AUREKA LIMITED - Capital/Financing Update 2015

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ASX Announcement

12 June 2015

Navarre Minerals Limited

ABN 66 125 140 105

Stawell Corridor Gold Project Exploration Update

ASX Code: NML

Tatyoon Exploration Licence (EL 5480)

Corporate Details

Issued capital: 92.6M ordinary shares 2.3M unlisted options

Directors & Management: Kevin Wilson (Non‐Executive Chairman)

Geoff McDermott (Managing Director)

John Dorward (Non‐Executive Director)

Colin Naylor (Non‐Executive Director)

Jane Nosworthy (Company Secretary)

1,500m program comprising 6 reverse circulation and 3 diamond drill holes completed at the Grange gold prospect
Drilling confirms extensive sulphide alteration of sufficient intensity to explain the chargeability response of the induced polarisation geophysics but results downgrade prospectivity of western flank target

Ararat Exploration Licence (EL 5476)

Two new gold prospects, Irvine’s and Benno’s, discovered from surface outcrop mapping and gossan sampling near Stawell, western Victoria
Mineralisation geologically similar to the Magdala gold deposit in nearby Stawell which has been in continuous operation since 1982 producing in excess of 2 million ounces of gold

Irvine’s gold prospect:

Mapping and rock chip sampling has defined a 1.5km long basalt dome structure containing at least three mineralised surfaces consistent with those currently mined at the Magdala Gold Mine
Numerous rock‐chip results up to 8.3 grams per tonne gold

Wessley Edgar (Exploration Manager)

Contact Details

Geoff McDermott Managing Director

Navarre Minerals Limited 40 – 44 Wimmera Street Stawell VIC 3380 Australia

PO Box 385 Stawell VIC 3380 Australia

Tel: +61 (0)3 5358 8625

Email: [email protected] Website: www.navarre.com.au

Benno’s gold prospect:

Surface outcrop sampling approximately 500m east of Irvine’s has returned gold in excess of 1.0 gram per tonne on another potential basalt dome structure as evidenced in geophysics

Gold and copper explorer Navarre Minerals Limited (ASX Code: NML – “Navarre”) is pleased to announce the discovery of two significant new exploration prospects called Irvine’s and Benno’s on its recently granted Ararat exploration licence (EL 5476), part of its 100% owned Stawell Corridor Gold Project in western Victoria (Figures 1 & 2). Navarre also announces the results of the recently completed first pass drilling program at the Grange gold prospect on the Company’s Tatyoon exploration licence (EL 5480), also part of the Stawell Corridor Gold Project.

New gold prospects on Ararat licence – Irvine’s and Benno’s

Reconnaissance mapping and sampling has led to the discovery of outcropping Stawell‐style basalt‐contact mineralisation at the Irvine’s gold prospect where gold mineralisation grading up to 8.3 g/t gold is reported from rock chip samples.

Over half of the 71 rock chip samples collected to date assay better than 0.1 g/t of gold and more than 20% reported better than 1 g/t of gold (Table 1 and Figure 3).

Navarre Minerals Limited | ABN 66 125 140 105 40 ‐ 44 Wimmera Street | PO Box 385 | Stawell VIC 3380 Australia t +61 3 5358 8625 e [email protected] | w navarre.com.au

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Geological appraisal at Benno’s is at a less advanced stage but initial sampling has produced encouraging gold results of better than 1 g/t gold above a strong magnetic anomaly, similar in intensity to Irvine’s, with both requiring further investigation.

Figure 3 presents an image of airborne magnetics overlain by the locations of all rock chip samples from Irvine’s and Benno’s together with an interpretive outline of the geology derived from geophysics, surface mapping and previous drill results.

Anomalous gold rock chip samples, summarized in Table 1 and shown in Figure 3, are defining several large high‐ priority ‘Stawell‐style’ gold mineralised surfaces. Significant gold mineralisation includes:

A basalt contact surface located on the western side of Irvine’s Basalt containing gold results of up to 8.3 g/t gold;
A basalt contact surface on the eastern side of Irvine’s Basalt containing gold results of up to 4.90 g/t gold;
A hangingwall surface (Native Youth line) comprising a line of ironstone and gossan west of Irvine’s Basalt containing gold results of up to 3.34 g/t gold; and
A single outcrop of mineralised sediment at Benno’s containing a gold result of 1.03 g/t gold.

A geological model developed from Stawell’s Magdala Gold Mine is the basis for planned follow‐up exploration which is likely to include:

historical research and compilation of past exploration data;
further geological mapping and rock chip sampling, particularly at Benno’s;
soil geochemical sampling; and
planning for detailed geophysical surveys to identify and refine targets for drilling.

Background and history

Navarre’s Stawell Corridor Gold Project, incorporating the Ararat and Tatyoon exploration licences and the historic Ararat Goldfield, is located between 10 and 70 kilometres south‐east of the operating Stawell Gold Mine which is owned by Navarre’s largest shareholder and leading Victorian gold producer, Crocodile Gold Corp. (Figure 1).

Ninety percent of the prospective Stawell Corridor lies buried beneath shallow cover, only to surface between Stawell and Ararat where approximately 6 million ounces of historic and modern gold production has occurred (Figure 1). Modern gold mining at Stawell has been continuous since 1982 and during this time the Magdala deposit has contributed more than 2 million ounces of the total 5 million ounce historic gold production for the Stawell Goldfield. Gold mineralisation of the Stawell‐type is located on the flanks of large basalt dome structures. The style of the gold mineralisation is much finer grained, more continuous and more predictable than the gold deposits typically found at Victoria’s largest two goldfields at Bendigo and Ballarat.

Following grant of the Ararat exploration licence, Navarre was attracted to the area now comprising the Irvine’s and Benno’s prospects based on the following observations:

The geological setting and proximal position to the major controlling gold structures is almost an identical mirror image match to that of Stawell’s Magdala Gold Mine (Figure 2);
The magnetic signature is similar in intensity to the Magdala gold deposit at Stawell;

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The mapped rock types and gold mineralisation outcropping at surface are similar to those occurring with the Magdala gold deposit (see Figure 4);
Numerous shallow historic alluvial gold workings provide a large interpreted geochemical footprint leading up‐slope to Irvine’s and Benno’s;
Elongate outcrops of ironstone gossans immediately west of Irvine’s are similar to those historically mined along the Stawell Fault (‘Hangingwall lodes’ at Stawell); and
Historic gold production of approximately 1 million ounces from the Ararat Goldfield was dominantly as alluvial mining mainly by Chinese miners with little mining of primary quartz reefs. Where historic mining on quartz reefs occurred, it was generally limited to areas above the water table due to problems at the time of separating fine‐grained gold from the sulphide‐rich ores. Historical references indicate the presence of quartz stockworks as well as reference to gold associated with pyrite or with surface ironstone gossans.

During the early 1990’s, CRA Exploration (now Rio Tinto) undertook exploration for gold and base metals across the Ararat Goldfield. It was recognised that basalt lavas and associated meta‐sediments at the northern end of the field held gold potential of the Stawell mine style (which mineralization style was, at the time, relatively unknown) and CRA drilled 12 RC holes (average 48m depth) and 3 diamond holes across Irvine’s and Benno’s areas. This work was focused on an area of high arsenic in soils anomalism along two north‐trending outcrops of ironstone on the western side of the Irvine’s Basalt and reported gold of 4m @ 0.88 g/t gold (RC92AA021 from 32m) and 2m @ 2.84 g/t gold (RC92AA027 from 24m) (see Table 2, Figure 3 and Appendix 1). These two zones, considered to be the along strike extensions of the historic Native Youth mine, were revealed by subsequent diamond drilling to be quartz‐sulphide lodes up to 7.7m true thickness within chlorite altered meta‐sedimentary schists.

Importantly, follow up diamond drilling of two shallow RC holes containing highly anomalous arsenic and gold concentrations (RC92AA025 & RC92AA024 in Table 2) at the nearby basalt contact generated a 0.5m @ 7.2 g/t gold intersection from 86.5m downhole in what CRA Exploration claimed was a “classic Magdala footwall sequence” of high arsenopyrite and pyrrhotite‐rich meta‐sediments in DD92AA254. This intersection and the basalt contact on the west side of Irvine’s Basalt were never drilled again by CRA or by subsequent explorers, and it is along strike from DD94AA254 that Navarre Minerals has obtained surface rock chip samples up to 8.3 g/t Au (see Figure 3).

Initial drill program completed at Grange gold prospect

The Company’s first pass drill program has been recently completed into the Grange Exploration Target within the Company’s Tatyoon exploration licence, part of the Stawell Corridor Gold Project, located 170km west of Melbourne (Figure 1).

The drill program, comprising 6 RC and 3 diamond drill holes for a total of 1,500 metres, was designed to test the main chargeability targets defined from re‐processing of pre‐existing induced polarisation (“IP”) geophysical surveys (Figure 5). These targets were detected in basement rocks hidden beneath a veneer of recent cover comprising recent volcanics, quartz gravels and sands.

The drilling intersected broad zones of disseminated sulphide (pyrite and/or pyrrhotite) alteration and associated quartz veining within variably siliceous, carbonaceous to chloritic meta‐sediments adjacent to the Grange basalt dome of sufficient intensity and distribution to explain the IP chargeability response (Figures 6 & 7). However, the drilling also revealed an unexpected level of local geological complexity in the Grange basalt of which the relationship with gold mineralisation is not yet fully understood.

Contrary to expectations from previous explorer’s drill results in the centre of the Grange basalt dome (Figure 5), the sulphide alteration on the west flank of the dome appears to lack the intensity required to form economic

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mineralisation, where tested. The west flank basalt contact was also revealed to be complexly intercalated with surrounding meta‐sediments. In line with these observations, assay results returned from all holes which achieved target depths report minor gold mineralisation. The best result is 1m @ 1.18 g/t gold from 94m down‐ hole in RCT005 (see Table 3). These results do not support the Grange Exploration Target, and have down‐graded the prospectivity of the western side of the basalt dome.

Diamond hole DDTY002 encountered a large quartz wash channel at the base of the transported profile before passing into basement basalts, thus by‐passing the expected meta‐sediment‐basalt contact position (Figure 7).

Quartz gravels in the channel comprise more than 3 different types including a strained and laminated sub‐ rounded type containing preserved sulphides on laminations. Also present in the gravels are some massive‐pyrite and quartz clusters (typically>1‐2cm across) comprising angular quartz grains cemented together by a matrix of pyrite (see Photo 1). Navarre has selected and prepared a number of RC sample residues from this channel for bulk testing through the Company’s bulk sample testing facility for the presence of alluvial gold. Assays from initial grab‐sampling of the wet gravels returned anomalous gold grades providing encouragement that a higher volume of sample material may have a better probability of detecting coarse gold grains or nuggets.

The Company believes the preserved sulphide‐bearing quartz gravels may have only been transported a short distance along the southwest directed palaeochannel suggesting that its primary source may be derived from the east flank of the Grange basalt dome. This area has not seen previous exploration and will become a priority area for further investigation should bulk testing return positive results.

Following completion of first pass drilling at Grange, the Company’s attention now focusses on the geological appraisal of the Hermitage and Shiraz basalt domes as well as the east flank of the Grange dome. Additional gravity surveying has commenced to refine the geometry and position of these basalt dome structures beneath the cover sequences.

Comment

Navarre Managing Director, Geoff McDermott, said, “Although it is disappointing that the gold assay results from the western flank of the Grange prospect did not meet our expectations, we are encouraged by the technical success of our geophysical model. Our focus now shifts to assessing the potential of Hermitage, Shiraz and the east flank of Grange. We are also looking forward to working on the new Ararat exploration licence where initial results are providing much excitement.”

“It is early days and there remains a lot of exploration work to be done but we are impressed by the frequency and tenor of gold mineralisation we are seeing outcropping at surface. There are a lot of historic alluvial workings in the gullies whose gold appears to be sourced from what we have uncovered higher up on the hill slopes,” Mr McDermott said.

“The gold grades from our recent reconnaissance fieldwork are incredibly encouraging and we look forward to fully exploring what appears to be a highly mineralised gold system.”

‐ ENDS ‐

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About Navarre Minerals Limited:

Navarre Minerals Limited (ASX: NML) is an Australian‐based resources company that is creating value from a portfolio of early to advanced stage gold and copper projects in Victoria, Australia. Navarre’s aim is to discover and develop large low‐cost copper and gold production through its exploration successes.

Navarre is searching for new long‐life gold deposits in the partially covered extension of a corridor of rocks that host the Stawell (~5 million ounce) and Ararat (~1 million ounce) goldfields. The discovery of outcropping gold at Irvine’s and Benno’s prospects is a prime focus for the Company in 2015, located only 12km south of the operating Stawell Gold Mine which is owned by Navarre’s largest shareholder and leading Victorian gold producer, Crocodile Gold Corp.

The Company is also targeting large porphyry‐ copper, VMS and gold deposits. The Eclipse, Lexington, Pollockdale and Glenlyle prospects are four initial porphyry and/ or VMS targets identified within the Western Victoria Copper Project. The Project captures multiple, largely untested targets in 130km of western Victoria’s newly uncovered Miga Arc volcanics. The Miga Arc is similar in setting to the Andes in South America, host to the world’s largest known collection of porphyry copper deposits. Grassroots exploration of the Company’s extensive exploration permits is at an early stage and more than 50 new targets remain to be thoroughly drill tested.

At the high‐grade Tandarra prospect within the North Bendigo Goldfield of central Victoria, exploration work is targeting the next generation of gold deposits under shallow cover 40kms north of the 22 million ounce Bendigo Goldfield. Under a farm‐ out agreement, Catalyst Metals Limited is earning a 51% equity interest in Tandarra by spending $3 million over four years by advancing the project towards mineral resource status.

Navarre has a highly experienced leadership team with 120 combined years of exploration, mining and finance industry experience with a proven track‐record of discovery and project development.

For further information, please visit www.navarre.com.au or contact:

Geoff McDermott Managing Director E: [email protected] T: +61 (0)3 5358 8625

Competent Person Declaration

The information in this release that relates to Exploration Targets, Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Wessley Edgar, who is a Member of The Australasian Institute of Mining and Metallurgy and who is Exploration Manager of Navarre Minerals Limited. Mr Edgar has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration, and to the activity which he is undertaking, to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Edgar consents to the inclusion in the release of the matters based on his information in the form and context in which it appears.

Forward‐Looking Statements

This announcement contains “forward‐looking statements” within the meaning of securities laws of applicable jurisdictions. Forward‐looking statements can generally be identified by the use of forward‐looking words such as “may”, “will”, “expect”, “intend”, “plan”, “estimate”, “anticipate”, “believe”, “continue”, “objectives”, “outlook”, “guidance” or other similar words, and include statements regarding certain plans, strategies and objectives of management and expected financial performance. These forward‐looking statements involve known and unknown risks, uncertainties and other factors, many of which are outside the control of Navarre and any of its officers, employees, agents or associates. Actual results, performance or achievements may vary materially from any projections and forward‐looking statements and the assumptions on which those statements are based. Exploration potential is conceptual in nature, there has been insufficient exploration to define a Mineral Resource and it is uncertain if further exploration will result in the determination of a Mineral Resource. Readers are cautioned not to place undue reliance on forward‐looking statements and Navarre assumes no obligation to update such information.

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Table 1: Irvine’s and Benno’s prospects rock chip sample locations & gold assay results for samples >0.1 g/t gold

SampleID	MGA_East	MGA_North	Aug/t	Asppm	Crppm	Description
G463	664596.47	5882047.27	0.23	341	170	Foliated Mn‐Ironstone
G466	664514.05	5882064.34	0.11	398	51	Ironstone
G474	664979.14	5882909.07	0.18	40	54	Quartzite (sediment), laminated, limonite staining
G475	664998.44	5883017.39	0.19	40	54	Mn Ironstone
G476	665003.51	5883102.25	0.12	127	35	Mn‐Fe (limonite) stained sandstone
G481	664876.87	5882354.41	0.14	73	17	Mn‐Fe‐Quartz stone
G482	664914.07	5882303.32	4.65	3450	468	Oxidised hematite‐limonite rock after basalt/ volcanogenics?
G484	664767.35	5882287.16	1.71	1285	229	Foliated Mn‐Ironstone
G487	664589.81	5882107.34	0.80	827	130	Mn‐Fe sandstone
G495	664693.45	5882413.69	0.26	398	52	Mn‐Ironstone
G498	664690.93	5882972.88	0.55	224	29	Quartz‐limonite Ironstone / foliated meta‐ siltstone(mine schist)
G500	664772.26	5881702.56	0.58	208	57	Quartzite sediment with hematite‐limonite & sulphide casts
G505	664637.89	5881751.04	0.11	163	25	Manganese‐quartz Ironstone
G510	664763.73	5881685.21	1.98	238	33	Foliated quartzite sediment with limonite staining
G514	664384.84	5881256.33	3.12	97	26	Quartzite sediment with limonite & sulphide casts
G517	664830.32	5881442.21	0.30	88	36	Quartzite sediment with hematite staining
G518	664831.55	5881483.43	3.34	273	14	Quartzite sediment with limonite staining & sulphide casts
G526	665529.57	5883550.50	1.03	315	58	Cambrian brown siltstone, brittle fracture infill cream silica – Benno’s Prospect
G526a	665529.57	5883550.50	0.86	276	89	Cambrian brown siltstone, brittle fracture infill cream silica– Benno’s Prospect
G529	664897.69	5882299.25	0.16	43	14	Quartz vein
G530	664908.43	5882298.99	8.33	3710	412	Quartz vein
G531	664908.99	5882299.53	1.16	1685	114	Quartz vein
G532	664909.43	5882300.23	1.69	1545	76	Quartz vein
G533	664913.48	5882303.16	3.14	3170	313	Quartz vein
G534	664923.53	5882310.03	3.34	687	74	Quartz vein
G535	664937.41	5882307.42	2.41	656	78	Fe‐Quartz vein
G536	664938.02	5882307.74	0.88	675	85	Fe‐Quartz vein
G540	664848.05	5883086.82	0.19	636	56	Foliated Ironstone
G579	664997.25	5882914.63	0.55	133	160	Quartzite sediment with limonite staining
G581	664986.46	5882865.14	0.16	32	27	Quartzite sediment with quartz foliations
G585	665008.83	5882812.51	0.18	50	63	Quartzite sediment with minor limonite
G590	664946.48	5882387.66	0.11	27	48	Quartzite sediment with hematite staining
G591	665094.34	5882350.97	2.70	18	24	Laminated quartzite sediment
G592	665071.02	5882339.24	4.90	107	20	Quartzite sediment with sulphide pits
G597	664922.08	5882080.55	0.28	9	26	Laminated quartzite sediment with hematite staining

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Table 2: Historical gold drill intercepts near Irvine’s Gold Prospect (CRAE 1992; see Appendix 1).

CRA Hole_id	East GDA94z54 (m)	North GDA94z54 (m)	RL (m)	Mag Azi	Dip	Total Depth (m)	From (m)	To (m)	Intercept (m)	Au grade g/t	Comments	Gold Intercept
DD92AA018 DD92AA018	664621.9	5883194.86	288.5	085	‐60	245.4	150.53 95.8	167.4 98.8	16.87 3	0.32 0.52	quartz sulphide lode approx. 7.7m true width	16.87m @ 0.32 g/t Au [email protected]/t Au
RC92AA021	664684.1	5883156.86	290.8	080	‐50	43	32	36	4	0.88	up‐dip position of AA018 ‐ ends in mineralisation	[email protected]/t Au
RC92AA024	664876.5	5882743.86	290.9	090	‐50	53	24	53	29	0.36	did not reach basalt contact ‐ ends in mineralisation at 53m	[email protected]/t Au
RC92AA024							42	52	10	0.66		[email protected]/t Au
RC92AA025	664827.2	5882752.86	294.6	090	‐50	52	48	52	4	0.34	hole ends in mineralisation	[email protected]/t Au
RC92AA027	664666.3	5882283.86	315.5	085	‐50	59	24	26	2	2.84	possible northern extension(700m)of Native Youth line	[email protected]/t Au
DD94AA254 DD94AA254	664867.1	5882750.86	291.6	063.5	‐50	129.2	86.1 86.5	91.6 87	5.5 0.5	0.75 7.20	Described as a "Classic Magdala FW sequence" on basalt contact ‐ includes	5.5m @ 0.75 g/t Au [email protected]/t Au
DD94AA266	665416.1	5883546.86	289.9	080	‐50	383.5	339.0	347.5	8.5	0.25	Quartz‐biotite‐garnet‐schist with sulphides, quartz and thin magnetite bands. Corequite broken suggestive of faulting	[email protected]/t Au

Table 3: Significant assay intercepts from Grange RC and Diamond drill program.

Hole ID	Collar East (GDA94z54) (m)	Collar North (GDA94z54) (m)	Collar RL (m)	Total Depth (m)	Dip	Azimuth GDA94z54	Intercept	Lab/Method	Comments / Geology
DDTY001	672090	5847275	271.8	341.0	‐60	90	[email protected]/t Au from 280.8m	ALS/Au‐AA25	Chlorite‐silica altered highlyfoliated carbonaceous sediments
DDTY002	672450	5846435	279	302.6	‐60	90	[email protected]/t Au from 96m	SGM/Aqua Regia	RCpre‐collar Pyriticquartzgravels
							NSR	NA	Carbonaceous siltstone lens within the basalt(Diamond core)
DDTY003	672470.34	5847271.33	279.6	373.9	‐55	0	[email protected]/t Au from 221.6m	ALS/Au‐AA25	Greywacke with intercalated mafic material as a lens within the basalt dome
RCTY001	672220	5847275	276.5	124	‐90	0	NSR	NA	Freshpyritic(2%)carbonaceous sediments with 2%quartz veiningnear end of hole
RCTY002	672590	5846435	278	103	‐90	0	[email protected]/t Au from 88m	SGM/Aqua Regia	This and surrounding pyriticquartzgravels are to be bulk tested forgold content
RCTY003	672295	5846950	280	54	‐60	85	NSR	NA	not sampled ‐ hole abandoned in transported
RCTY004	672180	5847525	278	55	‐70	91	NSR	NA	not lab sampled ‐ hole entirelywithin basalt below sands with high water flow
RCTY005	672430.36	5847850.95	278	102	‐60	100	1m@ 1.18g/t Aufrom 94m	ALS/Au‐AA25	Stronglychloritic meta‐sediment with 3%pyrite and 30%quartz veining
RCTY006	672441.45	5847694.87	279	80	‐60	100	[email protected]/t Au from 36m	ALS/Au‐AA25	Weaklysericitic saprolitic meta‐sediment
							[email protected]/t Au from 47m	ALS/Au‐AA25	Saprolitic meta‐sediment with tracequartz veining

NSR=no significant result > 0.2 g/t Au reported, see Appendix 1 for laboratory method details.

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Figure 1: Plan of the Stawell Corridor Gold Project tenements and Stawell look‐a‐like targets.

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Figure 2: Aeromagnetic image and geological fault interpretation surrounding the Stawell Granite showing the symmetry of structure and location for the Stawell Gold Mine and Navarre’s new prospects; Benno’s and Irvine’s in the northern Ararat Goldfield. The named Stawell Fault south of Irvine’s is the interpreted equivalent fault to that near Magdala based on structural re‐construction of the northern Ararat region.

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Figure 3: Gold in Rock Chip assay results from surface sampling and mapping at Irvine’s and Benno’s prospects. Historical drill results and holes are also shown. The underlying image is an airborne magnetic (TMI) image. Gold grades are rounded to 0.1g/t Au.

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