Navarre Minerals Limited reported high-grade gold and silver results from a recently completed Reverse Circulation (RC) and diamond core drilling program at the BV1 prospect, part of the recently acquired and wholly owned Mt Carlton operation (Mt Carlton) in north Queensland. With drill intercepts of up to 110 grams per tonne of gold and 120.1 grams per tonne of silver, the results demonstrate the considerable scope to grow the satellite mineral inventory at Mt Carlton. Together with existing satellite deposits at Mt Carlton United, Telstra Hill, BV7 and Delta, BV1 represents an opportunity to add to the growing list of complementary resources as part of Navarre's Mt Carlton mining strategy, given its proximity to the 960Ktpa processing facility.

BV1 is one of many prospects captured within an 815 square kilometre tenement package included in the transformational acquisition of the Mt Carlton operation announced to the ASX on 5 October 2021. BV1 forms part of a cluster of low-sulphidation epithermal gold and silver prospects and deposits within the Crush Creek project area, approximately 32 kilometres south-east of Mt Carlton that is being systematically explored. The results disclosed in this announcement have not been previously reported and are from infill confirmatory RC and diamond core drilling (seven RC holes and five diamond holes for 2,002 metres of drilling) completed at BV1 during 2022 to validate historical drilling data dating back to 1987.

While drilling continues at Mt Carlton as part of the ongoing exploration program, Navarre anticipates these drilling results will inform a maiden mineral resource estimate for BV1 which is expected to be published in Second Quarter FY23, along with an updated Mineral Resource and Ore Reserve statement for other Mt Carlton mineral deposits such as V2 (currently in production), Telstra Hill and Mount Carlton United. The drilling program has involved one diamond and one RC drilling rig, infilling and extending historical drill intercepts into the gold and silver mineralisation at BV1. Following completion of this program, the drilling rigs have been deployed at the nearby Delta and BV7 deposits to undertake a program of step-out and infill drilling with the aim of extending the envelope of known mineralisation.

BV1 Drilling Results: Crush Creek hosts low-sulphidation epithermal gold and silver mineralisation, which has significant potential to provide mine life extensions at Mt Carlton. The drilling has focused on validating and expanding the historical shallow drilling data at BV1 with the aim of delineating a maiden Mineral Resource to build critical mass for a new high-grade gold development as potential satellite mill feed to the nearby Mt Carlton operation. The BV1 drilling program comprised five diamond core and seven RC holes for 2,002.1 metres of drilling focussed within the interpreted mineralised boundaries of the main BV1 quartz vein and associated stockworks.

Drill sections were spaced at 20m to 60m intervals orthogonal to the north-south strike of the mineralised structure. All assays have been received and are currently being interpreted and geologically modelled in preparation for resource estimation. This drilling has confirmed continuous gold-silver mineralisation over 550 metres of strike extent with several high-grade plunging shoots intersected across multiple drill holes, including an impressive intercept of 22.7 metres at 22.7 g/t gold in diamond core drill hole BV1DD005.

The drilling has provided an increased level of confidence in the geological and grade continuity of the steeply dipping to sub-vertical north-south striking mineralisation at BV1. Significant results include: 22.7 metres at 22.7 g/t gold & 28.5 g/t silver from 96 metres (BV1DD005), including: 4.0 metres at 110.0 g/t gold & 120.1 g/t silver from 99.6 metres, and 7.0 metres at 5.6 g/t gold & 20.4 g/t silver from 112.0 metres. 4.0 metres at 3.2 g/t gold & 8.6 g/t silver from 26 metres (BV1RC007).

5.0 metres at 2.7 g/t gold & 14.1 g/t silver from 46 metres (BV1RC004). 3.6 metres at 2.8 g/t gold & 17.3 g/t silver from 67.8 metres (BV1DD009). 11.0 metres at 1.2 g/t gold & 2.6 g/t silver from 89 metres (BV1RC001).

9.0 metres at 1.2 g/t gold & 2.9 g/t silver from 99 metres (BV1RC008). Drilling has confirmed the presence of significant mineralisation associated with the main BV1 quartz vein. The recent assay results are consistent with and complement the historical drilling data at BV1 which includes the following unreported highlight intercepts (refer to Tables 3 & 4 for restated historical drilling intercepts): 5.0 metres at 6.4 g/t gold & 11.6 g/t silver from 63 metres (BV105).

6.0 metres at 5.3 g/t gold & 18.0 g/t silver from 82 metres (BV109). 10.0 metres at 2.6 g/t gold & 12.8 g/t silver from 90 metres (BV111). 17.0 metres at 1.8 g/t gold & 4.8 g/t silver from 106 metres (BV113).

12.0 metres at 2.2 g/t gold from 92 metres (B120RC00002). 6.0 metres at 2.8 g/t gold & 2.3 g/t silver from 96 metres (RC87BV04). 5.0 metres at 3.6 g/t gold & 10.4 g/t silver from 36 metres (B1DD001).

6.0 metres at 3.5 g/t gold & 10.4 g/t silver from 62 metres (B1RC01). 2.0 metres at 6.5 g/t gold from 136 metres (RC87BV07). The results from the recent drilling have confirmed the widths and tenor of the gold and silver mineralisation at BV1 and have validated the historical data to be included in a new resource estimate.

The results also continue to enhance the geological understanding of the low-sulphidation mineral systems at Crush Creek and increase the potential of further gold mineralisation with additional drilling as the geological models continue to develop.