Navarre Minerals Limited reported outstanding high- grade gold, silver and copper drilling intercepts at its Mt Carlton United deposit (MCU), part of the recently acquired Mt Carlton Operation (Mt Carlton) in North Queensland. With drill intercepts of up to 22.9 grams per tonne (g/t) gold, 1327 g/t silver and 4.2% copper, the results confirm the outstanding grade and continuity of the mineral inventory at MCU, approximately four kilometres southwest of the Mt Carlton processing facility. The results disclosed in this announcement have not been previously reported and cover 71 holes for a total of 5,451 metres of drilling completed by Navarre during the first quarter of 2022 across MCU.

This program is Navarre's first drilling completed at Mt Carlton since assuming formal ownership of the asset. 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 September 2022, along with updated mineral resources for other Mt Carlton deposits such as V2, Telstra Hill and Crush Creek. The drilling program has involved one reverse circulation (RC) drilling rig and one diamond core drilling rig, with the aim of infilling and extending the known limits of the gold, silver and copper mineralised system as well as providing metallurgical and geotechnical information within the broader envelope of known mineralisation.

MCU is interpreted to be an intrusion-related, low sulphidation epithermal gold, silver + copper mineralised system, which has significant potential to provide mine life extensions at Mt Carlton. The style of mineralisation has a similar characteristic to the producing V2 deposit, where early high sulphidation mineralisation has evolved over time to become a lower sulphidation system. The drilling has focused on improving the definition of the geology and grade continuity within the shallow Inferred Mineral Resources already defined at MCU, as well as providing initial testing for potential depthextensions.

The drill assays are expected to upgrade and expand the existing Mineral Resource at MCU to build critical mass for high-grade new gold developments as potential satellite mill feed to the nearby Mt Carlton Operation. This is in addition to other potential satellite mill feed identified at Telstra Hill and the Crush Creek Project.