Navarre Minerals Limited announced that re-processing and interpretation of historical geophysical data over its 100% owned Mt Carlton operation in northern Queensland has highlighted multiple high priority drill targets adjacent to mine infrastructure. The program of reprocessing and interpretation of legacy geophysical data has generated significant new information about the geophysical character of known mineral deposits at Mt Carlton and has highlighted multiple new targets in close proximity to mine infrastructure that share similar geophysical response patterns. The company has to date identified and prioritised 32 drill targets which it is planning to systematically explore.

Most of these targets will be tested as part of a 10,000m Large. Orebody Discovery: Exploration (LODE) drill program which is expected to commence next month. A similar program of reprocessing and interpretation of legacy geophysics is under consideration for later 2023 over the Crush Creek project area, 30 kilometers south of Mt Carlton.

Geophysics Reprocessing - Background and Overview: As part of the company's acquisition of the operating Mt Carlton Mine in December 2021, the company inherited multiple generations of geological data over significant areas of the 815km2 tenement package included with the purchase. This data included various magnetic, gravity, radiometric, electrical (EM, IP) and hyperspectral geophysical surveys as well as abundant drilling and geochemical information. During 2022, with the assistance of geophysical consultants, Navarre commenced a program of compilation, review and validation of the historical data sets dating back to 2008 and set about the task of reprocessing and interpreting the many generations of geophysical surveys.

The reprocessed geophysical surveys were compared against known mineral deposits to characterise the geophysical response of the gold, silver and copper rich mineralisation. Similar responses outside of the existing resource areas were then identified as potential targets. The anomalies underwent a systems approach of interpretation incorporating stratigraphy, topography, structural geology, geochemistry, metal zonation and the orientation of known mineral trends to produce 3D models of target zones for drilling and further exploration.

From this work, Navarre has defined 32 exploration targets across the main Mt Carlton project area, inclusive of the mine lease. The results are highly significant for Navarre: 1. identification of multiple new, zones of potentially high-grade gold, silver and copper mineralization that merit drill testing; 2. the targets generally occur in clusters and form linear features, interpreted to represent structurally controlled mineral trends comprising potential multiple-stacked ore lenses, similar in geometry to the V2 and MCU deposits. Most of these target areas have been verified by geological observations including outcrop of surface veins and strong epithermal alteration assemblages; and 3. most of the data appears to show an excellent correlation with the known host-rock lithologies in the area, particularly the rhyodacite horizon of the Lizzie Creek Volcanics.

However, the underlying granite basement rocks could also be an important host for mineralisation, as evidenced, by strong IP anomalism. The reprocessed geophysics represents another step in the progression of the company's systematic approach to exploration ahead of surface drilling over the Mt Carlton exploration licences. In combination, the geophysical, geological, geochemical and drilling data continues to indicate the potential for multiple areas of high sulphidation epithermal, low sulphidation epithermal and porphyry related mineralisation to occur within the project area.