Navarre Minerals : New Morning Bill results indicate large gold-silver system

ASX Announcement

20 April 2022

For personal use only

NEW MORNING BILL RESULTS POINT TO

LARGE GOLD - SILVER SYSTEM

NEW DRILLING OUTLINES AREAS OF POTENTIAL HIGH-GRADE

GOLD AND SILVER MINERALISATION

•  Significant gold and silver assay results received for recently completed program of air-core and diamond core drilling at Morning Bill, an emerging greenfields discovery within the Stavely Volcanic Belt in western Victoria. Results include:

  •  1 metre @ 12.8 g/t gold, within a broader zone of 7 metres @ 2.3 g/t gold from 134m (GDD008)

  •  3 metres @ 4.2 g/t gold, within a broader zone of 16 metres @ 1.0 g/t gold from 74m (GAC231)

  •  2 metres @ 247 g/t silver, within a broader zone of 12 metres @ 57 g/t silver from 115m (GDD008)

  •  9 metres @ 54.6 g/t silver, within a broader zone of 20 metres @ 27.1 g/t silver from 55m (GAC232)

•  The results indicate the presence of a large, epizonal gold and silver mineralised system with characteristic zoned alteration patterns, concealed beneath a shallow blanket of post-mineralisation cover.

•  The Company is now refining its geological model using a combination of mineral mapping and re-worked geophysical information to better constrain target areas for economic appraisal.

Navarre Minerals Limited (ASX: NML) (Navarre or the Company) is pleased to report significant new assay results from recent air-core (AC) and diamond core drilling at the emerging Morning Bill prospect, a key prospect within its wholly-owned Glenlyle tenement (EL 5497) in western Victoria (Figure 1).

The assays reported in this announcement are from a 3,295 metre program of infill and extension AC drilling targeting the potential for near surface mineralisation above and adjacent to diamond core drill hole GDD003. This hole returned many of the prospect's best assays to date, including 10.1 grams per tonne gold, 216 g/t silver, 1.2% copper, 9.1% zinc and 4.8% lead1 (Figure 2).

Also in this announcement are assays from two diamond core holes that targeted a significant IP chargeability anomaly located at depth below Morning Bill.

1 Refer ASX announcement of 10 June 2021.

ASX Announcement

20 April 2022

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Navarre interprets Morning Bill's mineralisation as epizonal in style that is likely sourced from a deeper porphyry target. It occurs in the same regional volcanic belt that hosts the Cayley Lode copper discovery at the nearby Thursdays Gossan deposit, owned by Stavely Minerals (ASX: SVY) (Figure 1).

Management comment

Commenting on the latest drill results, Navarre Managing Director, Ian Holland said:

"Our ongoing systematic exploration of Morning Bill continues to deliver compelling results as we hone-in on the best areas for gold and silver along the extensive 1,100 metre mineralised trend we have defined to date.

"The new drilling results have delineating areas of significant, semi-continuous high-grade gold and silver mineralisation within zones of discrete alteration, centred over a prominent magnetic low feature.

"We continue to believe the mineralising system discovered at Morning Bill has the scale and potential capable of forming a large mineral deposit."

Morning Bill Air-core and Diamond Drilling

The Morning Bill prospect is a large greenfields gold, silver and base metal discovery identified in 2018 as a result of a systematic exploration program undertaken by Navarre's geological team.

The Company has completed a program comprising 3,295 metres of AC drilling across 41 holes and 1,170 metres of diamond core drilling across two holes at Morning Bill.

Significant assay results have now been received for this drilling, including the highlight results of 3m at 4.2 g/t gold from within a broader interval of 16m at 1.0 g/t gold from 74m (GAC231) and 2m at 247 g/t silver from within a broader interval of 12m at 57 g/t silver (GDD008).

The location of the new AC and diamond core drilling results is shown in Figure 2 relative to previously reported historical intercepts. Significant intercepts and drill-hole details are provided in Tables 1 to 6.

The latest results complement previously reported drill intercepts from the Morning Bill prospect (refer ASX announcements on 23 April 2018, 21 March 2019, 14 April 2020, 4 February 2021, 4 & 18 March 2021, 2 & 10 June 2021):

•  46m @ 8.1 g/t silver from 53m to end of hole, incl. 1m @ 252 g/t silver & 3.1 g/t gold (GAC030)

•  31m @ 6.1 g/t silver from 54m to end of hole, incl. 1m @ 155 g/t silver & 4.0 g/t gold (GAC042)

•  23m @ 30.3 g/t silver from 76m to end of hole, incl. 2m @ 245 g/t silver & 0.5 g/t gold (GAC054)

ASX Announcement

20 April 2022

•  47m @ 11.8 g/t silver from 58m to end of hole, incl. 1m @ 390 g/t silver & 1.0 g/t gold (GAC055)

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•  51m @ 7.3 g/t silver from 45m to end of hole, incl. 1m @ 248 g/t silver & 0.5 g/t gold (GAC057)

•  60m @ 2.0 g/t silver from 36m to end of hole (GAC058)

•  5m @ 1.0 g/t gold from 58m, incl. 1m @ 3.6 g/t gold (GAC077)

•  2m @ 1.7 g/t gold from 30m (GAC064)

•  46m @ 2.2 g/t silver from 54m to end of hole, incl. 1m @ 0.5 g/t gold & 0.5% zinc (GAC085)

•  3m @ 9.0 g/t silver & 0.1% copper from 57m (GAC079)

•  3m @ 1.6 g/t gold from 80m, from within 7m @ 1.0 g/t gold to end of hole (GAC101)

•  75m @ 12.6 g/t silver from 21m to end of hole, incl. 38m @ 23.5 g/t silver, 1m @ 301 g/t silver and 1m @ 207 g/t silver (GAC126)

•  84m @ 1.9 g/t silver from 36m to end of hole, incl. 1m @ 36.7 g/t silver (GAC127)

•  73m @ 1.4 g/t silver from 41m to end of hole, incl. 1m @ 17.3 g/t silver (GAC128)

•  78m @ 1.1 g/t silver from 41m to end of hole, incl. 7m @ 4.4 g/t silver (GAC124)

•  38m @ 7.8 g/t silver from 73m to end of hole, incl. 1m @ 41.5 g/t silver (GAC187)

•  65m @ 0.3 g/t gold from 16m to end of hole, incl. 1m @ 3.1 g/t gold (GAC156)

•  1.9m @ 10.1 g/t gold from 142.6m, incl. 1m @ 16.5 g/t gold, 216 g/t silver, 2.0% zinc from within a broader interval of 46.8m @ 0.5 g/t gold from 120.5 (GDD001)

•  2.5m @ 3.7 g/t gold from 364.9m, incl. 0.9m @ 9.1 g/t gold (GDD001)

•  76m @ 0.4 g/t gold from 14m to end of hole, incl. 1m @ 3.9 g/t gold (GAC189)

•  6.7m @ 1.8 g/t gold, 2.4 g/t silver, 1.5% zinc from 208.6m (GDD003) incl:

  •  0.4m @ 10.1 g/t gold, 11.4 g/t silver, 9.1% zinc, 4.8% lead, 0.2% copper

  •  0.4m @ 8.0 g/t gold, 2.7 g/t silver, 4.9% zinc, 0.2% copper

The AC drilling program was designed to test for near surface extensions of gold-base metal veining intercepted in diamond hole GDD003 (up to 10.1 g/t gold, 1.2% copper, 9.1% zinc and 4.8% lead; refer ASX announcement on 10 June 2021) and refine alteration and pathfinder haloes centred over a prominent magnetic low feature (Figures 2 & 3).

The drilling intersected a broad zone of sericite alteration containing sporadic quartz-pyrite-galena-sphalerite veining. As expected, this zone returned strongly anomalous gold, silver and base metals results which is helping to expand the limits of the metal zonation and alteration mapping being undertaken at Morning Bill for deeper targeted drill testing.

ASX Announcement

20 April 2022

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Figure 1: Location of Navarre's western Victorian mineral projects.

The diamond drilling program was designed to test an IP chargeability anomaly at depth below the 1,100 metres by 400 metres surface footprint of Morning Bill. Two diamond drill holes, GDD008 and GDD009, were completed.

Drill hole GDD008 intersected a broad zone of alteration, consisting mainly of pyrite, associated with a large fault on the fringes and central parts of the IP chargeability anomaly. The abundant disseminated pyrite and rare chalcopyrite intersected in this hole appears to explain the anomaly in this location. However,

ASX Announcement

20 April 2022

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GDD009, collared approximately 700m further east of GDD008, intersected relatively unaltered green volcanic rocks devoid of any significant sulphide mineralisation and consequently returned no significant metal values.

Figure 2: Plan of Morning Bill showing diamond and air core results on magnetic image.