Navarre Minerals Limited reported broad zones of high-grade gold in drilling at its Telstra Hill prospect, part of the recently acquired and wholly owned Mt Carlton Operation (Mt Carlton) in North Queensland, Australia. The results from Telstra Hill further reinforce the outstanding prospectivity of the Mt Carlton project area
and support Navarre's strategic objective of growing the mineral inventory and extending mine life.
The results disclosed in this announcement have not been previously reported and cover 36 RC drill holes
for 2,335 metres of drilling completed during 2021 across Telstra Hill. This drilling was carried out by
Evolution Mining Limited ahead of Navarre assuming formal ownership of the asset.
While drilling will continue in 2022 as part of an ongoing exploration program, Navarre anticipates the
drilling results in this report, together with other historical drill results, are likely to inform a maiden mineral
resource estimate for Telstra Hill. Shallow, broad gold intercepts returned from a 2,300-metre program of Reverse Circulation (RC) drilling
indicate potential for Telstra Hill to emerge as a new source of supplemental ore within one kilometre
of the recently acquired Mt Carlton processing facility. Highlight drilling results include: 5 metres at 10.2 g/t gold from within a broader interval of 13 metres at 4.4 g/t gold from 48 metres (TH22RC024); 8 metres at 6.4 g/t gold from within a broader interval of 21 metres at 3.0 g/t gold from surface (TH22RC006); 5 metres at 8.3 g/t gold from within a broader interval of 14 metres at 3.6 g/t gold from 40 metres and 4 metres at 4.2 g/t gold from 28 metres (TH22RC017); and 2 metres at 13.8 g/t gold from within a broader interval of 19 metres at 2.1 g/t gold from 35 metres (TH22RC016). Telstra Hill, together with satellite deposits at Mt Carlton United, Delta and BV7, represent an important
component of Navarre's proposed mining strategy for the Mt Carlton operation, providing potential
complementary mill feed to the 950Ktpa processing facility. A program of infill and expansion diamond core and RC drilling is being planned and as follow-up.