Navarre Minerals : Group Annual Mineral Resource and Ore Reserve Statement

Annual Mineral Resource and Ore Reserve Statement

Navarre Minerals Limited (ASX:NML)(Navarre or the Company) is pleased to report its Group Mineral Resource and Ore Reserve Statement as at 31 December 2021. This Statement contains maiden Mineral Resource and Ore Reserve estimates for its recently acquired Mt Carlton Operation in Queensland (100% Navarre), inclusive of the Crush Creek project, along with unchanged Mineral Resource estimates for its Resolution and Adventure deposits (100% Navarre) in the Stawell Corridor in Victoria (see Figure 1).

The Company's Mineral Resource and Ore Reserve estimates are reported in accordance with the guidelines of the 2012 Edition of the Australasian Code for reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code 2012).

Highlights

•  Group Gold Mineral Resources of 15.0Mt @ 1.5 g/t gold for 718,000 ounces of gold.

  •  Includes Navarre's maiden Gold Mineral Resources for the Mt Carlton Operation (including Crush Creek) of 11.1Mt @ 1.2 g/t gold for 414,000 ounces of gold.

•  Group Gold Ore Reserves of 7.9Mt @ 0.8 g/t gold for 208,000 ounces of gold, representing Navarre's maiden Gold Ore Reserves for the Mt Carlton operation.

  •  Includes maiden Crush Creek Gold Ore Reserve of 0.6Mt @ 3.0 g/t gold for 54,000 ounces of gold.

•  Estimates include all drilling conducted across Navarre's projects up until 31 December 2021.

•  Aggressive ongoing drilling campaign targeting further resource growth and mine life extensions at Mt Carlton and Crush Creek.

•  New update to Mt Carlton Mineral Resources and Ore Reserves scheduled for second half of 2022.

Navarre Managing Director Ian Holland said:

"The 2021 Group Mineral Resource and Ore Reserve Statement represents an important milestone for Navarre as we execute on our strategy of becoming a significant Australian gold producer.

"The Mt Carlton Operation is a strategic, cornerstone asset for our business and it is pleasing to present our maiden Mineral Resource and Ore Reserve for this recent acquisition.

"Navarre is working diligently towards securing a long and sustainable production future at Mt Carlton, providing benefits for all stakeholders."

A summary of the Company's consolidated Mineral Resource and Ore Reserve estimates are presented in Table 1 and Table 2, below. Estimates for each mine and deposit are summarised in Table 3 to Table 7. Plan views of the Mineral Resources and Ore Reserves have been provided in Figures 2 to 5.

Table 1: Consolidated Mineral Resource Estimate as at 31 December 2021

Navarre Minerals - Consolidated Mineral Resource Estimate - 31 December 2021
Project	Resource Classification	Tonnes (kt)	Gold grade (g/t)	Silver grade (g/t)	Copper grade (%)	Gold Metal (koz)	Silver Metal (koz)	Copper Metal (t)
Mt Carlton Operation	Measured	292	1.13	24.4	0.17	11	228	490
Indicated	8,352	0.79	21.2	0.11	211	5,696	9,400
Inferred	402	2.47	38.1	0.18	32	492	700
Total	9,046	0.87	22.1	0.12	253	6,416	10,590
Crush Creek Project	Measured	-	-	-	-	-	-	-
Indicated	1,352	2.45	5.4	-	107	237	-
Inferred	669	2.54	3.6	-	55	78	-
Total	2,022	2.48	4.8	-	161	314	-
Queensland	Total	11,067	1.17	18.9	-	414	6,731	10,590
Stawell Corridor Project	Measured	-	-	-	-	-	-	-
Indicated	-	-	-	-	-	-	-
Inferred	3,889	2.43	-	-	304	-	-
Total	3,889	2.43	-	-	304	-	-
Victoria	Total	3,889	2.43	-	-	304	-	-
GRAND TOTAL	14,957	1.48	-	-	718	6,731	10,590

Notes:

•  All Mineral Resources are reported in accordance with the JORC Code 2012 Edition.

•  All figures are rounded to reflect appropriate levels of confidence. Apparent differences may occur due to rounding.

•  Mineral Resources are inclusive of Ore Reserves. There is no certainty that Mineral Resources not included in Ore Reserves will be converted to Ore Reserves.

•  Mineral Resources are depleted for mining.

•  The V2, Mt Carlton United, Telstra Hill and A39 Open Pit Mineral Resources for the Mt Carlton Operation are reported at varying Net Smelter

  Return (NSR) cut-off values inside optimised pit shells allowing for processing costs, metallurgical recovery, payability factors and haulage to the Mt Carlton Mill.

•  The Delta and BV7 Open Pit Mineral Resources for the Crush Creek Project are reported at a 0.55 g/t Au cut-off grade inside optimised pit shells allowing for processing costs and haulage to the Mt Carlton Mill. The cut-off grades applied do not consider site support costs.

•  All Open Pit Mineral Resources are constrained within optimised pit shells that have used mining, processing and geotechnical parameters from Pre-Feasibility Study (PFS) work completed and current V2 operational cost data. Price assumptions used for the key economic elements were Au - A$2,400/oz; Ag - A$30/oz; and Cu - A$12,000/t.

•  For all Underground Mineral Resources, a series of resource stope optimisations have been undertaken in Mineable Stope Optimiser (MSO).

  The MSOs have been run based on extraction by either longhole open stoping or by mechanised cut and fill mining methods which are dependent on the mineralisation geometry. The inclusion of waste material during the stope optimisation process precludes the requirement to apply a cut-off grade to the reporting of the Mineral Resources, since the application of the calculated NSR or grade cut-off has been applied within the MSO and the creation of the wireframe solids.

Table 2: Consolidated Ore Reserve Estimate as at 31 December 2021

Navarre Minerals - Consolidated Ore Reserve Estimate - 31 December 2021
Project	Reserve Classification	Tonnes (kt)	Gold grade (g/t)	Silver grade (g/t)	Copper grade (%)	Gold Metal (koz)	Silver Metal (koz)	Copper Metal (t)
Mt Carlton Operation	Proved	292	1.13	24.4	0.17	11	228	490
Probable	7,117	0.63	11.3	0.02	143	2,592	1,660
Total	7,409	0.65	11.8	0.03	154	2,821	2,150
Crush Creek Project	Proved	-	-	-	-	-	-	-
Probable	560	3.00	8.0	-	54	145	-
Total	560	3.00	8.0	-	54	145	-
GRAND TOTAL	7,969	0.81	11.6	-	208	2,965	2,150

Notes:

•  Values are reported to two significant figures which may result in rounding discrepancies in the totals.

•  All figures are rounded to reflect appropriate levels of confidence. Apparent differences may occur due to rounding.

•  Ore Reserve estimates for Crush Creek and the Mt Carlton TSF (Tailings Storage Facility) assume the addition of a CIL/CIP leach circuit to augment the existing flotation plant. The PFS that supports the inclusion of these projects in an Ore Reserve estimate draws on a previous technical report completed by Sedgman Pty Ltd in 2019 for tails leaching, which was substantially updated to include the low sulphidation epithermal deposits at Crush Creek.

•  All Ore Reserve estimates were based on open pit mine designs developed from nested pit shells produced using Whittle pit optimisation software. Suitable modifying factors were used and based on a decade of mining experience at the Mt Carlton Operation augmented with additional technical studies.

Figure 1: Location of Navarre's key project areas

MINERAL RESOURCE ESTIMATES

Table 3: Mt Carlton Operation Mineral Resources as at 31 December 2021

Deposit	Category	Tonnes (kt)	Gold grade (g/t)	Silver grade (g/t)	Copper grade (%)	Gold Metal (koz)	Silver Metal (koz)	Copper Metal (t)
V2	Measured	-	-	-	-	-	-	-
Indicated	1,439	1.81	32.6	0.48	84	1,508	6,900
Inferred	99	2.58	20.4	0.32	8	65	300
Total	1,539	1.86	31.8	0.47	92	1,573	7,200
Mt Carlton United (MCU)	Measured	-	-	-	-	-	-	-
Indicated	200	2.41	121.4	0.30	16	782	600
Inferred	141	1.86	90.8	0.20	8	412	300
Total	341	2.18	108.8	0.26	24	1,194	900
A39	Measured	-	-	-	-	-	-	-
Indicated	96	0.30	409.8	0.14	1	1,267	100
Inferred	-	-	-	-	-	-	-
Total	96	0.30	409.8	0.14	1	1,267	100
Telstra Hill	Measured	-	-	-	-	-	-	-
Indicated	-	-	-	-	-	-	-
Inferred	161	2.94	2.8	0.07	15	15	100
Total	161	2.94	2.8	0.07	15	15	100
Stockpiles	Measured	292	1.13	24.4	0.17	11	228	490
Indicated	-	-	-	-	-	-	-
Inferred	-	-	-	-	-	-	-
Total	292	1.13	24.4	0.17	11	228	490
TSF	Measured	-	-	-	-	-	-	-
Indicated	6,617	0.52	10.1	0.03	111	2,139	1,700
Inferred	-	-	-	-	-	-	-
Total	6,617	0.52	10.1	0.03	111	2,139	1,700
GRAND TOTAL	9,046	0.87	22.1	0.12	254	6,416	10,490

Notes:

•  The Mt Carlton MRE is inclusive of Ore Reserves.

•  All figures are rounded to reflect appropriate levels of confidence. Apparent differences may occur due to rounding.

•  The V2, Mt Carlton United, Telstra Hill and A39 Open Pit Mineral Resources for the Mt Carlton Operation are reported at varying NSR cut-off values inside optimised pit shells allowing for processing costs, metallurgical recovery, payability factors and haulage to the Mt Carlton Mill.

•  All Open Pit Mineral Resources are constrained within optimised pit shells that have used mining, processing and geotechnical parameters from PFS study work completed and current V2 operational cost data. Price assumptions used for the key economic elements were Au - A$2,400/oz; Ag - A$30/oz; and Cu - A$12,000/t.

•  For Underground Mineral Resources, a series of resource stope optimisations have been undertaken in Mineable Stope Optimiser (MSO). The MSOs are based on extraction by either longhole open stoping or by mechanised cut and fill mining methods, dependent on the ore geometry. The inclusion of waste material in the MSO precludes the requirement to apply a cut-off grade to the reporting of the Mineral Resources, since the application of the calculated NSR or grade cut-off has been applied within the MSO and the creation of the wireframe solids.

Figure 2: Plan of Mt Carlton Operations showing location of Mineral Resources and Ore Reserves.

Table 4: Crush Creek Project Mineral Resources as at 31 December 2021

Deposit	Category	Tonnes (kt)	Gold grade (g/t)	Silver grade (g/t)	Gold Metal (koz)	Silver Metal (koz)
Delta	Measured	-	-	-	-	-
Indicated	792	2.37	3.2	60	82
Inferred	375	1.90	3.1	23	37
Total	1,168	2.22	3.2	83	120
BV7	Measured	-	-	-	-	-
Indicated	560	2.57	8.6	46	154
Inferred	294	3.36	4.3	32	40
Total	854	2.84	7.1	78	195
GRAND TOTAL	2,022	2.45	4.8	161	314

Notes:

•  The Mt Carlton MRE is inclusive of Ore Reserves.

•  All figures are rounded to reflect appropriate levels of confidence. Apparent differences may occur due to rounding.

•  The Delta and BV7 Open Pit Mineral Resources for the Crush Creek Project are reported at a 0.55 g/t Au cut-off grade inside optimised pit shells allowing for processing costs and haulage to the Mt Carlton Mill. The cut-off grades applied do not consider site support costs.