Navarre Minerals Limited reported further strong gold, silver and copper results returned from ongoing resource definition and exploration drilling within its wholly-owned 850km2 Mt Carlton operation in north Queensland. The latest drill intercepts are from depth and strike extensions to the existing V2 and A39 orebodies and from the satellite Mt Carlton United (MCU) deposit. The results continue to reinforce the shallow, high-grade nature of these deposits and to highlight the outstanding prospectivity of the broader Mt Carlton project area in support of Navarre's strategic objective of growing the mineral inventory and extending mine-life.

The MCU results disclosed in this announcement have not been previously reported and cover an additional 58 reverse circulation (RC) three diamond core (DD) holes for 4,088 metres of drilling completed across the project since the previous drilling update announced to the ASX on 4 November 2022. The results from V2 and A39 cover an additional 84 reverse circulation holes for 9,355 metres of drilling and represent the final assays for drilling completed during the 2022 field season. The drilling program has involved up to two RC drilling rigs and one diamond core drilling rig, with the aim of expanding the known limits of the gold, silver, and copper mineralised systems. The results of this program will be included in an annual update of the Mineral Resource and Ore Reserves statement scheduled for reporting in March 2023.

MCU Drilling: Mt Carlton United (MCU) is an intermediate sulphidation epithermal gold, silver and copper mineralized system comprising four mineral deposits (MCU Far West, MCU West, MCU central and MCU East) and two exploration prospects (MCU North and Jasper Ridge). Although situated about its own volcanic centre, the MCU deposits display similar mineralisation characteristic to the producing V2 deposit, 4 kilometres to the east. The mineralisation at MCU is structurally controlled and hosted in the same rhyodacite volcanic unit as the nearby V2 and Telstra Hill deposits.

Resource definition and extension drilling at MCU has successfully extended the mineralisation along strike in both directions, as well as provided increased confidence in the shallow, up-dip extensions of the mineralisation in key parts of the deposit. The assays from these holes will be used as inputs into the Mineral Resource and Ore Reserve estimation work currently being completed by Navarre. Key results from this drilling include: 6 metres at 4.2 g/t gold, 104.2 g/t silver & 0.7% copper from 17 metres (MC22RC433), including 1 metre at 11.7 g/t gold, 143.2 g/t silver at 1.2% copper from 18 metres; 8 metres at 3.8 g/t gold, 17.5 g/t silver & 0.3% copper from 87 metres (MC22RC435), including a peak gold assay of: 1 metre at 25.0 g/t gold, 72.5 g/t silver & 1.2% copper from 92 metres; 11 metres at 1.3 g/t gold & 73.3 g/t silver from 18 metres (MC22RC370), including 4 metres at 2.8 g/t gold & 91.5 g/t silver from 25 metres; 5 metres at 1.7 g/t gold & 138.2 g/t silver from 39 metres (MC22RC370).

Drilling has confirmed a ~100 metre strike extension to the MCU East deposit, with intercept widths over 5 metres intersected in multiple drill holes. This area remains open at depth and to the east. MCU North: The MCU North prospect represents a newly identified mineralised zone immediately to the north of the main MCU East - MCU West orebodies.

The outcropping mineralisation occurs in a series of moderately dipping, E-W striking stacked lenses and is hosted within the same rhyodacite lithology as all MCU deposits. The initial wide spaced drilling program has effectively defined the mineralization over 700 metres of strike with the lenses open along strike and down dip. Several highly encouraging, shallow, high-grade intercepts have been returned from this exploration program including: 4 metres at 5.8 g/t gold & 5.1 g/t silver from 14 metres (MC22RC394); 4 metres at 1.6 g/t gold & 3.3 g/t silver from 2 metres (MC22RC406); 2 metres at 2.1 g/t gold & 58.8 g/t silver from 6 metres (MC22RC402); 1 metre at 3.6 g/t gold, 22.2 g/t silver & 0.2% copper from 28 metres (MC22RC472).

Jasper Ridge: The mineralisation identified at Jasper Ridge lies on a separate mineralised trend to the east of the main MCU orebodies. Although mineralisation at Jasper Ridge has been intersected previously, the recent drilling has confirmed continuity both along strike and up-dip of these previous intercepts. Jasper Ridge mineralisation is very similar in style to MCU with the NE-striking, steeply NW dipping mineralisation now defined over 350 metres of strike length.

Highly encouraging, shallow intercepts have been returned from this exploration program including: 4 metres at 3.2 g/t gold, 40.3 g/t silver & 0.2% copper from 15 metres (MC22RC424); 5 metres at 1.4 g/t gold, 7.8 g/t silver & 0.1% copper from 7 metres (MC22RC422). V2 - A39 Drilling: V2 and A39 are high sulphidation epithermal Au-Ag-Cu rich deposits hosted within a doubly plunging rhyodacite package, with the higher-grade mineralisation occurring in steeply dipping NE trending structures surrounded by lower grade flat to shallowly dipping stratiform mineralisation. V2 has been and currently remains the primary ore source for Mt Carlton.

Drilling at both deposits has focussed on testing for extensions of the Au-Ag-Cu rich mineralisation along strike and at depth, with the aim of identifying additional mineable material in close proximity to the processing plant at Mt Carlton. Eighty-four RC drill holes for 9,355 metres have been drilled in 2022 across both deposits, with the results from these holes being used to update Mineral Resource and Ore Reserve estimates.