Carnavale Resources Ltd (CAV) is pleased to provide an update to its exploration activities at the Ora Banda South Gold Project. CAV has completed the first program of RC drilling at the Carnage Prospect following up on excellent high-grade gold results from CAV aircore drilling in the regolith.

Previous significant results from CAV aircore drilling at the Carnage Prospect include:

4m @ 30.20g/t from 44m in OBAC413

7m @ 5.95g/t from 80m in OBAC379 (ends in mineralisation)

8m @ 2.74g/t from 48m in OBAC089

4m @ 2.69g/t from 36m in OBAC306

12m @ 0.43g/t from 44m in OBAC406

12m @ 0.33g/t from 40m in OBAC435

Completed 9 holes of wide-spaced RC drilling for 1,841m program targeting the 2.1km strike extent.

Favourable geology to host a significant gold deposit, with major shear structures crosscutting a sedimentary basin with an identified felsic intrusion that correlates to a substantial regolith gold anomaly identified by CAV in aircore.

Prospective geochemistry in arsenic, tin, tungsten and bismuth that correlates with the best gold anomalism suggesting an intrusion related source for the gold system.

The best gold anomalism identified in the saprock profile at the Carnage Prospect is overlain by a significant gold anomaly in the transported material, interpreted to be derived from the local, primary bedrock gold source.

Analogous geological setting target to the +2.5Moz @ +4g/t Invincible Gold Mine1 , discovered by

Gold Fields Limited near Kambalda in 2012.

Results are expected in January 2023.

CEO Humphrey Hale commented:

'CAV returned to the Ora Banda Gold Project to drill test the substantial gold anomaly at the Carnage Prospect. This is the very first RC drilling that has been done at Carnage. The RC program is wide spaced on 100m by 200m centres as a first pass program The excellent CAV aircore programs defined a substantial gold anomaly with associated shears and a newly mapped intrusion. The drilling confirmed the geological interpretation defined by the aircore and geophysics. We are looking forward to receiving the results in January.'

Aircore drilling by CAV at the Ora Banda South Gold Project has identified gold anomalies and structural targets under alluvial cover. The aircore drilling programs confirmed the prospectivity of the Carnage Shear along the 15km long tenement package. Three new gold prospects were identified in CAV's earlier aircore drilling that contain high-grade gold intercepts (figure 2). This first RC drilling program is targeting the substantial anomaly at the Carnage Prospect.

The initial RC drilling program at Ora Banda comprised a wide spaced 100m x 200m program targeting the central part of the Carnage Prospect gold anomaly. The exploration aim at Ora Banda is to discover a large-scale gold deposit within the sedimentary package on the Carnage shear analogous to the St Ives Discovery. For more details relating to the targeting of the RC program see ASX release 'Maiden RC drilling to commence at Ora Banda Gold Project, 21 November 2022'. CAV expects to receive results from this maiden RC drilling program in January 2023

Contact:

Humphrey Hale

CEO

T: +61 8 9380 9098

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