AUREKA LIMITED — Capital/Financing Update 2017

Feb 19, 2017

ASX Announcement 20 February 2017

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Navarre Minerals Limited
ABN 66 125 140 105
ASX Code: NML
Corporate Details
Issued capital:
173.9M ordinary shares
34.7M 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)
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: info@navarre.com.au
Website: www.navarre.com.au
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Hunt intensifies for primary gold orebody near Stawell, Victoria

• 3,000m diamond drill program to kick-off in March 2017 testing for depth extension of the Resolution Lode (previously known as Target 3)

• Resolution Lode remains open along strike and at depth

• Results for final 10 holes of recent aircore drilling outline two new mineralised trends for follow-up

• Geochemical mapping and geophysics planned to extend over interpreted 8km strike of Irvine basalt dome as precursor to further AC drilling program

• Diamond drilling program co-funded by the Victorian Government’s TARGET Minerals Exploration Initiative grant

Navarre Minerals Limited (ASX Code: NML) ( Navarre or the Company ) is pleased to announce a 3,000m diamond drilling program at its 100%-owned Stawell Corridor Gold Project, located 15km south of Stawell in western Victoria (Figure 1).

Navarre’s Managing Director, Geoff McDermott said a new oxide gold reef system has been discovered in the Company’s recently completed maiden air-core (AC) drilling program at the Irvine gold prospect.

“This new gold discovery has geological similarities to the 4.5 million ounce Magdala gold mine (1982–2016) at Stawell,” Mr McDermott said.

“Stawell-style gold orebodies are highly prized because the gold is fine-grained, more continuous and predictable, and extend to a greater depth (Magdala produced gold from surface to 1,640m) than gold mineralisation typically found at Victoria’s other goldfields such as Bendigo and Ballarat.

“The results from Navarre’s AC drilling program give confidence to intensify the hunt for a potential primary orebody below the Resolution Lode (formerly Target 3) and in other areas adjacent to the flanks of the Irvine basalt dome.

“A 3,000m diamond drilling program, co-funded by the Victorian Government’s TARGET Minerals Exploration initiative, will soon kick off to target these areas.

“Results from the final 10 regional reconnaissance AC drill holes highlight other mineralised trends off the west flank of the Irvine basalt, with similar potential to contain significant primary gold mineralisation.

“We are now expanding our search for similar gold reef systems further south to cover a total distance of 8 km of where we interpret the location of the Irvine basalt dome. This is situated beneath the 1 Moz alluvial gold footprint of the Ararat Goldfield.”

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 info@navarre.com.au | w navarre.com.au

ASX Announcement 20 February 2017

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Figure 1: Stawell Corridor Gold Project location map.

Diamond Drill Program

A drilling program comprising up to 18 diamond holes for approximately 3,000m of drilling has been designed to test for the depth continuity of the recently discovered Resolution Lode, part of the Irvine gold prospect. The main target area of the diamond drill program is shown in a long projection (Figure 2).

The diamond drill program follows a maiden 105 hole, 4,906m air-core (AC) drilling program which resulted in the discovery of significant oxide gold mineralisation from surface to an average depth of 45m (referred to as the Resolution Lode). The gold mineralisation occurs over a strike length of 800m and remains open along strike and at depth. Significant results, previously reported (see NML ASX releases of 1 & 15 December 2016 and 16 January 2017), from the initial AC drilling include:

• 6m at 6.3g/t gold from 66m (IAC018) including 1m at 24.6 g/t Au

• 2m at 41.5g/t gold from surface (IAC018 )

• 6m at 4.2 g/t gold from 17m (IAC058)

• 4m at 2.2 g/t gold from 25m (IAC054)

• 7m at 2.7g/t gold from 31m (IAC034)

• 12m at 1.6g/t gold from 48m (IAC027), including 1m at 12.6 g/t gold

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 info@navarre.com.au | w navarre.com.au

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• 12m at 1.2/t gold from 12m (IAC029) from a broader zone of 60m at 0.6g/t gold from surface

• 14m at 1.4g/t gold from 5m (IAC040)

• 11m at 1.4g/t gold from 56m (IAC043)

The Resolution Lode gold mineralisation, discovered to date, dips steeply to west and has horizontal widths of up to 30m at surface. Mineralisation widths reduce to approximately 5-10m at the base of oxidation where highergrade un-oxidised mineralisation commences (e.g. IAC018 6m at 6.3 g/t gold ).

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Figure 2: Longitudinal projection of the Resolution Lode showing recent AC drill intercepts and the area of the proposed diamond drill program (refer to Figure 3 for location of Resolution Lode).

The planned diamond drilling program is expected to comprise HQ size core (64mm diameter), which will allow for representative samples and data to be collected for:

• gold grade determination;

• geotechnical logging and rock strength;

• structural measurements;

• petrological examination;

• metallurgical sampling and test work; and

• twin holes of selected AC drill holes for validation purposes.

The program will consist of angled drill holes ranging in length from 150m to 250m, drilled along the 900m extent of the target area (Figure 2 above shows a plan of the recent AC drilling with the planned diamond drill target area).

The drill program is expected to commence in early March 2017 following completion of access approvals, and will take up to 3 months to complete.

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 info@navarre.com.au | w navarre.com.au

N a v a r r e M i n e r a l s L i m i t e d ( N M L ) A S X A n n o u n c e m e n t P a g e | 4

Irvine AC Drill Results

In mid-December 2016, the Company completed its maiden AC drilling program at the Irvine gold prospect. The program comprised 105 AC drill holes for a total of 4,906m. Assay results for all drill holes have now been received and interpreted. Results for the first 95 drill holes were previously reported to the ASX in releases on 1 and 15 December 2016, and on 16 January 2017.

One of the main targets of this drill program was the Resolution Lode (formerly Target 3) where 46 AC drill holes in eight 100m (north – south) spaced drill traverses were completed across the mineralised structure (Figures 2 & 3).

The results for the final 10 AC holes (IAC096-105) are from broader reconnaissance-style first-pass testing of several geochemical and geophysical targets located off the western side of the Irvine basalt dome (See Table 1 and Figure 3).

Although requiring infill and step-out drilling, the results from the final set of AC holes are pleasing as the drilling has intersected structures containing gold and highlighted the presence of a possible new mineralised trend (Westgate) and a potential significant strike extension of the Great Western trend (Figure 3).

Westgate trend

Two reconnaissance AC holes were drilled to test a surface gossanous outcrop located during geological mapping and interpreted to be the surface expression of the Cathcart Fault. The Company believes this fault is a controlling structure and a potential primary source of gold to an array of west-draining historical alluvial leads mined during the 19[th] century on the western side of the Great Dividing Range (Figures 3 & 4).

The drill holes appear to have intersected the same steep west-dipping structure, but at different elevations. Both holes returned better than 1 gram per tonne gold from shallow levels:

• 1m at 2.0 g/t gold from 4m (IAC099)

• 1m at 1.6 g/t gold from 40m (IAC100)

Further mapping and geochemical sampling is underway along this trend to define zones of gold anomalism as a precursor to follow-up AC drill testing.

Great Western trend

Three traverses of reconnaissance AC drilling have been completed across a coincident Induced Polarisation (IP) and geochemical anomaly, located approximately 200m west of the Irvine basalt, over a strike length of 1,200m, now referred to as the Great Western trend (Figure 3).

On 16 January 2017 the Company released the results for most of the northern two traverses of drilling which included some significant gold results from a quartz reef (Figure 3):

• 3m at 1.5 g/t gold from 45m down hole (IAC073) and 1m at 1.7 g/t gold from 29m down hole (IAC073)

• 2m at 2.9 g/t gold from 30m down hole (IAC066)

Results have now been received for the southern traverse and from IAC102 located on the west side of the middle drill traverse (Table 1 and Figure 3).

Significant results include:

• 3m at 1.2 g/t gold from 20m down hole (IAC102) including 1m at 2.6 g/t gold from 21m

• 1m at 0.6 g/t gold from 32m down hole (IAC103)

All three drill traverses have intersected anomalous gold mineralisation within quartz lode structures potentially over a strike extent of 1,200m. The quartz structures have been subject to small-scale historic reef mining above the water table (approximately 30-40m depth). These quartz lode structures are analogous to the Hangingwall

Navarre Minerals Limited | ABN 66 125 140 105 40 - 44 Wimmera Street | PO Box 385 | Stawell VIC 3380 Australia t +61 3 5358 8625

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and Central lode systems that have been historically mined in the Magdala Gold Mine (see Figure 5). The gold mineralisation remains open along strike and at depth.

Like Westgate, the Great Western mineralised trend appears to be associated with a strong west-dipping quartz / fault structure as identified in geological mapping and supported by regional geophysics. It is thought that a proportion of the gold mined in the adjacent east-draining historic alluvial leads emanates from the inferred position of this controlling structure.

As typical ore zones at the Stawell Gold Mine are nominally 200m (long) by 200m (vertical), further shallow infill drilling will be necessary to test the gold potential of these mineralised trends.

TABLE 1: Summary of New AC Significant Assay Intervals

Drill Hole ID	Easting (MGA)	Northing (MGA)	RL (m)	Azimuth (degrees)	Dip (degrees)	Total Depth (m)	From (m)	Interval (m)	Gold (g/t)	Comments
IAC096	665398	5880748	307	68	-60	31			NSA
IAC097	665376	5880737	309	68	-60	43			NSA
IAC098	665355	5880727	310	68	-60	57			NSA
IAC099	664647	5879522	348	60	-60	60	4	1	1.96	Westgate Trend
IAC100	664678	5879540	349	240	-60	60	40	1	1.55	Westgate Trend
IAC101	664797	5881616	311	64	-60	39			NSA
IAC102	664566	5881504	334	248	-60	48 including	20 21	3 1	1.17 2.61	Gt Western Trend
IAC103	664830	5880794	339	50	-60	39	32	1	0.60	Gt Western Trend
IAC104	664807	5880777	342	50	-60	34			NSA
IAC105	664847	5880808	338	50	-60	37			NSA

Notes to Table 1:

1. The accuracy of dip, strike and controls on mineralisation is based on interpretation and the true width of the mineralisation is not yet confirmed, although for east inclined holes it is likely to be in the range of 60-80% of the intersection width.

2. Sample returns from each metre drilled of every drill hole has been collected and stored in its own unique plastic bag. Sub-samples submitted for analysis are selected on the basis of geology and mineralisation and range from 1 to 5m composite grab samples. All significant assays reported are based on individual metre or 2m composite samples.

3. All samples were submitted to ALS Laboratories in Orange NSW and were analysed using a 30g fire assay with AA finish (method: AuAA25) (0.01ppm detection limit). A 35 element Aqua Regia ICP-AES (method: ME-ICP41) analysis was also performed on each sample to assist interpretation of pathfinder elements.

4. g/t (grams per tonne).

5. NSA (No Significant Assay) – No gold assay above 0.3g/t.

6. Assay intersections are continuous zones with less than 1m of internal dilution.

7. No high grade cut-off has been applied to individual assays.

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 info@navarre.com.au | w navarre.com.au

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Figure 3: Drill hole location plan of completed AC drilling program showing mineralised surfaces.

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 info@navarre.com.au | w navarre.com.au

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Expansion of exploration program

The AC drill testing at Irvine has been highly successful, particularly the discovery of the Resolution Lode shallow oxide gold mineralisation over 800m of strike to an average depth of 45m. The results are considered by the Company to demonstrate the potential for discoveries of economic levels of gold mineralisation in terms of grade and width. The existence of multiple mineralised structures, the styles of mineralisation present and the rock types encountered in drilling are analogous with those of Stawell’s Magdala Gold Mine.

On this basis of the criteria outlined above, the Company has decided to expand its exploration program over the extent of the Ararat Goldfield within the Company’s Exploration Licence (Figure 4). A geochemical mapping program is underway, to be followed by a geophysical data acquisition program, as a potential precursor to more AC drilling.

Historical alluvial workings that provided approximately 1 million ounces of gold production have been mapped over much of the Irvine basalt. These provide encouragement for further exploration success along this highly mineralised structure.

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Resolution Lode
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Figure 4: Mapped extent of Irvine basalt dome and historic alluvial gold footprint of the 1Moz Ararat Goldfield

Navarre Minerals Limited | ABN 66 125 140 105 40 - 44 Wimmera Street | PO Box 385 | Stawell VIC 3380 Australia t +61 3 5358 8625

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Background

The Stawell Corridor Gold Project comprises two exploration licences, Tatyoon and Ararat, which includes the historic Ararat Goldfield. It is located between 10 and 70 kilometres south-east of the Stawell Gold Mine which is owned by Navarre’s largest shareholder Kirkland Lake Gold Ltd. (Figure 1).

Approximately 6 million ounces of historic and modern gold production has occurred from Ararat and Stawell.

The Irvine prospect is located 15 kilometres south of Stawell’s Magdala Gold Mine and was identified in 2015 (NML ASX release 12 June 2015). The prospect occupies the northern end of the Ararat Goldfield, which is estimated to have produced approximately one million ounces of gold mainly from alluvial and deep lead production during the period 1854 to 1925.

Production of primary hard-rock gold from the Ararat Goldfield was low given the richness of the alluvial deposits, in contrast to the Stawell Goldfield, and is one of the reasons why Navarre is searching for economic primary gold mineralisation in the vicinity of the richest alluvial gold deposits.

The largest gold mine along the Stawell Corridor is the Magdala Gold Mine, which has produced gold from a deposit that has been mined to depths in excess of 1,600 metres below surface. Modern gold mining at Stawell has been continuous from 1982 until December 2016 with the Magdala gold deposit contributing more than 4 million ounces of the total 5 million ounces of gold produced to date from the Stawell Goldfield.

Gold mineralisation of the Stawell style occurs proximal to the margins of large basalt dome structures. The basalt structures are rigid and do not deform as much as the surrounding sediments. The deformation leads to the creation of voids allowing quartz veining and gold mineralisation to form around the basalt margins.

The two main styles of mineralisation in the Magdala Mine at Stawell occur proximal to a basalt dome which is thought to control the location of gold mineralisation. The two styles of mineralisation can be broadly described as:

• Basalt contact mineralisation, which occurs in sediments overlying the basalt dome. Gold is located in steep-dipping shear-hosted quartz veins and stockworks; and

• Quartz reefs, where mineralisation occurs in shear-hosted quartz veins and stockworks to the west of the basalt dome. Gold occurs as free gold in quartz and as associations with sulphides.

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 info@navarre.com.au | w navarre.com.au

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Figure 5: Schematic diagram of Stawell’s Magdala Gold Mine showing the two main mineralisation styles (diagram modified from Kirkland Lake Gold Ltd presentation 3-7 October, 2016)

The Company completed an AC drill program in mid-December 2016 testing the potential for the Irvine gold prospect to be an analogue of the multi-million ounce Magdala gold deposit located on the opposite side of the Stawell Granite in similar rocks to the north (Figure 1). The program was targeting the primary reef source to approximately 1 million ounces of alluvial gold production mined during the 19th century on the Ararat Goldfield

The AC drilling program forms part of the work included in Navarre’s TARGET co-funding agreement with the Victorian Government. The Victorian Government TARGET grant funding, which was awarded to the Company during the June quarter 2016, will contribute approximately 50% towards the total cost of an expected $1.2 million exploration program at the Irvine gold prospect. The program comprises geophysics, AC and diamond drilling. Navarre has signed a funding agreement with the Victorian Government that includes milestones that will trigger the staged release of funds to Navarre.

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 info@navarre.com.au | w navarre.com.au

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- ENDS –

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

Geoff McDermott Managing Director

E: info@navarre.com.au 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 Shane Mele, who is a Member of The Australasian Institute of Mining and Metallurgy and who is a consultant geologist to Navarre Minerals Limited. Mr Mele 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 Mele 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.

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 is searching for gold deposits in the 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 the Irvine prospect is a prime focus for the Company in 2017. This is located 15km south of the Stawell Gold Mine, currently on care and maintenance, which is owned by Navarre’s largest shareholder and leading Victorian gold producer, Kirkland Lake Gold Ltd.

At the high-grade Tandarra Gold Project 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.

The Company is also targeting large VMS, porphyry-copper and gold deposits. The Western Victoria Copper Project captures multiple, largely untested targets in 130km of western Victoria’s Stavely Arc volcanics.

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 info@navarre.com.au | w navarre.com.au

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Appendix 1 JORC Code, 2012 Edition - Table 1

Section 1 Sampling Techniques and Data

Criteria	JORC Code explanation	Commentary
Sampling techniques	 Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling.  Include reference to measures taken to ensure sample representativity and the appropriate calibration of any measurement tools or systems used.  Aspects of the determination of mineralisation that are Material to the Public Report - In cases where ‘industry standard’ work has been done this would be relatively simple (eg ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information.	 All air-core (AC) drill holes have been routinely sampled at 1m intervals downhole directly from a rig mounted cyclone. Each metre is collected in a plastic bag and preserved for assay sub-sampling analysis as required.  Sub-samples for assaying were generated from the 1m preserved samples and were prepared at the drill site by a grab sampling method based on logged geology and mineralisation intervals. Sub-samples were taken at 1m intervals or as composites ranging from 2-5m intervals ensuring a sample weight of between 2 to 3 kg per sub-sample.  The sample size is deemed appropriate for the expected grain size of the material being sampled.  Certified reference material and sample duplicates were inserted at regular intervals with laboratory sample submissions.
Drilling techniques	 Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc).	 AC drilling was carried out using a Wallis Mantis 80 Aircore rig mounted on a 6X6 Landcruiser. The AC rig used a 3.5” blade bit to refusal, generally just below the fresh rock interface.
Drill sample recovery	 Method of recording and assessing core and chip sample recoveries and results assessed.  Measures taken to maximise sample recovery and ensure representative nature of the samples.  Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.	 AC drill recoveries were visually estimated as a semi- quantitative range and recorded in the log.  Recoveries were generally high (>90%), with reduced recovery in the initial near-surface sample.  Samples were generally dry but many became wet at the point of refusal in hard ground below the water table.  No sampling issue, recovery issue or bias was picked up and is considered that both sample recovery and quality is adequate for the drilling technique employed.
Logging	 Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.  Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography.  The total length and percentage of the relevant intersections logged.	 All drill samples were geologically logged by Navarre team geologists.  Geological logging used standardised logging system recorded mineral and rock types and their abundance, as well as alteration, silicification and level of weathering.  A small representative sample was retained in a plastic chip tray for future reference and logging checks.
Sub-sampling & preparation	 If core, whether cut or sawn and whether quarter, half or all core taken.  If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry.  For all sample types, the nature, quality and appropriateness of the sample preparation technique.  Quality control procedures adopted for all sub-sampling stages to maximise representativity of samples.	 AC composite, 1m individual and EOH samples were collected as grab samples.  Samples were recorded as dry, damp or wet.  Duplicates were taken to evaluate representativeness.  Drill sample preparation and base metal and precious metal analysis is undertaken by a registered laboratory (ALS Orange, NSW). Sample preparation by dry pulverisation to 85%passing75 micron.

Navarre Minerals Limited | ABN 66 125 140 105 40 - 44 Wimmera Street | PO Box 385 | Stawell VIC 3380 Australia t +61 3 5358 8625

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Criteria	JORC Code explanation	Commentary
	 Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling.  Whether sample sizes are appropriate to the grain size of the material being sampled.	 Field QC procedures involve the use of certified reference standards, duplicates and blanks at appropriate intervals (1:40) for early stage exploration programs. High, medium and low gold standards are used.  The sample sizes are considered to be appropriate to correctly give an accurate indication of mineralisation given the qualitative nature of the technique and the style of gold mineralisation sought.
Quality of assay data and laboratory tests	 The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.  For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.  Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established.	 Analysis for gold is undertaken at ALS Orange, NSW by 30g Fire Assay with an AAS finish to a lower detection limit of 0.01ppm Au using ALS technique Au-AA25.  ALS also conducted a 35 element Aqua Regia ICP- AES (method: ME-ICP41) analysis on each sample to assist interpretation of pathfinder elements.  No field non-assay analysis instruments were used in the analyses reported.  A review of certified reference material and sample blanks inserted by the Company indicate no significant analytical bias or preparation errors in the reported analyses  Internal laboratory QAQC checks are reported by the laboratory and a review of the QAQC reports suggests the laboratory is performing within acceptable limits.
Verification of sampling and assaying	 The verification of significant intersections by either independent or alternative company personnel.  The use of twinned holes.  Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.  Discuss any adjustment to assay data.	 Samples are verified by the Navarre geologist before importing into the drill hole database.  No twin holes have been drilled by Navarre during this program.  Reported drill results were compiled by the Company’s geologists and verified by the Managing Director.  No adjustments to assay data were made.
Location of data points	 Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.  Specification of the grid system used.  Quality and adequacy of topographic control.	 All maps and locations are in UTM Grid (GDA94 zone 54).  All drill collars were initially measured by hand-held GPS with an accuracy of+5metres. On completion of the program a contract surveyor picked-up all drill collars to an accuracy of+0.02m.  Down-hole surveys have not been undertaken
Data spacing & distribution	 Data spacing for reporting of Exploration Results.  Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.  Whether sample compositing has been applied.	 Variable drill hole spacing are used to adequately test targets and are determined from geochemical, geophysical and geological data together with historic mining information. AC is usually undertaken in drill traverses where holes are approximately 20-40 metres apart.  Drilling reported in this program is of an early exploration nature and has not been used to estimate any mineral resource or ore reserves.  Refer to sampling techniques, above for sample compositing
Orientation of data in relation to geological	 Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.	 Exploration is at an early stage and, as such, knowledge on exact location of mineralisation and its relation to lithological and structural boundaries is not accuratelyknown. However the current hole

Navarre Minerals Limited | ABN 66 125 140 105 40 - 44 Wimmera Street | PO Box 385 | Stawell VIC 3380 Australia t +61 3 5358 8625

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Criteria	JORC Code explanation	Commentary
structure	 If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.	orientation is considered appropriate for the program to reasonably assess the prospectivity of targets derived from a variety of data sources.
Sample security	 The measures taken to ensure sample security.	 Chain of custody is managed by internal staff. Drill samples are stored on site and transported by a licenced reputable transport company to a registered laboratory in Orange, NSW (ALS Laboratories). When at the laboratory samples are stored in a locked yard before being processed and tracked through preparation and analysis.
Audits or reviews	 The results of any audits or reviews of sampling techniques and data.	 There has been no external audit or review of the Company’s sampling techniques or data at this stage.

Section 2 Reporting of Exploration Results

Criteria		Commentary
Mineral tenement and land tenure status	 Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.  The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.	 The Irvine prospect is located within Navarre’s 100% owned “Ararat” exploration licence EL 5476 which was granted on 25 February 2015 for an initial period of 5 years.  The tenement is current and in good standing.  The prospect occurs mainly on freehold land.  Crown land, subject to possible Native Title has been excised from the licence.
Exploration done by other parties	 Acknowledgment and appraisal of exploration by other parties.	 Centaur Mining & Exploration held licence EL 1224 in the 1980s and conducted surface mapping, and shallow RAB drilling along road verges in proximity to the Irvine prospect. The main focus of their exploration activities became the Mt Ararat base- metal sulphide deposit further to the SW.  CRA Exploration held licences EL 2651 & EL 3429 (which were amalgamated into EL 3450) in the early 1990’s. It was recognised that basalt lavas and associated meta-sediments at the northern end of the field held gold potential of the Stawell-style (which itself was relatively poorly understood at that time). CRA drilled 12 RC holes (average 48m depth) and 2 diamond holes in the Irvine area. This work was initially focused on an area of high arsenic in soils anomalism along two north-trending outcrops of ironstone to the west of the Irvine Basalt, now referred to as The Native Youth Line (or Stawell Fault). Significant gold grades of 4m @ 0.88 g/t Au (RC92AA021 from 32m) and 2m @ 2.84 g/t Au (RC92AA027 from 24m) were recorded. Mapping and rock chip sampling across the entire Ararat Goldfield was also undertaken at this time with >1 g/t Au results obtained.  A single diamond drill hole following up two shallow RC holes that recorded highly anomalous arsenic and gold concentrations on the western flank of the Irvine Basalt generated a 0.5m @ 7.2 g/t Au intersection from 86.5m in a “classic Magdala footwall sequence” of high arsenopyrite and pyrrhotite from meta- sediments in DD92AA254. This was the only hole to pass through the Irvine basalt contact.

Navarre Minerals Limited | ABN 66 125 140 105 40 - 44 Wimmera Street | PO Box 385 | Stawell VIC 3380 Australia t +61 3 5358 8625

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Criteria		Commentary
		 From 1995 to 1996, under Joint Venture with CRAE, Stawell Gold Mines undertook exploration which included 4 lines of shallow vertical aircore drilling across the trend of the Irvine Basalt. Owing to weather and drill penetration difficulties, no basalt contacts were intersected in any SGM holes and no significant gold results were obtained. The aircore program helped deduce the broad outline of the western basalt contact and confirmed the presence of anomalous arsenic geochemistry (max As = 440ppm).  A few selected trays from CRAE’s regional drill program are held by the Geological Survey of Victoria in their core farm facilityin Werribee.
Geology	 Deposit type, geological setting and style of mineralisation.	 The project area is considered prospective for the discovery of gold deposits of similar character to those in the nearby Stawell Gold Mine, particularly the 4Moz Magdala gold deposit. The Stawell Goldfield has produced approximately 5 million ounces of gold from hard rock and alluvial sources. More than 2.3 million ounces of gold have been produced since 1980 across more than 3 decades of continuous operation.
Drill hole Information	 A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: easting and northing of the drill hole collar o elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar o dip and azimuth of the hole o down hole length and interception depth o hole length.  If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.	 Reported results are summarised in Figure 3 and Table 1 within the main body of the announcement.  Drill collar elevation is defined as height above sea level in metres (RL)  AC holes were drilled at an angle deemed appropriate to the local structure and stratigraphy and is tabulated in Table 1.  Total hole length of the hole is the distance from the surface to the end of hole, as measured along the drill trace.
Data aggregation methods	 In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated.  Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.  The assumptions used for any reporting of metal equivalent values should be clearly stated	 All reported AC assays have been length weighted.  No top cuts have been applied.  An average nominal 0.3g/t Au or greater lower cut-off is reported as being potentially significant in the context of this maiden drill program.  No metal equivalent reporting is used or applied.
Relationship between mineralisation widths and intercept lengths	 These relationships are particularly important in the reporting of Exploration Results. If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.  If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole length, true width not known’).	 The exact geometry and extent of any primary mineralisation is not known at present due to the early stage of exploration.  Mineralisation results are reported as “down hole” intervals as true widths are not yet known.
Diagrams	 Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.	 Refer to diagrams in body of text
Balanced reporting	 Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low	 All new drill holes results received have been reported in this announcement.

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Criteria		Commentary
	and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.	 No holes are omitted for which complete results have been received.
Other Substantive exploration data	 Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.	 Relevant exploration data is shown in diagrams and discussed in text.
Further work	 The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step- out drilling). Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.	 Navarre has completed its maiden 4,906m AC drilling program testing the potential for the Irvine prospect to be an analogue of the multi-million ounce Stawell gold deposit. The Company is planning a diamond drilling program to follow-up peak AC results. The Company is also preparing to extend its geochemical sampling and mapping program over 8km strike of the interpreted Irvine dome.

Navarre Minerals Limited | ABN 66 125 140 105 40 - 44 Wimmera Street | PO Box 385 | Stawell VIC 3380 Australia t +61 3 5358 8625

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