Navarre Minerals : Outstanding high grade gold results from Mt Carlton United

MT CARLTON UNITED DRILLING DELIVERS OUTSTANDING HIGH-GRADE

GOLD, SILVER & COPPER RESULTS

PEAK INTERCEPTS OF 22.9 G/T GOLD, 1327 G/T SILVER AND 4.2% COPPER

CONFIRM OUTSTANDING GRADE AND CONTINUITY OF THE

MT CARLTON UNITED MINERAL DEPOSIT

•  Assays from infill and extensional reverse circulation and diamond core drilling at the Mt Carlton United (MCU) deposit, 4km from the Mt Carlton mill, confirm the outstanding grade and continuity of the gold-silver-copper rich mineral deposit.

•  This drilling program was Navarre's first drilling at the recently acquired Mt Carlton Operation and was designed to upgrade and expand the existing Inferred Mineral Resource.

•  Highlight results include:

  •  2.0 metres at 22.9 g/t gold, 402.2 g/t silver & 0.2% copper from 54 metres (MCURC-129)

  •  4.0 metres at 18.7 g/t gold, 162.4 g/t silver & 0.1% copper from 67 metres (MCURC-121)

  •  2.0 metres at 14.7 g/t gold & 191.7 g/t silver from 31 metres (MC22DD010)

  •  7.0 metres at 14.6 g/t gold, 461.6 g/t silver & 0.1% copper from 29 metres (MCURC-154)

  •  2.0 metres at 12.5 g/t gold & 251.0 g/t silver from 15 metres (MC22DD008)

  •  2.0 metres at 11.3 g/t gold, 1327.5 g/t silver & 0.3% copper from 74 metres (MCURC-122)

  •  4.0 metres at 9.3 g/t gold, 62.4 g/t silver & 0.9% copper from 59 metres (MCURC-103)

  •  7.0 metres at 8.5 g/t gold, 192.2 g/t silver & 2.2% copper from 55 metres (MCURC-113)

  •  4.0 metres at 7.5 g/t gold & 649.1 g/t silver from 41 metres (MC22DD010)

  •  7.0 metres at 6.8 g/t gold, 522.1 g/t silver & 0.1% copper from 39 metres (MCURC-148)

  •  6.0 metres at 6.7 g/t gold, 209.5 g/t silver & 0.5% copper from 60 metres (MCURC-134)

  •  7.0 metres at 4.7 g/t gold, 152.1 g/t silver & 2.1% copper from 46 metres (MCURC-113)

  •  4.0 metres at 4.4 g/t gold, 254.0 g/t silver & 4.2% copper from 55 metres (MCURC-106); and

•  Drilling results will contribute towards an updated Mineral Resource and Ore Reserve estimate for Mt Carlton Operation scheduled for reporting in September 2022.

Navarre Minerals Limited (ASX: NML) (Navarre or the Company) is pleased to report outstanding high-grade gold, silver and copper drilling intercepts at its Mt Carlton United deposit (MCU), part of the recently acquired Mt Carlton Operation (Mt Carlton) in North Queensland (Figures 1 & 2).

With drill intercepts of up to 22.9 grams per tonne (g/t) gold, 1327 g/t silver and 4.2% copper, the results confirm the outstanding grade and continuity of the mineral inventory at MCU, approximately four kilometres southwest of the Mt Carlton processing facility (Figure 2).

The results disclosed in this announcement have not been previously reported and cover 71 holes for a total of 5,451 metres of drilling completed by Navarre during the first quarter of 2022 across MCU. This program is Navarre's first drilling completed at Mt Carlton since assuming formal ownership of the asset (refer ASX announcement on 15 December 2021).

While drilling continues in 2022 as part of an ongoing exploration program, Navarre anticipates the drilling results in this report will inform an updated resource estimate for MCU which is expected to be published in September 2022, along with updated mineral resources for other Mt Carlton deposits such as V2, Telstra Hill and Crush Creek.

Navarre Managing Director Ian Holland said:

"These outstanding shallow drilling results, returned from our first drilling campaign under Navarre ownership of the Mt Carlton Operation, are extremely pleasing and represent an important milestone since transitioning to become a gold producer.

"The resource definition drilling program has confirmed the continuity, tenor and width of the high-grade gold, silver and copper system of the Mt Carlton United prospect.

"Only four kilometres west of the processing facility, the gold-silver-copper mineralisation defined at MCU has the potential to significantly extend mine life at Mt Carlton."

The drilling program has involved one reverse circulation (RC) drilling rig and one diamond core drilling rig, with the aim of infilling and extending the known limits of the gold, silver and copper mineralised system as well as providing metallurgical and geotechnical information within the broader envelope of known mineralisation.

MCU Drilling Results

MCU is interpreted to be an intrusion-related, low sulphidation epithermal gold, silver + copper mineralised system, which has significant potential to provide mine life extensions at Mt Carlton. The style ofmineralisation has a similar characteristic to the producing V2 deposit, where early high sulphidation mineralisation has evolved over time to become a lower sulphidation system.

The drilling has focused on improving the definition of the geology and grade continuity within the shallow Inferred Mineral Resources already defined at MCU, as well as providing initial testing for potential depth extensions.

The drill assays are expected to upgrade and expand the existing Mineral Resource at MCU to build critical mass for high-grade new gold developments as potential satellite mill feed to the nearby Mt Carlton Operation. This is in addition to other potential satellite mill feed identified at Telstra Hill and the Crush Creek Project (refer ASX announcement on 30 March 2022).

Details of the MCU drilling program are provided in Tables 1 & 2 and Appendix 1.

Figure 1: Location of Navarre's Mt Carlton Operation.

Figure 2: Plan of Mt Carlton Operations showing location of MCU relative to other key mineral deposits.

Results and Interpretation

A total of 71 resource definition RC and diamond core drill holes for 5,451 metres of drilling have been completed at MCU during the first quarter of 2022 (Figure 3). All assays have been received and are currently being interpreted and geologically modelled in preparation for an updated resource estimate.

This drilling has confirmed two distinct styles of mineralisation. The eastern area is dominated by a closely spaced stacked series of shallow dipping gold, silver and copper mineralised lenses. Several of these lenses contain continuous high-grade gold intercepts across multiple drill holes.

The western area is dominated by gold and silver mineralisation without substantial copper. The geometry of this mineralisation comprises a continuous, high-grade, steeply dipping structure feeding into a stacked set of flat-lying mineralised lenses close to surface. The steeply dipping feeder structure contain multiple high-grade intersections, including an impressive intercept of 7 metres at 14.6 g/t gold and 461.6 g/t silver from 29 metres in RC drill hole MCURC-154 (Figure 4 & Table 2).

Figure 3: Plan of the MCU deposit showing the distribution of 2022 drill holes relative to historical drill collars. The location of the Figure 4 cross-section is shown in yellow.

Figure 4: Cross-section 555745mE interpretation across MCU (refer to Figure 3 for location).