CARNAVALE RESOURCES LIMITED - Capital/Financing Update 2020

CARNAVALE RESOURCES LIMITED ASX Release 14 September 2020

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Carnavale secures additional ground at Kookynie Gold Project

Highlights

Carnavale Resources Ltd (ASX: CAV) has agreed to purchase 100% of tenement P40/1480 at the Kookynie Gold Project covering approximately 6km[2] , located only 60km south of Leonora.
The tenement is strategically located between Carnavale’s Kookynie Gold Project and Metalicity’s Leipold and McTavish Projects.
The Kookynie gold mining camp has historically produced >650,000 oz of high-grade gold since 1890’s.
Multiple prospective structures are interpreted to extend into the new tenement area with limited systematic modern exploration completed on the tenement.
Detailed aeromagnetic survey to be undertaken in December quarter over the Project.

Tenement abuts historic high-grade gold deposits

P40/1480 located immediately adjacent to the Leipold and McTavish deposits currently being successfully drilled by Nex Metals (ASX: NME, 100%) and Metalicity (ASX: MCT, earning 51%).
Metalicity have intersected high grade lodes at Leipold including : ▪ 10m @ 7.44 g/t Au from 108m,▪ 2m @ 35.23 g/t Au from 124m and 4m @ 16.3g/t Au from 42m. ( Refer ASX: MCT ASX release dated 7 Sept 2020 ) and McTavish including: 5m @ 17.9 g/t Au from 48m ( Refer ASX: MCT ASX release dated 2 Sept 2020 ).

Executive Chairman Ron Gajewski commented:

“Carnavale is growing a pipeline of West Australian gold and nickel exploration opportunities.

Our latest acquisition demonstrates the Company’s strong belief in the prospectivity of the Kookynie area, targeting shallow high-grade gold mineralisation.

Drilling is underway at Grey Dam targeting nickel sulphides and a planned aeromagnetic survey is well advanced for the Kookynie project.”

Carnavale Resources Limited ABN 49 119 450 243 Level 2, Suite 9, 389 Oxford Street, Mt Hawthorn, WA, 6016 T + 61 8 9380 9098 F + 61 8 9380 6761 E: [email protected] W : www.carnavaleresources.com

Carnavale Resources Limited (ASX: CAV) is pleased to advise it has agreed to acquire 100 % of tenement P40/1480 from owner Duane Briggs. This new tenement is a strategic addition to Carnavale’s existing Kookynie Gold Project (“KGP”, “Project”), located 60km south of Leonora and 150km north of Kalgoorlie in Yilgarn Craton, Western Australia (Figure 1). P40/1480 covers an area of approximately 6km[2 ] and is contiguous with Carnavale’s existing 21 km[2] tenure (Figure 2).

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Figure 1 Location of Carnavale’s Kookynie Gold Project Simplified geology and significant Gold deposits

This acquisition demonstrates the Company’s belief in the prospectivity of the Kookynie Mining Camp. P40/1480 is situated immediately adjacent to the high grade Leipold and McTavish prospects that are being successfully explored by Metalicity Ltd.

Cautionary Statements on Exploration Results

Material Information

Under ASX Listing Rule 3.1, Carnavale discloses Material Information on the tenement P40/1480 that is considered material to the project, the transaction and the Company. This Material Information however does not comply with current statutory JORC 2012 reporting requirements and the Company considers the information as “material”. Refer to statements below.

Competent Persons Statement

The information that relates to Exploration Results for P40/1480 in this announcement represents a fair and accurate representation of the available data and studies for P40/1480; and is based on, and fairly represents information and supporting documentation reviewed by Mr. Humphrey Hale, a Competent Person who is a Member of The Australian Institute of Geoscientists. Mr. Hale is a Consultant to Carnavale Resources Limited. Mr. Hale has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resource and Ore Reserves”. Mr. Hale consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.

The information in this report that relates to Exploration Results for P40/1480 have not been reported in accordance with the JORC Code 2012.

Carnavale has reviewed the exploration results as listed in WAMEX reports that outlines the work completed by Kookynie Resources NL at P40/1480 and considers the results fairly represent information and supporting documentation that would be expected to be compliant to JORC 2012 reporting standards.
The Competent Person has not done sufficient work to disclose the Exploration Results in accordance with the JORC Code 2012.
Carnavale intends to complete further work including additional soil sampling and drilling to support these results to JORC 2012 reporting standards. The Company will use existing company funds to complete this work.
it is possible that following further evaluation and/or exploration work that the confidence in the prior reported Exploration Results may be reduced when reported under the JORC Code 2012;
nothing has come to the attention of the acquirer that causes it to question the accuracy or reliability of the former owner’s Exploration Results; but
the acquirer has not independently validated the former owner’s Exploration Results and therefore is not to be regarded as reporting, adopting or endorsing those results.

Carnavale is currently reviewing and evaluating the gold potential of P40/1480 and the rest of the Project. As Carnavale advances the Project it is the Company’s intention to then carry out further geochemical sampling and geophysical surveys with a view to drill testing priority targets. It is planned that these programs will be funded from the Company’s existing working capital. Investors should note that even when these steps are undertaken, there is uncertainty that the Company will be able to report exploration in accordance with the JORC Code 2012.

Forward Looking Statements

Statements regarding Carnavale’s plans with respect to the mineral properties, resource reviews, programs, economic studies and future development are forward-looking statements. There can be no assurance that Carnavale’s plans for development of its mineral properties will proceed any time in the future. There can also be no assurance that Carnavale will be able to confirm the presence of additional mineral resources/reserves, that any mineralisation will prove to be economic or that a mine will successfully be developed on any of Carnavale’s mineral properties.

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