Caravel Minerals Limited announced that assay results have been received for reverse circulation percussion drilling (22CARC0015-025) at the Bindi Deposit and the last diamond core hole (21CADD020) at the Dasher Deposit. The RC percussion drilling includes targeted infill drilling of the Bindi West Limb as well as exploration holes into the southern end of the West Limb, at the Caravel Copper Project in Western Australia. Infill RC percussion drilling results (22CARC015-016 and 22CARC023-025) continue to show good continuity of copper mineralisation within the Bindi West Limb position.

The results show consistent grades along strike and across the mineralised zones. Holes 22CARC015-016 and 22CARC023 sit within the starter pit from the 2021 scoping study, completed holes show broad zones of higher- grade mineralisation, two holes were stopped short due to drilling problems. Holes 22CARC024-025 were completed on a new section 100m north of the 2021 scoping study pit, both holes show broad intervals of good mineralisation. The infill drilling achieves a nominal hole spacing of 100x80m in the top 150m or the resource, the new drilling data will provide increased confidence in that part of the revised resource estimate.

The exploration RC percussion drilling (22CARC017-021) targeted the along strike position southwest of the Bindi West Limb. The drilling intersected moderate mineralisation in the West Limb position however the tenor of mineralisation is diminishing further to the south. The West Limb is interpreted to be truncated by the Northwest trending Hanging Wall fault which is sub parallel to the mineralised limb.

Drilling southwest of the West Limb encountered larger volumes of groundwater than seen elsewhere at Bindi, combined with the near surface saprolitic clay this created challenging drilling conditions. Hole 21CADD020 drilled at the southern end of the Dasher optimised pit, intersected strong mineralisation below the barren hangingwall granite. The mineralised zone is thinner in this part of the Dasher Deposit however the grades are consistently good.

The hole also intersected a thinner mineralised zone in the granites of the footwall which may represent the start of another mineralised window in the granites. Assays are awaited for further RC percussion drilling at Bindi West (22CARC025-030). Results are awaited for the AC sterilisation drilling (22CAAC027-120) completed northeast, south and west of the Bindi Deposit.

In addition diamond core holes drilled into the Bindi deposit (22CADD001-004) will provide material for metallurgical test work. There is currently one diamond core rig on site at Bindi continuing geotechnical drilling program. Assays are awaited for samples collected during the following drilling programs: Bindi West infill RC percussion drilling (22CARC026-030), Bindi diamond core drilling (22CADD001-004) for metallurgical samples, AC drilling program peripheral to the Bindi Deposit (22CAAC027-120), and AC drilling program at Dalwallinu project (22DAAC001-033).

This announcement is authorized for release by Executive Director, Alasdair Cooke.