Navarre Minerals: New high-grade gold results from Telstra Hill drilling

ASX announcement

Navarre Minerals Limited (ASX: NML) (Navarre or the Company) is pleased to report exceptional high-grade gold, silver and copper drill intersections at its Telstra Hill deposit, part of the Mt Carlton operation recently acquired and 100% owned (Mt Carlton) in North Queensland, Australia (Figures 1 and 2).

These latest drill results from Telstra Hill, including a 5 meter intersection at 22.1 g/t gold, add to the defined satellite deposits at Mt Carlton United, Delta and BV7 (see ASX announcements December 20 , January 17, 2022, February 17, 2022 and April 22, 2022).

The results from Telstra Hill further reinforce the exceptional prospectivity of the Mt Carlton project area and support Navarre’s strategic objective to increase mineral inventory and extend mine life.

The results disclosed in this announcement have not been previously released and cover an additional 10 reverse circulation (RC) drill holes and 19 diamond drill holes for 2,218 meters of drilling completed at Telstra Hill since the previous announced update. at the ASX on February 22, 2022.

As drilling continues in 2022 as part of an ongoing exploration program, Navarre expects the drilling results in this report to inform an updated mineral resource estimate for Telstra Hill which is expected to be released in September 2022. , as well as updated mineral resources for other Mt Carlton deposits such as V2, Mt Carlton United, BV7 and Delta.

Navarra chief executive Ian Holland said:

“The Company is extremely pleased with the latest batch of drill results received from Telstra Hill, a shallow high-grade gold, silver and copper deposit strategically located less than one kilometer from our 960 Ktpa.

“The ongoing resource definition drilling program has confirmed the continuity, grade and width of the gold, silver and copper system of the Telstra Hill deposit.

“Telstra Hill is a key part of our satellite surface mining strategy for the Mt Carlton operation which to date includes three other gold deposits delineated at Mt Carlton United, Delta and BV7.

“We can also see significant potential to expand our satellite mineral inventory, with ongoing exploration programs to progressively test key targets on the Mt Carlton mining lease, Crush Creek and regional prospects.”

The drilling program involved an RC and up to two diamond drill rigs, with the aim of filling and extending the known boundaries of the gold, silver and copper mineralized system, as well as providing metallurgical information and geotechnical within the broader envelope of known mineralization. .

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