DiscovEx Resources : Stepout Drilling Hits Southwest extension of Nil Desperandum

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ASX Announcement: 08 March 2022

Stepout Drilling Hits Southwest extension of Nil Desperandum -

Carnaby Resources Limited

DiscovEx Resources Limited (Company or DiscovEx) provides the attached announcement by Carnaby Resources Limited (ASX: CNB) (Carnaby).

DCX Managing Director, Toby Wellman, commented:

"A great result for Carnaby, and a great result for DiscovEx. Given this latest step out hole has intersected 27m of strong copper mineralisation, coincident with the previously defined IP anomaly, it can only suggest further successful high‐grade intersections are to come. The significant step out distance (~125m) from the discovery hole of NLDD044 now shows this mineralised system has grade as well as scale. With DiscovEx free carried to a decision to mind, we will follow the ongoing exploration works within the Greater Duchess JV with great anticipation."

The announcement relates to the Southern Hub Tenements, located in the Mt. Isa Region of Queensland where DiscovEx holds a 17.5% free‐carried interest in EPM 9083, EPM 11013, EPM 14366, EPM 14369, EPM 17637, EPM 18223, EPM 18990, EPM 19008, EPM 25435, EPM 25439, EPM 25853, EPM 25972.

Authorised for release by and investor enquiries to:

Toby Wellman

Managing Director

T: 08 9380 9440

For and on behalf of

DISCOVEX RESOURCES LIMITED

STEP OUT DRILLING HITS

onlyCarnaby Resources Limited (ASX: CNB) (Carnaby or the Company) is pleased to announce new exploration results at the Greater Duchess Copper Gold Project in Mt Isa, Queensland.

SOUTHWEST EXTENSION OF

NIL DESPERANDUM

Highlights

• At Nil Desperandum, the first southwest step out diamond drill hole (NLDD073) has intersected a broad zone of copper sulphide

use	mineralisation over 27m downhole and located approximately 125m
down plunge of the discovery hole NLDD044 (Figure 2, Table 2).
• Results from the Nil Desperandum prospect have also been received
personal	from RC drilling, including confirmation of the shallow southeast
dip of the high-grade copper gold discovery (Figure 2, Table 1);
NLRC066	40m @ 1.5% Copper from 251m
	including 30m @ 1.9% Copper from 253m
	including 7m @ 2.6% Copper from 253m
	and including 11m @ 2.9% Copper from 272m
• The Copper mineralisation intersected in NLDD073 and NLRC066 is
For	wide open south and southwest where several Induced Polarisation
(IP) chargeability anomalies are being tested with ongoing drilling.

The Company's Managing Director, Rob Watkins commented:

"The Nil Desperandum high-grade lode is robustly continuing at depth from the discovery hole and we look forward with great anticipation to testing the IP anomalies further down plunge and drilling up and down dip of the high- grade copper gold mineralisation intersected in NLDD073. This is the first diamond hole to drill through the entire high-grade lode and has given us great insight into this unique looking new style of copper gold mineralisation."

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ASX Announcement 8 March 2022

Fast Facts

Shares on Issue 143.5M

Market Cap (@ $1.58) $227M

Cash $25.8M1

1Based on cash of A$5.8 million as at 31 December 2021 and A$20m gross proceeds from recent Placement, see ASX release dated 24 January 2022.

Board and Management

Peter Bowler, Non-Exec Chairman

Rob Watkins, Managing Director

Greg Barrett, Non-Exec Director &

Company Secretary

Paul Payne, Non-Exec Director

Company Highlights

• Proven and highly credentialed management team
• Tight capital structure and strong cash position
• Nil Desperandum and Lady Fanny Iron Oxide Copper Gold discoveries within the Greater Duchess Copper Gold Project, Mt Isa inlier, Queensland.
• Greater Duchess Copper Gold Project, numerous camp scale IOCG deposits over 1,022 km2 of tenure
• Projects near to De Grey's Hemi gold discovery on 442 km2 of highly prospective tenure
• 100% ownership of the Tick Hill Gold
  Project (granted ML's) in Qld, historically one of Australia highest grade and most profitable gold mines producing 511 koz at 22 g/t gold

Registered Office

78 Churchill Avenue Subiaco Western Australia 6008

1. [phone] www.carnabyresources.com.au

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GREATER DUCHESS COPPER GOLD PROJECT

Figure 1. Photo looking west of two drill rigs currently drilling at Nil Desperandum

NIL DESPERANDUM PROSPECT (CNB 82.5%, DCX 17.5%)

New RC drilling results and further visual estimations from diamond drilling at Nil Desperandum are presented in this release.

The Nil Desperandum high-grade shoot has now been intersected in three adjacent drill holes, NLDD044, NLRC066 and NLDD073 and remains completely open down plunge to the south and southwest where several IP chargeability anomalies are located (Figure 2).

It is the current interpretation that the high-grade copper gold mineralisation in these three holes does represent the start of a new high-grade lode that sits above and slightly offset from the previously defined copper gold breccia lode that has been defined by previous drilling.

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Figure 2. Nil Desperandum Plan location of RC and diamond drill holes and

chargeability anomalies.

NLDD073

Diamond drill hole NLDD073 is the first step out hole to test the south to southwest down plunge extension of the high-grade discovery hole NLDD044, which intersected 41m @ 4.1% copper (see ASX release 29 December 2021).

NLDD073 has intersected 27m of copper sulphide mineralisation from 363m down hole including a ~15m downhole zone of very strong copper sulphide mineralisation from 373m, confirming that the high-grade copper gold mineralisation does extend down plunge and remains completely open. Visual estimates of copper sulphides logged in NLDD073 are presented in Appendix 1, Table 2 (photos are presented in Figures 3-6).

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NLDD073 was collared approximately 70m SSW of discovery hole NLDD044 (Figure 2). The strongly mineralised shoot was intersected in a position approximately 125m down plunge of the NLDD044 and NLRC066 intersections. Additional drilling is underway to test both up dip and down dip of NLDD073 to quantify the magnitude of the mineralisation either side of this intersection.

Additional drilling is also underway to commence testing the numerous IP chargeability anomalies south and southwest of this hole (Figure 2).

This diamond hole is the first hole to core through the entire mineralised interval of the new high-grade lode revealing a unique looking new style of copper gold mineralisation which includes mostly matrix fill chalcopyrite (Figure 3-6) and minor unusual chalcopyrite-feldspar- quartz pegmatite dykes.

Figure 3. Nil Desperandum NLDD073 core from 385.9-386.5m.

Figure 4. Nil Desperandum NLDD073 core from 380.6-381.1m, 381.3 - 381.6m, 382.1 -

382.5m (top to bottom).

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