Navarre Minerals : Exceptional high grade gold results from Crush Creek program

▪ 19.0 metres at 4.1 g/t Au from 61 metres (B721DD060)

• Drilling results to underpin a new Mineral Resource and Ore Reserve estimate for Mt Carlton Operation scheduled for reporting in March 2022.

DR I L L RESULTS FROM NAVARRE'S QUEENSLAND GOLD EXPANSION SUPPORT THE POTENTIAL FOR TWO SATELLITE OPEN PIT MINES TO FEED INTO NEWLY - ACQUIRED MT CA RLTON OPERATION

ASX Announcement

20 December 2021

EXCEPTIONAL DRILL INTERCEPTS OF UP TO 47.2 GRAMS onlyPER TONNE GOLD AT CRUSH CREEK HIGHLIGHT STRONG

GROWTH POTENTIAL AT MT CARLTON

use	• Strong infill and expansion diamond core and RC drilling results from the Delta and BV7 prospects at
	Crush Creek demonstrate the potential for significant resource growth at the recently acquired Mt
	Carlton Operation.
personal	•	Highlight results include:
	Delta Deposit
	▪ 25.0 metres at 21.4 grams per tonne (g/t) gold from 75 metres (DE21RC097)
	▪ 4.0 metres at 46.2 g/t gold from 82 metres (DE21RC109)
	▪ 9.0 metres at 11.7 g/t gold from 52 metres (DE21RC096)
	▪ 5.0 metres at 11.7 g/t gold from 119 metres (DE21DD101)
	▪ 5.0 metres at 11.2 g/t gold from 45 metres, 21 metres at 2.0 g/t gold from 56 metres & 4 metres
	at 9.1 g/t gold from 102 metres (DE21RC061)
	▪ 4.0 metres at 10.4 g/t gold from 84 metres (DE21RC094)
	▪ 3.0 metres at 20.3 g/t gold from 113 metres (DE21RC108)
	BV7 Deposit
	▪ 3.0 metres at 47.2 g/t gold from 81 metres (B721DD043)
For
	▪ 11.0 metres at 10.8 g/t gold from 39 metres (B721RC061)

▪ 24.0 metres at 3.1 g/t gold from 77 metres (B721RC042) ▪ 11.0 metres at 3.2 g/t gold from 116 metres (B721RC048)

▪ 3.0 metres at 5.2 g/t gold from 120 metres & 8.5 metres at 3.6 g/t gold from 163 metres (B721DD059)

For personal use only

ASX Announcement

20 December 2021

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Navarre Minerals Limited (ASX: NML) (Navarre or the Company) is pleased to report high-grade gold intercepts at the Crush Creek Gold Project, part of the recently acquired Mt Carlton Operation (Mt Carlton) in north Queensland (Figures 1 & 2).

With drill intercepts of up to 47.2 grams per tonne, the results demonstrate the considerable scope to upgrade both the confidence and tenor of the mineral inventory at Crush Creek. The results disclosed in this announcement have not been previously reported and cover 111 drill holes completed during 2021 across the Delta and BV7 prospects as well as some regional targets. This drilling was carried out by Evolution Mining ahead of Navarre assuming formal ownership of the asset (refer ASX announcement on 15 December 2021).

Assay results are outstanding for a further 12 drill holes completed at BV7. These holes targeted high-grade mineralisation adjacent to the existing resource.

While drilling will continue into 2022 as part of the ongoing exploration program, Navarre anticipates these drilling results will inform an updated resource estimate for Crush Creek which is expected to be published in March 2022, along with an updated Mineral Resource and Ore Reserve statement for other Mt Carlton mineral deposits such as V2, A39, Telstra Hill and Mount Carlton United.

Navarre Managing Director Ian Holland said:

"The Company is extremely pleased with the tenor and width of the high-grade gold results being returned from the Crush Creek drilling program.These promising results reinforce our belief that the delineated mineralisation has the potential to significantly extend mine life at Mt Carlton.

"We believe Delta and BV7 have the potential to become two standalone satellite open pit mines, just 30 kilometres south of the Mt Carlton mill."

The drilling program has involved two diamond and one reverse circulation (RC) drilling rigs, targeting the shallow resources at Delta and BV7 as well as testing some regional targets (Figure 3).

In 2021 a total of 111 drill holes for 16,903 metres of drilling have been completed, with hole lengths ranging from 40 metres to 347 metres, averaging approximately 150 metres.

The current drilling program at Crush Creek has now paused for the wet season and is expected to resume in March 2022. Planned RC and diamond drilling will test multiple shallow extensional and discovery targets within the Crush Creek tenements with the aim of extending the envelope of known mineralisation.

ASX Announcement

20 December 2021

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For personal use only

Figure 1: Location of Navarre's gold projects.

ASX Announcement

20 December 2021

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For personal use only

Figure 2: Plan of Crush Creek showing the location of Delta, BV7 and several regional targets.

Crush Creek Drilling Results

Crush Creek hosts low sulphidation epithermal gold mineralisation, which has significant potential to provide mine life extensions at Mt Carlton.

The drilling has focused on understanding and expanding the inferred mineral resources defined at the BV7 and Delta deposits, as well as providing initial testing for new discoveries within the broader Crush Creek project area (Figure 2).

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ASX Announcement

20 December 2021

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The drilling is expected to upgrade and expand existing mineral resources at Crush Creek to build critical mass for high-grade new gold developments as potential satellite mill feed to the nearby Mt Carlton Operation. Details of the drilling are provided in Tables 1 & 2 and Appendix 1.

Figure 3: Drilling operations at BV7, December 2021.