Navarre Minerals Limited reported further outstanding high-grade gold, silver, and copper drilling intercepts at its Mt Carlton United deposit (MCU), part of the recently acquired and wholly owned Mt Carlton Operation (Mt Carlton) in North Queensland. The latest drilling results from MCU, including a highlight intercept of 2 metres at 99.1 g/t gold, add to the satellite deposits defined at Telstra Hill, Delta and BV7. The results from MCU further reinforce the outstanding prospectivity of the broader Mt Carlton project area and support Navarre's strategic objective of growing the mineral inventory and extending mine life.

The results disclosed in this announcement have not been previously reported and cover an additional 92 reverse circulation (RC) and 14 diamond core drill holes for 8,989 metres of drilling completed across MCU since the previous update announced to the ASX on 22 April 2022. While drilling continues in 2022 as part of an ongoing exploration program, Navarre anticipates the drilling results in this report will inform an updated resource estimate for MCU which is expected to be published in Fourth Quarter 2022, along with updated mineral resources for other Mt Carlton deposits such as V2, Telstra Hill and Crush Creek's Delta and BV7 deposits. Highlight drilling results include: 2.0 metres at 99.1 g/t gold & 77.5 g/t silver from 43 metres (MC22DD028), including: o 1.0 metre at 196.1 g/t gold & 125.2 g/t silver from 43 metres 29.0 metres at 1.9 g/t gold, 95.9 g/t silver & 0.4% copper from 6 metres (MC22RC264), including: o 4.0 metres at 5.6 g/t gold, 90.2 g/t silver & 2.0% copper from 25 metres 6.0 metres at 12.2 g/t gold, 29.7 g/t silver & 0.1% copper from 37 metres (MC22RC303); and 8.0 metres at 1.4 g/t gold, 187.6 g/t silver & 1.7% copper from 8 metres (MC22RC303) 16.0 metres at 2.0 g/t gold, 83.9 g/t silver & 0.5% copper from 22 metres (MC22DD018), 4.6 metres at 6.8 g/t gold, 371.4 g/t silver & 0.1% copper from 37.7 metres (MC22DD019) 4.0 metres at 5.1 g/t gold, 619.7 g/t silver & 0.1% copper from 8 metres (MC22RC198) 11.0 metres at 2.6 g/t gold & 155.0 g/t silver from 10 metres (MC22RC304) 8.0 metres at 3.1 g/t gold & 179.8 g/t silver from 9 metres (MC22RC221) 11.0 metres at 4.7 g/t gold & 96.0 g/t silver from 17 metres (MC22RC222) 1.0 metres at 6.8% copper, 1.0 g/t gold & 64.5 g/t silver from 20 metres (MC22RC262) 3.6 metres at 3.8 g/t gold & 930.3 g/t silver from 63.6 metres (MC22DD022), including: o 1.1 metres at 1,793 g/t silver & 5.91 g/t gold from 64.2 metres.