Navarre Minerals Limited reported further outstanding high-grade gold, silver, and copper drilling intercepts at both the Mt Carlton United (MCU) and Telstra Hill (TH) deposits, part of the recently acquired and wholly owned Mt Carlton operation (Mt Carlton) in north Queensland. The results from MCU and TH continue to reinforce the shallow, high-grade nature of these deposits which highlights 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 six reverse circulation (RC) and 20 diamond core drill holes for 2,458 metres of drilling completed across MCU and TH since the previous updates announced to the ASX on 25 July 2022 and 20 June 2022, respectively.

Navarre anticipates the drilling results in this report will inform an updated resource estimate for MCU and TH which is expected to be published in Second Quarter FY23, along with updated mineral resources for V2 (currently in production). MCU Drilling: MCU is an intermediate sulphidation epithermal gold, silver + copper mineralised system, with the deposit extending in an east-west orientation for over a kilometre. The style of mineralisation has a similar characteristic to the producing V2 deposit with the mineralisation structurally controlled and hosted in the same rhyodacite volcanic unit.

A total of 17 resource definition and exploration diamond core drill holes for 1,864 metres of drilling have been completed at MCU since the previous reporting of drilling intercepts. The results received to date are currently being incorporated into an updated geological and mineralization model in preparation for resource estimation. The drilling has intersected shallow, high-grade gold, silver and copper confirming the strike extent of the mineralisation in the centre of the deposit outside of the existing Mineral Resource and Ore Reserve pit shells.

The Company believes this drilling has the potential to upgrade and expand the existing 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 ongoing exploration program has extended the eastern extents of the known mineralisation by up to 50 metres. These extensions will require follow-up infill and extension drilling to advance these prospects towards resource definition.

Significant new drilling intercepts from the central area of MCU include: 4.5 metres at 2.0 g/t gold, 41.9 g/t silver & 0.2% copper from 16 metres; and 5.1 metres at 5.3 g/t gold, 94.9 g/t silver & 0.8% copper from 21.9 metres (MC22DD266); 0.8 metres at 3.7 g/t gold, 132.3 g/t silver & 1.3% copper from 32.8 metres (MC22DD265); 8.4 metres at 1.0 g/t gold, 44.5 g/t silver & 0.7% copper from 14.9 metres (MC22DD267), including: 2.1 metres at 2.3 g/t gold, 61.2 g/t silver & 0.3% copper from 18.3 metres; and 3.2 metres at 1.1 g/t gold, 55.4 g/t silver & 0.6% copper from 24.7 metres; and 6.0 metres at 158.3 g/t silver, 0.3 g/t gold & 0.2% copper from 39 metres; 18.0 metres at 1.4 g/t gold & 84.2 g/t silver from 20 metres (MC22DD268), including: 5.0 metres at 1.9 g/t gold, 203.7 g/t silver & 0.6% copper from 33 metres. This drilling is currently being evaluated and will form part of an updated Mineral Resource estimate for Mt Carlton operations scheduled for reporting in early Second Quarter FY23. Exploration drilling: Results have been received for 11 exploration diamond core drill holes totaling 1,431 metres of drilling as part of an ongoing exploration program at Mt Carlton focused on testing and defining additional mineralised zones outside the known resources.

The primary target has been a high-grade north-dipping structure known as the Eastern Feeder. Drilling has focussed on testing the dip and plunge extents of the Eastern Feeder at MCU east. Significant drilling intercepts returned from the exploration drilling include: 8.0 metres at 0.7 g/t gold, 6.8 g/t silver & 0.2% copper from 94 metres (MC22DD274); 1.0 metre at 7.5 g/t gold & 2.7 g/t silver from 35 metres (MC22DD275); 3.0 metres at 1.2 g/t gold, 32.6 g/t silver & 0.1% copper from 21 metres (MC22DD278); 1.7 metres at 4.8 g/t gold, 19.1 g/t silver & 0.1% copper from 36.6 metres (MC22DD279); 4.0 metres at 1.6 g/t gold & 27.5 g/t silver from 49 metres (MC22DD280); 3.7 metres at 1.4 g/t gold, 37.8 g/t silver& 0.1% copper from 51 metres (MC22DD281); 8.7 metres at 4.6 g/t gold, 27.7 g/t silver & 0.3% copper from 98.9 metres (MC22DD284); The drilling has expanded the Eastern Feeder zone mineralisation at MCU by an additional 50 strike metres as well as delineating the up-dip extensions of the modelled mineralisation at MCU.