Navarre Minerals : High-grade gold in maiden diamond drilling at Langi Logan

ASX Announcement

21 March 2022

For personal use only

HIGH-GRADE DIAMOND DRILLING RESULTS EXPAND GOLD POTENTIAL AT LANGI LOGAN IN VICTORIA

I N A U G U R A L 1 , 2 0 0 M E T R E D I A M O N D D R I L L I N G C A M P A I G N E X P A N D S L I M I T S O F

M I N E R A L I S E D G O L D S Y S T E M B E L O W P R E V I O U S R E C O N N A I S S A N C E A I R - C O R E D R I L L I N G

• High-gradegold results received from Navarre's first diamond core drilling campaign completed at the Langi Logan prospect - Navarre's third greenfields discovery within the Stawell Corridor Gold project.
• The diamond drilling intersected strong quartz-sulphide mineralisation beneath the prospects best shallow reconnaissance air-core drilling intercepts, enhancing the scale of the known mineralised gold system.
• The results have also improved the Company's understanding of the geology and mineralisation at Langi Logan, with highlight assays including:
• • 0.5 metres at 19.8 g/t gold within a broader zone of 2.4 metres at 5.8 g/t gold from 131.2 metres (LD002)
  • 0.6 metres at 6.9 g/t gold within a broader zone of 6.8 metres at 1.1 g/t gold from 480.7 metres (LD004)
• A 6,000 metre reconnaissance air-core drilling campaign is underway to scope the lateral extents of the Langi Logan gold mineralisation and test new gold targets as predicted by CSIRO modelling.

Navarre Minerals Limited (ASX: NML) (Navarre or the Company) is pleased to report high-grade gold intercepts from its first program of diamond core drilling at the Langi Logan gold prospect in western Victoria, Australia (Figure 1).

The Company completed a program of four diamond holes totalling 1,227 metres of drilling, which followed up on encouraging high-grade gold intercepts from previous reconnaissance air-core (AC) drill testing.

This drilling was carried out on the prospective flanks of the key targets known as the No.2 and No.3 basalt domes (Figure 2).

Results have now been received for all drill holes (see Tables 1 & 2; Figures 2 & 3). The best intercepts included:

• 0.5 metres at 19.8 grams per tonne (g/t) gold from within a broader zone of 2.4 metres at 5.8 g/t gold from 131.2m (LD002)
• 0.6 metres at 6.9 g/t gold from within a broader zone of 6.8 metres at 1.1 g/t gold from 480.7 metres (LD004)

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ASX Announcement

21 March 2022

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• 1.0 metre at 1.7g/t gold from 176.0m (LD003)

These results complement previous shallow air-core drill intercepts1 returned from the eastern flank of the Langi Logan No.2 basalt (Figures 2 & 3). These included:

• 11 metres at 5.1 g/t gold from 75m (LLA014)
• 2 metres at 19.4 g/t gold from 43m, including 1 metre at 33.6g/t gold (LLA031)
• 1 metre at 21.2 g/t gold from 32m (LLA120)
• 1 metre at 11.1 g/t gold from within a broader zone of 7 metres at 2.4 g/t gold from 95m (LLA024)
• 4 metres at 1.7 g/t gold from 68m (LLA030)

• See ASX announcements dated 30 January 2019 and 12 February 2019 for details. The Company confirms it is not aware of any new information or data that materially affects the information included in these market announcements.

Langi Logan is Navarre's third significant greenfields gold discovery within its wholly owned, 70-kilometre- long Stawell Corridor Gold Project, in the historically productive Victorian goldfields (Figure 1).

The Langi Logan basalt dome is prospective for Stawell-style gold mineralisation and is located 20 kilometres south of Navarre's advanced Irvine basalt dome project, also part of the Stawell Corridor Project and where Navarre has made its two previous gold discoveries at Resolution and Adventure (Figure 1).

Encouraged by the latest assays, the Company has commenced a 6,000-metre program of reconnaissance AC drilling to expand the areas of known gold mineralisation and to test new gold targets on the Langi Logan No. 3 basalt as predicted by CSIRO modelling (See ASX announcement dated 29 September 2020 and Figure 4).

The drilling is expected to be completed in May 2022, with results to be reported to the ASX shortly thereafter.

Navarre Managing Director Ian Holland said:

"While we are still at an early stage of exploration, the Langi Logan results continue to support our view that the Stawell mineralised corridor has potential to host several multi-million-ounce gold systems across a significant area.

"The latest drilling results also highlight the broader potential of the Company's Stawell Corridor ground, which covers 70 kilometres of strike length including the advanced Irvine project.

"Navarre's Victorian exploration is supported by cashflow generated from gold production at our recently acquired Mt Carlton Operation in Queensland, at a time of near-record bullion prices on the back of geopolitical tensions and interest rate concerns."

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ASX Announcement

21 March 2022

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A b o u t t h e p r o j e c t

The Langi Logan prospect comprises a 14.5 kilometre strike length of four, potentially fault-bound, segments of a Cambrian basalt dome structure: the Langi Logan No.1, 2, 3 and 4 basalts (Figure 2).

Approximately 70 per cent of the prospect is covered by post-mineralisation Newer Volcanics, ranging from a few metres to approximately 30 metres in thickness.

Langi Logan is in an area of significant historical deep lead mining, with 133,000 ounces of gold production recorded.

The prospect continues the mineralisation style found at both the Resolution and Adventure prospects located on the eastern flank of the Irvine basalt dome, as well as the nearby Magdala dome at the operating Stawell Gold Mine.

The inaugural diamond drilling program had a twofold objective:

Firstly, to test below the best shallow AC drilling results returned to date on the eastern flank of the No.2 basalt to gain a better understanding of the host rock types, style of mineralisation and controlling structures.

Secondly, to test the northern plunging end of the Langi Logan No.3 basalt, where CSIRO's modelling has predicted strong potential for gold mineralisation (refer to ASX announcement on 29 September 2020).

On the eastern flank of the No.2 basalt, diamond hole LD002 encountered a peak assay of 19.8 grams per tonne gold, consistent with the gold tenor of earlier AC results, within a quartz-sulphide rich shear zone located on the basalt / meta-sediment contact.

The first drill hole, LD001 was sited at a shallow level above LD002 and unfortunately suffered poor core recovery in the critical target area adjacent to the basalt contact.

The third drill hole, LD003 was sited south of LD002 and failed to intersect the basalt contact, indicating potential for a lateral fault displacement of the Cambrian basalt dome in this area. The core from this drill hole, however, returned an anomalous gold intercept of 1.0 metre at 1.7 g/t gold within a mineralised quartz- carbonate vein (see Table 2).

Drill hole LD004 was drilled across the projected northern nose of the No.3 basalt in an area considered prospective for gold mineralisation as predicted by CSIRO modelling. The results showed a zone of strongly altered sediments containing abundant sulphide mineralisation with a peak gold assay of 6.9 grams per tonne, within an anomalous gold zone of approximately seven metres in downhole length.

The intense alteration and host rock types observed in LD004 across this mineralised zone bears strong similarities to the geology of the nearby five million ounce Magdala Gold Mine: dark green to black chemically-altered sediments containing strong sulphides over a seven metres interval down-hole.

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Encouraged by the results of the inaugural diamond drilling program, the Company has immediately launched a 6,000 metre AC program to scope the shallow extents of the north-east flank of the No.3 basalt, as well as delineating the southern extent of the No.2 basalt.

Early indications from AC drilling, in progress, suggest the southern extent of the east flank of the No.2 basalt may be faulted towards the west between diamond holes LD002 and LD003.

Figure 1: Location of Navarre's Stawell Corridor Gold Project.

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Figure 2: Gravity image showing Navarre drill results and geological interpretation.