | Stawell VIC 3380 Australia

t [phone]

e [e-mail] | w navarre.com.au

N a v a r r e M i n e r a l s L i m i t e d ( N M L ) A S X A n n o u n c e m e n t

P a g e | 2

Figure 1: Location of Navarre's Stawell Corridor mineral properties.

Navarre Minerals Limited | ABN 66 125 140 105

40 - 44 Wimmera Street | PO Box 385 | Stawell VIC 3380 Australia

t [phone]

e [e-mail] | w navarre.com.au

N a v a r r e M i n e r a l s L i m i t e d ( N M L ) A S X A n n o u n c e m e n t

P a g e | 3

BACKGROUND TO ADVENTURE LODE DRILLING

As with Resolution Lode, the 1.3 kilometre long Adventure Lode prospect is an opportunity to define significant gold mineralisation to contribute towards a maiden mineral resource at the Irvine Gold Project (Figures 3 & 4).

In 2019 Navarre completed its first diamond drilling program at Adventure Lode, consisting of five widely-spaced holes in 1,405 metres of drilling. The program tested the depth extensions of several higher-grade gold shoots, typical of a shear-hosted gold system targeted by Navarre's exploration model. Two of the five diamond holes intersected significant gold mineralisation in two gold shoots that remain open down-plunge and are the subject of the current drilling program (see Figure 4).

Significant intersections include (see 20 December 2019 ASX release; Figure 4):

• 4.75 metres @ 3.5 g/t Au from 206.9m, including 1.15 metres @ 9.8 g/t Au in AD001; and
• 4.6 metres @ 3.5 g/t Au from 327.3m in AD002

Interpretation of the drill results indicated:

• the gold mineralisation occurs in geometrical patterns similar to the gold shoots at the Magdala Gold Mine;
• four higher-grade gold shoots have been identified (shoots 1 - 4 in Figure 4);
• gold mineralisation has been expanded to 300 metres depth and remains open; and
• as with Magdala, the geometry of the basalt dome appears to influence the location and geometry of the gold shoots. Where the basalt contact is at a low angle (e.g., area around AD001 and AD002), the shear structure dilates (widens) and is well-mineralised. Where the basalt steepens (e.g., area around AD004 and AD005), the structure is narrow and less well mineralised.

NEXT STEPS - ADVENTURE AND RESOLUTION LODES

• Complete 2,000 metre expansion diamond drilling program at Adventure Lode.
• Complete 12,000 metre resource definition and extension diamond drilling program at Resolution Lode (currently 70 per cent complete).
• Commence preliminary metallurgical test work of key drill intercepts.
• Continue to update geological and structural models with additional drilling information.
• Estimate a potential maiden mineral resource at Resolution Lode in early 2021.

Navarre has a current cash balance of approximately $11.9 million. This means the Company is fully funded to execute its 14,000 metre diamond drilling programs on the eastern flank of the Irvine basalt dome, as well as its 12,000 metre regional air core drilling programs.

Navarre Minerals Limited | ABN 66 125 140 105

40 - 44 Wimmera Street | PO Box 385 | Stawell VIC 3380 Australia

t [phone]

e [e-mail] | w navarre.com.au

N a v a r r e M i n e r a l s L i m i t e d ( N M L ) A S X A n n o u n c e m e n t

P a g e | 4

Figure 2: Photograph of third diamond drilling rig at Adventure Lode, Irvine Gold Project.

Navarre Minerals Limited | ABN 66 125 140 105

40 - 44 Wimmera Street | PO Box 385 | Stawell VIC 3380 Australia

t [phone]

e [e-mail] | w navarre.com.au