Navarre Minerals : 28/10/2020 – Portfolio enhanced with grant of St Arnaud gold property

ASX Announcement

28 October 2020

ASX: NML

NAVARRE STRENGTHENS VICTORIAN GOLD PIPELINE WITH

GRANT OF KEY ST ARNAUD TENEMENT

INITIAL DRILLING PLANNED TO START IN DECEMBER

• Navarre has been granted tenure over the historical 400,000 ounce St Arnaud Goldfield.
• The new tenement adjoins the Company's St Arnaud Gold Project and provides access to follow- up rich legacy drill hits, such as 1m @ 1,174 grams per tonne gold1.
• The highly prospective ground further strengthens Navarre's strategic footprint in Victoria's 80 million ounce Golden Triangle.

Navarre Minerals Limited (ASX: NML) (Navarre or the Company) has further strengthened its growth pipeline in the historical goldfields of Victoria, with the state's Earth Resources Regulation granting the Company an exploration licence over the main producing areas of the St Arnaud Goldfield (EL6819).

Acquired after a competitive bidding process, the new ground is enveloped by Navarre's broader tenement package at the St Arnaud Gold Project (Figure 1 & 2).

The tenure covers the majority of historical workings within the goldfield, which has produced 400,000 ounces of gold in the past (Figure 2).

Navarre has also lodged three exploration licence applications to secure a strategic tenement package, adjacent to its fully-owned St Arnaud Gold Project (Figure 2).

Photo 1: Visible gold in drill core assaying 1m @ 1,174 g/t Au from 425m down hole in STDD-0041 within EL6819.

1 Source: RXM ASX announcements of 15 & 16 April 2008.

Navarre Minerals Limited | ABN 66 125 140 105

40 - 44 Wimmera Street | PO Box 385 | Stawell VIC 3380 Australia

t [phone]

e [e-mail] | w navarre.com.au

N a v a r r e M i n e r a l s L i m i t e d ( N M L ) A S X A n n o u n c e m e n t

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The St Arnaud Goldfield is the second largest hard-rock goldfield in Victoria's Stawell Zone (Figure 1).

"The granting of the tenement validates Navarre's aggressive exploration program at a time of record gold prices and intense interest in the Victorian gold sector," said Navarre managing director Ian Holland.

"The St Arnaud tenement package further strengthens the Company's hold over some of the most prospective ground in Victoria's so-called Golden Triangle."

The historical workings covered by exploration licence EL6819 include the Bristol, New Chum and Nelson lines of reef. These auriferous reefs extend for approximately five kilometres and dive under Murray Basin cover to the north, where Navarre's drilling on adjacent licence, EL6556, has identified gold and silver mineralisation extending for at least another five kilometres (see NML ASX release of 30 July 2018 and Figure 5). According to the Victorian Government's 'Gold Undercover' initiative2, a potential 38 million ounces of gold could lie undiscovered in the Stawell Zone north of the St Arnaud Goldfield (Figure 1).

Previous drilling on EL6819 has yielded spectacular high-grade gold drill results, such as 1m @ 1,174 g/t Au from 425 metres under the historic New Bendigo Mine workings (hole STDD-004) (Photo 1 and Figures 3 & 4). This intercept was part of a diamond drilling campaign completed by Rex Minerals in 2008 (see RXM ASX release of 15 April 2008).

This intercept has never been followed up and has now gained additional significance following the 2015 discovery of Fosterville's Eagle-Swan ore bodies.

Decision pending on further licences

Navarre has also applied for three additional exploration licences, ELA7431, ELA7436 and ELA7496, adjacent to the granted exploration licences of the St Arnaud Gold Project (Figure 2). The three applications cover a total area of 1,156 square kilometres and, if granted, would bring the total area of the Project to 1,523 square kilometres.

The tenements are prospective for gold and silver mineralisation associated with several major thrust faults, believed to be conduits to transport high-grade gold and silver mineralising fluids.

These new exploration licence applications cover the north-western and eastern sides of the St Arnaud Goldfield (Figure 2).

The drill bit is at the ready

Navarre is preparing to start air-core drilling on the St Arnaud Gold Project late in the December quarter following the completion of first-pass drilling at the Jubilee Project (see NML ASX release of 26 October 2020). Details of the drilling program will be provided in a separate release closer to the commencement of field activities.

- ENDS -

This announcement has been approved for release by the Navarre Board.

For further information, please visit www.navarre.com.auor contact:

Ian Holland

Managing Director

1. [e-mail]

1. [phone]

2 Source: Gold Undercover Report 13, February 2009, Vic Dept. of Primary Industries (DPI). Click the following link to access the full report http://earthresources.efirst.com.au/product.asp?pID=723&cID=42

Navarre Minerals Limited | ABN 66 125 140 105

40 - 44 Wimmera Street | PO Box 385 | Stawell VIC 3380 Australia

t [phone]

e [e-mail] | w navarre.com.au

N a v a r r e M i n e r a l s L i m i t e d ( N M L ) A S X A n n o u n c e m e n t

P a g e | 3

JORC REPORTING OF HISTORICAL ST ARNAUD EXPLORATION RESULTS

The historical St Arnaud exploration results were accessed from:

1. Various public domain company annual technical reports and downloaded from the Victorian State
   Government' GeoVic website; and
2. Rex Mineral Limited's (ASX Code RXM) website (https://www.rexminerals.com.au/). Results for the visible gold intersection in hole STDD-004 was publicly reported by Rex Minerals Limited on 15 & 16 April 2008 under the JORC 2004 Code. This information has not been updated since to comply with the JORC Code 2012 on the basis that the information has not materially changed since it was first reported.

Although Navarre has reviewed and assessed these exploration results, it has limited knowledge on how the data was collected and assayed and, as a consequence, has had to make assumptions based on the available historical data generated by these companies.

COMPETENT PERSON STATEMENT

The information in this announcement that relates to Navarre's Exploration Results have been extracted from various Navarre ASX announcements and are available to view on the Company's website at www.navarre.com.auor through the ASX website at www.asx.com.au (using ticker code "NML").

The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement. The Company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcements.

FORWARD LOOKING STATEMENTS

This document may contain forward-looking information within the meaning of securities laws of applicable jurisdictions. These forward-looking statements are made as of the date of this document and Navarre Minerals Limited (the Company) does not intend, and does not assume any obligation, to update these forward-looking statements. Forward-looking statements relate to future events or future performance and reflect Company management's expectations or beliefs regarding future events and include, but are not limited to, the estimation of mineral reserve and mineral resources, the realisation of mineral reserve estimates, the likelihood of exploration success at the St Arnaud Gold Project, the timing and amount of estimated future production, costs of production, capital expenditures, success of mining operations, environmental risks, unanticipated reclamation expenses, title disputes or claims and limitations on insurance coverage. Forward-looking statements can generally be identified by the use of forward-looking words such as "may", "will", "expect", "intend", "plan", "estimate", "anticipate", "believe", "continue", "objectives", "outlook", "guidance" or other similar words, and include statements regarding certain plans, strategies and objectives of management and expected financial performance. These forward-looking statements involve known and unknown risks, uncertainties and other factors, many of which are outside the control of Navarre and any of its officers, employees, agents or associates. Actual results, performance or achievements may vary materially from any projections and forward-looking statements and the assumptions on which those statements are based. Readers are cautioned not to place undue reliance on forward-looking statements and Navarre assumes no obligation to update such information.

Navarre Minerals Limited | ABN 66 125 140 105

40 - 44 Wimmera Street | PO Box 385 | Stawell VIC 3380 Australia

t [phone]

e [e-mail] | w navarre.com.au

N a v a r r e M i n e r a l s L i m i t e d ( N M L ) A S X A n n o u n c e m e n t

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Figure 1: Location of Navarre's St Arnaud Gold Project in Victoria.

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Figure 2: Navarre's expanded St Arnaud Gold Project showing granted exploration licences and licence application areas.

Navarre Minerals Limited | ABN 66 125 140 105

40 - 44 Wimmera Street | PO Box 385 | Stawell VIC 3380 Australia

t [phone]

e [e-mail] | w navarre.com.au