Carnavale Resources Ltd. provided an update to the diamond drilling program that was completed in July 2022 at the high-grade Kookynie Gold Project. CAV drilled 3 diamond tails for 490m at McTavish East to test depth extensions of the mineralisation and provide detailed geological information, which is generally not available from RC drilling. The information gathered from the diamond drilling has provided important information on the orientation of the mineralizing structures and their interaction with the host geology in the local area at McTavish East as well as detail on the rock strength and density.

The Kookynie Gold Project is located in the central portions of the historic Kookynie mining centre 20km south of Leonora. Carnavale's strategy is to explore and define sufficient high-grade, high value resources and reserves that can be mined and transported to a processing plant nearby. At McTavish East high-grade gold mineralisation has been confirmed by previous CAV aircore, 2 phases of RC drilling over a strike extent of 700m.

The CAV RC and diamond drilling defined a high- grade lode in fresh rock that has a strike of 500m and a vertical extent of 250m open at depth and along strike. This is within a broader envelope that has a 700m strike length. CAV followed up the RC drilling with 3 diamond tails for 490m to test depth extents of the mineralizing structure and provide additional geological and structural information not available from RC drilling.

The core was orientated and logged onsite before being transported to Kalgoorlie for cutting and sampling prior to being submitted to the laboratory. The strike length of the McTavish East Prospect was expanded by the most recent aircore program 200m northeast towards the Champion South prospect. This new zone remains untested in the fresh rock at depth and provides further exciting opportunities to expand the footprint of the high grade zones at McTavish East.

The mineralisation at McTavish East is characterized by quartz, pyrite, gold with trace tungsten hosted within an extensive mineralizing structure that strikes northeast to Champion South. Within this mineralized structure are zones of very high-grade gold as characterized by the intercepts such as 16m @ 20.92g/t in MERC005 and 4m @ 12.94g/t in MERC009. These very high-grade zones are contained with shoot like structures within the main mineralised zone.

Exploration Strategy; CAV's planned work program at the Kookynie Gold Project includes: RC drilling testing at depth and along strike from the shallow high-grade gold mineralization defined by the recent aircore drilling. Grow resources and reserves providing an asset base to CAV; and Identify additional targets within the Kookynie tenement package.