Carawine Resources Limited announced the final assay results from the recently completed diamond drilling program at its Hercules prospect, extending a mineralised zone parallel to and south of the main mineralised zone, providing an additional target for future exploration. Hercules is part of Carawine's Tropicana North Gold Project, located in the north-eastern goldfields of Western Australia. Hercules Results Hercules is an advanced gold prospect held by Carawine's Thunderstruck Joint Venture ("Thunderstruck JV", Carawine 90% interest) and is part of the Company's large Tropicana North Gold Project located in the north-eastern goldfields of Western Australia.

Gold mineralisation at Hercules is hosted by multiple parallel veins and shears within a wide, steeply dipping mineralised zone striking northeast. To date, mineralisation has been reported along a 340m strike length, extending from 35m to 250m below surface, and remains open. The latest phase of drilling, completed in May 2022, was designed to define the geology, structure and grade characteristics of gold mineralisation at Hercules and test its extents along strike and at depth with 21 diamond holes drilled for a total 6,329.9m.

Assay results reported are from drill holes TNDD012a, and TNDD016 to TNDD020 and are the final results from this phase of drilling. Significant results reported (0.3g/t Au cut-off) are as follows: 1.37m @ 0.56g/t Au from 161.43m (TNDD012a); 1.1m @ 0.32g/t Au from 117.3m (TNDD016); 1.12m @ 5.42g/t Au from 163.57m (TNDD018), including 0.55m @ 10.7g/t Au from 164.14m; and 0.55m @ 0.76g/t Au from 349.55m; 1.12m @ 1.67g/t Au from 199.62m (TNDD020). The high-grade intercept in TNDD018 is associated with laminated, sulphidic quartz veining in a chloritic shear and correlates with the 1m @ 6.31g/t Au interval previously reported from TNRC034, extending this mineralised zone at the southern part of the deposit.

Significant intercepts returned from TNDD012a and TNDD020, located at the north- eastern part of the deposit, are also associated with sulphidic quartz veining within chloritic shears. TNDD016 intersected a low-grade narrow quartz vein in intermediate gneiss to the south-east of the main mineralised vein. Drill holes TNDD016 to TNDD019 failed to intersect the targeted main mineralised horizon as they were drilled prior to the recognition of the Vein Offset Shear zone which is oriented parallel to the main drill direction.

This shear zone is interpreted to have offset the mineralisation by approximately 100m at depth and 60m to the northwest. The main mineralised zone at Hercules remains open to the southwest, and at depth, beyond the limits of current drilling. These provide target areas to test for extensions to high-grade gold mineralisation, including along strike from the previously reported interval of 4m @ 40.1g/t Au from 239m in TNDD014.

Upcoming Programs: The design of a follow-up diamond drilling program targeting the offset vein position, and southwest strike extent of the Hercules mineralisation has commenced. This program will be finalised and scheduled once the Mineral Resource estimate has been completed in Third Quarter 2022. Additional diamond drilling programs are also planned for Tropicana North, including follow up drilling at Big Freeze targeting the recent high-grade gold discovery in drill hole TNRC058 (5m @ 18.2g/t Au from 38m).

Furthermore, an air core drilling program is planned to test four targets along the 12km anomalous Hercules gold trend on the Neale tenement, and targets on the Pleiades and Blue Bell South tenements. These programs are planned to commence during Fourth Quarter 2022.