Carnavale Resources Ltd (CAV) is pleased to advise it has received excellent results from the March aircore program following up on geochemical and structural targets at the Kookynie Gold Project.

CAV completed a program of 72 aircore holes for 4,192m following up on geochemical and structural anomalies. Significant results include:

CEO Humphrey Hale commented: 'This aircore exploration program has successfully extended the mineralisation envelope from the new zone Valiant, south of McTavish East, to the northwest of Tiptoe providing further targets for RC drilling and the potential to increase overall resources at Kookynie. Numerous first-class anomalies remain to be tested at Kookynie, which will be followed up in further programs. We look forward to presenting the maiden MRE and associated mining evaluation for Swiftsure and McTavish East shortly.'

Recent aircore drilling by CAV at the Kookynie Gold Project in March 2024 consisted of 72 holes for 4,192m. CAV has identified new gold zones and extended structural targets under alluvial cover. The drilling program confirmed the continued prospectivity of the major shear structure at Kookynie for over 2km within the tenement package. The drilling was focused on following up low order gold anomalies with associated bismuth, tungsten and tellurium geochemical identified in previous sampling.

The gold zones intersected by the recent aircore drilling have largely been between 45m and 65m below the surface in the saprock zone. The gold zones in the saprock are located beneath a layer of transported cover and a strongly depleted regolith zone that conceals the mineralisation from surface exploration geochemical techniques. The gold zones in the deeper regolith have associated bismuth and tungsten anomalism that is characteristic of the bonanza grade gold zones at Swiftsure and are interpreted to be indicative of deeper mineralisation in the fresh rock. CAV is targeting mineralisation associated with steeply dipping gold shoots.

Exploration previously identified a major mineralising structure that strikes northeast southwest that hosts mineralisation at Swiftsure and the new prospects at Tiptoe and Valiant, including Champion South. The morphology of this major structure changes along its length with variable dips to the East and the potential to split into parallel structures as the major structure interacts with the bedrock geology and associated north northwest striking structures. This variation in the major structure provides the geometry for bonanza grade gold zones as steeply dipping shoots in fresh rock.

A low order gold anomaly in the transported material overlies the eastern limb of Valiant, beneath this in the residual saprolite are several narrow gold anomalies that allow CAV to vector in to the steeply dipping, structurally controlled primary mineralisation. CAV has discovered at Swiftsure that the highgrade gold mineralisation in fresh rock exists as plunging shoots with a small footprint. This aircore drilling has provided a target for more focused RC drilling in fresh rock to determine the source of these regolith anomalies.

Next steps

The new zone Valiant and extensions to the Tiptoe prospect provide the potential to add additional highgrade resources at depth with focused RC drilling. CAV intends to follow up these aircore targets with RC drilling to test the potential of high gold in the fresh rock. Targets A and B also represent viable exploration targets that could lead to high grade gold zones in fresh rock. The recent aircore program was cut short due to excessive rain and soft ground conditions. As a result, numerous first-class anomalies remain untested and will be followed up in future programs CAV is finalizing the maiden RE and mining option study on McTavish East and Swiftsure and expects to release in June 2024. It

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