CARNAVALE RESOURCES LIMITED — Capital/Financing Update 2021

Dec 12, 2021

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ASX ANNOUNCEMENT 13 [th] Dec 2021
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High-grade gold along 15km of the Carnage shear at Ora Banda

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• High-grade assay results in aircore have been received for CAV’s maiden 168 hole 10,869m geochemical aircore drilling program targeting structurally controlled gold mineralisation under cover.

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• The wide spaced drill program confirmed a 15km anomalous gold and arsenic envelope along the Carnage Shear Zone.

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• Reconnaissance drilling was completed on 80m centres with lines spaced from 250m up to 1,000m apart in the initial program.

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• This new phase of drilling has generated three broad gold anomalies Carnage, Highlander and Ghan Dam, which are all open along strike and at depth.

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Six aircore holes ended in anomalous gold mineralisation near, or at the top of fresh rock.

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Significant results include:

• 4m @ 8.82g/t from 40m in hole OBAC022

• 8m @ 2.74g/t from 48m in hole OBAC089 ( inc.4m @ 5.1g/t from 52m )

• 12m @ 0.44g/t from surface in hole OBAC038 and

• 4m @ 1.40g/t from 24m in hole OBAC038

• 4m @ 0.76g/t from 56m in hole OBAC023

• 4m @ 0.72g/t from 16m in hole OBAC108

• 9m @ 0.31g/t from 56m in hole OBAC087 (ended in mineralization)

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• Multi element geochemistry from the recent assays has helped to understand the geology and distribution of the anomalous gold mineralisation along the Carnage shear.

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• Analogous geological setting target to the +2.5Moz @ +4g/t Invincible Gold Mine[1] , discovered by Gold Fields Limited near Kambalda in 2012.

CEO Humphrey Hale commented:

“We are delighted with the results of our first aircore drilling at Ora Banda. Our initial wide spaced reconnaissance drilling has confirmed a very large, 15km corridor of gold anomalism along the Carnage shear with multiple high-grade gold zones in the regolith profile. These new prospects will be followed up with more detailed drilling very soon. We have a drill rig booked to return to Ora Banda in early 2022 to expand and develop these exciting new gold zones.”

1 https://www.goldfields.com/pdf/investors/integrated-annual-reports/2020/mmr-2020.pdf

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Carnavale Resources Limited (ASX: CAV) is pleased to provide an update on the progress of exploration at the Ora Banda South Gold Project, 90km north of Kalgoorlie in the West Australian Goldfields.

The 2021 phase one aircore drilling program, comprising 168 holes for 10,869m, was designed to test the bedrock gold potential along the Carnage Shear, identified from aeromagnetics. This initial wide spaced, aircore drilling program tested targets identified by CAV’s previous soil sampling program, previous aircore gold anomalies and structural targets under alluvial cover. The aircore program confirms the prospective Carnage Shear occurs along the 15km long tenement package and shows anomalous gold, arsenic, bismuth and lead with three new gold prospects identified that contain high grade gold intercepts – Carnage, Highlander and Ghan Dam (Figure 1).

Information regarding the drill hole targeting, and the soil sampling programs can be found in our ASX release “Initial Aircore drilling commenced at the Ora Banda South Gold Project - 2 September 2021” and. drilling targeting significant shallow bedrock gold results from limited aircore and RAB drilling completed by previous explorers see ASX release “Carnavale Bolsters Gold Portfolio with New Acquisition Ora Banda South - 5 October 2020”.

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Figure 1: CAV aircore drilling with significant intercepts

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The previous gold and arsenic in soil as well as the downhole gold and arsenic data from the recent aircore drilling has been contoured and defines the targeted Carnage Shear (Figure 2). This data supports the interpretation of a semi-continuous envelope of coincident multi-element anomalism that extends from the Mount Carnage Gold mine in the northwest along the Carnage Shear for the 15 km length of the tenement package. This represents a large prospective target corridor to explore, with high-grade gold already intercepted at the Carnage Prospect and the Highlander Prospect (Figure 2). Central to CAV’s tenement holding is an area owned by a prospector that has worked the surface and developed shafts in the search for gold, these workings are shown in figure 1 and 2.

There is a strong correlation between moderate arsenic results and bedrock gold enrichment. In addition, the highest values of arsenic are located at the interpreted northwest southeast structures, which are also elevated in bismuth and lead.

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Figure 2: Soil sampling geochemistry with drilling geochemistry indicates a 15km mineralised trend

The object of this initial aircore program was to test for the geochemical gold signature in the regolith that would lead to structurally hosted gold mineralisation under cover that could be similar to the Invincible discovery at St Ives.

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It was anticipated that indications of mineralisation would be present as a geochemical signature in gold, arsenic and other elements in the regolith profile that would provide a vector to higher grade gold mineralisation. CAV is very pleased with the broad geochemical envelope that has been defined by this drilling, including the high-grade gold intercepts.

In addition to outlining significant gold anomalism in the regolith, CAV has gained an improved understanding of the geology and structure, the depth of transported material as well as the depth of weathering within the regolith profile across the tenement package. CAV is looking forward to returning to Ora Banda to extend and expand these new gold Prospects.

Carnage Prospect

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Figure 4: Cross section through the Carnage Prospect with 500m wide anomalous zone and highgrade gold in regolith

The geology of the Carnage prospect is dominated by a sequence of sedimentary rocks crosscut by the Carnage Shear. The area is overlain with a layer of transported material that is up to 40m in places. The transported cover has prevented any surface sampling such as soils or auger sampling from being effective at detecting concealed gold anomalism. CAV reviewed the structural information from the aero magnetics and extrapolated the gold in soil anomalism which suggested a that there could be a concealed gold target beneath the transported cover. CAV drilled two lines of broad spaced aircore over Carnage Prospect area to test for new mineralisation.

The Carnage Prospect has a gold anomaly that is 500m wide (figure 4) and 2.5km long that is open to the northeast and southwest (Figure 1). Significant intercepts at the Carnage Prospect include:

• 8m @ 2.74g/t in hole OBAC089 from 48m inc . 4m @ 5.1g/t from 52m

• 9m @ 0.31g/t in hole OBAC087 from 56m ended in mineralisation

• 4m @ 0.72g/t in hole OBAC108 from 16m

• 5m @ 0.21g/t in hole OBAC090 from 60m

• 7m @ 0.14g/t in hole OBAC093 from 64m ended in mineralisation

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Highlander Prospect

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Figure 5: Cross section through the Highlander Prospect with 250m wide anomalous zone and highgrade gold in regolith

The geology of the Highlander Prospect is similar to the Carnage Prospect with sediments intersected by the Carnage shear and other associated fault structures. The depth of transported cover is not as extensive as at the Carnage Prospect 3km to the northwest. The Highlander Prospect has a blanket of anomalous gold and arsenic in the soil geochemistry that was the target for the broad spaced aircore drilling. High-grade gold mineralisation was intersected in hole OBAC022 with an associated supergene gold anomaly that extends over 250m in width and has a strike length of 2.5 km. Significant intercepts include:

• 4m @ 8.82g/t from 40m and 4m @ 0.14g/t from 56m in hole OBAC022

• 12m @ 0.44g/t from surface in hole OBAC038 inc. 4m @ 0.85g/t from 8m

• 4m @ 1.40g/t from 24m in hole OBAC038

• 4m @ 0.76g/t from 56m in hole OBAC023

• 1m @ 0.13g/t from106m in hole OBAC005 ended in mineralisation

• 1m @ 0.10g/t from 59m in Hole OBAC053 ended in mineralisation

Ghan Dam Prospect

The Ghan Dam Prospect is located in the southern most tenements of the Ora Banda South Gold Project. The geology is dominated by similar sediments to the Highlander Prospect with the addition of intrusive porphyry dykes.

The Ghan Dam Prospect has coincident gold and Arsenic soil anomalies with some historic drilling that outlines gold anomalism associated with the Carnage Shear and associated fault structures. CAV followed up this anomalism with a program of broad spaced aircore. The earlier drilling and soil anomalies were confirmed by the recent drilling with intercepts that included:

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• 4m @ 0.30g/t from 120m in hole OBAC066

• 1m @ 0.52g/t from 64m in hole OBAC061 ended in mineralisation

• 4m @ 0.11g/t from 84m in hole OBAC071 ended in mineralisation

Significant shallow bedrock gold results from limited aircore and RAB drilling completed by previous explorers have been contoured and make up the geochemical image in figure 2. Significant results include:

• 14m @ 0.79g/t in historic hole OBAC033 from 73m and 2m @ 1.56g/t from 90m ended in mineralisation

• 5m @ 2.29g/t in hole KWAC055 from 116m ended in mineralisation

• 8m @ 2.58g/t in hole OBRC096 from 32m and 4m @ 0.72g/t from 60m

For information regarding aircore and RAB drilling completed by previous explorers see ASX release “Carnavale Bolsters Gold Portfolio with New Acquisition Ora Banda South - 5 October 2020”.

Next steps

CAV is in the process of planning more detailed, follow up aircore drilling to extend and expand the exciting new anomalies at the Carnage, Highlander and Ghan Dam Prospects, with an aircore rig booked for February 2022.

As part of a systematic exploration approach and, subject to the results of this additional aircore drilling, CAV intends to drill test the deeper extensions of the regolith anomalies with RC drilling.

This release is approved by the Board of Carnavale Resources Limited.

For further information contact:

Ron Gajewski Humphrey Hale Chairman CEO P: +61 8 9380 9098

Competent Persons Statement

The information that relates to Exploration Results for the projects discussed in this announcement represents a fair and accurate representation of the available data and studies; 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 the Chief Executive Officer of Carnavale Resources Limited and 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.

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.

Information relating to Previous Disclosure

Previously reported material Information relating to the Ora Banda Gold Project includes:

Exploration

Carnavale Bolsters Gold Portfolio with New Acquisition Ora Banda South 5 October 2020 CAV expands gold in soil anomalies at Ora Banda South Project 29 July 2021 Initial Aircore drilling commenced at the Ora Banda South Gold Project 2 September 2021 Initial Aircore drilling completed at the Ora Banda South Gold Project 29th September 2021

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Appendix 1

Significant intercepts

(Greater than 0.1g/t with no waste with no included waste - inclusions greater than 0.5g/t with no included waste)

HoleID	Depth From	Intercept	g/m	Including:
OBAC022 OBAC089 OBAC038 OBAC038 OBAC023 OBAC108 OBAC087 OBAC104 OBAC038 OBAC112 OBAC066 OBAC040 OBAC017 OBAC034 OBAC090 OBAC093 OBAC108 OBAC154 OBAC097 OBAC024 OBAC039 OBAC008 OBAC022 OBAC061 OBAC004 OBAC153 OBAC108 OBAC071 OBAC090 OBAC006 OBAC122 OBAC005 OBAC030 OBAC053	40 48 24 0 56 16 56 28 36 60 120 0 68 28 60 64 44 68 40 104 0 40 56 64 76 48 28 84 28 96 56 106 40 59	4.0m @ 8.82g/tAu 8.0m @ 2.74g/tAu 4.0m @ 1.40g/tAu 12.0m @ 0.44g/tAu 4.0m @ 0.76g/t Au 4.0m @ 0.72g/t Au 9.0m @ 0.31g/t Au 4.0m @ 0.68g/t Au 4.0m @ 0.44g/t Au 4.0m @ 0.32g/t Au 4.0m @ 0.30g/t Au 8.0m @ 0.14g/t Au 4.0m @ 0.28g/t Au 4.0m @ 0.27g/t Au 5.0m @ 0.21g/t Au 7.0m @ 0.14g/t Au 8.0m @ 0.11g/t Au 4.0m @ 0.22g/t Au 4.0m @ 0.19g/t Au 4.0m @ 0.15g/t Au 4.0m @ 0.15g/t Au 4.0m @ 0.15g/t Au 4.0m @ 0.14g/t Au 1.0m @ 0.52g/t Au 4.0m @ 0.13g/t Au 4.0m @ 0.13g/t Au 4.0m @ 0.12g/t Au 4.0m @ 0.11g/t Au 4.0m @ 0.11g/t Au 4.0m @ 0.10g/t Au 2.0m @ 0.10g/t Au 1.0m @ 0.13g/t Au 1.0m @ 0.10g/t Au 1.0m@0.10g/t Au	35.28 21.9 5.6 5.24 3.02 2.89 2.79 2.7 1.76 1.3 1.22 1.14 1.12 1.08 1.08 0.98 0.89 0.87 0.75 0.61 0.61 0.6 0.57 0.52 0.52 0.51 0.49 0.43 0.43 0.42 0.2 0.13 0.11 0.1	inc.4m @ 5.1g/tfrom 52m inc.4m @ 0.85g/tfrom 8m ended in mineralisation ended in mineralisation ended in mineralisation ended in mineralisation ended in mineralisation ended in mineralisation

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Appendix 2

Collar table

Hole ID	Type	End Depth	Grid	Easting	Northing	RL	Dip	Azimuth
OBAC001 OBAC002 OBAC003 OBAC004 OBAC005 OBAC006 OBAC007 OBAC008 OBAC009 OBAC010 OBAC011 OBAC012 OBAC013 OBAC014 OBAC015 OBAC016 OBAC017 OBAC018 OBAC019 OBAC020 OBAC021 OBAC022 OBAC023 OBAC024 OBAC025 OBAC026 OBAC027 OBAC028 OBAC029 OBAC030 OBAC031 OBAC032 OBAC033 OBAC034 OBAC035 OBAC036 OBAC037 OBAC038 OBAC039 OBAC040 OBAC041 OBAC042	AC AC AC AC AC AC AC AC AC AC AC AC AC AC AC AC AC AC AC AC AC AC AC AC AC AC AC AC AC AC AC AC AC AC AC AC AC AC AC AC AC AC	101 95 123 84 107 106 85 62 56 62 83 65 89 66 67 71 87 135 112 46 52 78 113 111 104 69 64 43 44 42 51 35 29 49 23 38 66 83 76 72 73 85	MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51	310265.1 310203.2 310144.2 310077.8 310021.1 309951.7 309890.6 309832.3 309774.4 309709.2 309645.6 310867.8 310822.7 310766.1 310698.3 310638.1 310576.3 310512 310451.2 310388.2 310329.5 310263.1 310202 310141 310080.3 310017.3 311210.3 311157.8 311090.2 311027.1 310962.3 310909.5 310839.2 310778.2 310713.1 310651.2 310593.6 310525.9 310458.3 310402.6 310344.8 310283.9	6632000 6631949 6631898 6631851 6631795 6631749 6631702 6631649 6631606 6631555 6631503 6631435 6631400 6631350 6631300 6631252 6631202 6631155 6631099 6631054 6630994 6630951 6630901 6630851 6630801 6630752 6631202 6631152 6631101 6631051 6631002 6630951 6630901 6630852 6630802 6630753 6630699 6630651 6630602 6630548 6630497 6630452	400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400	-60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60	52 48 43 53 54 62 40 46 45 64 33 50 54 49 48 48 49 49 47.5 44 58 55 37 50 51 48.5 35 42 61 49 37 58.5 36 50 57 46 39 61 55 14 64 33

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OBAC043 OBAC044 OBAC045 OBAC046 OBAC047 OBAC048 OBAC049 OBAC050 OBAC051 OBAC052 OBAC053 OBAC054 OBAC055 OBAC056 OBAC057 OBAC058 OBAC059 OBAC060 OBAC061 OBAC062 OBAC063 OBAC064 OBAC065 OBAC066 OBAC067 OBAC068 OBAC069 OBAC070 OBAC071 OBAC072 OBAC073 OBAC074 OBAC075 OBAC076 OBAC077 OBAC078 OBAC079 OBAC080 OBAC081 OBAC082 OBAC083 OBAC084 OBAC085 OBAC086 OBAC087 OBAC088	AC AC AC AC AC AC AC AC AC AC AC AC AC AC AC AC AC AC AC AC AC AC AC AC AC AC AC AC AC AC AC AC AC AC AC AC AC AC AC AC AC AC AC AC AC AC	80 70 39 47 62 85 99 83 76 60 60 76 57 82 75 48 66 76 65 57 70 86 87 126 118 105 98 72 88 67 77 81 71 65 66 74 68 72 79 73 68 70 85 54 65 60	MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51	310220.3 310160.9 310918.4 310848.4 310788.3 310729.7 310664.3 310605.6 310545.1 310485.4 310428.5 315335 315276.9 315220.5 315153.5 315089.2 315027.5 314967.6 314909.5 314839.1 315062.3 315003.8 314940.4 314871.5 314809.3 314743.1 314685.2 314629.5 314559.1 314506.9 314743 314680.6 314615.7 314561.4 314492.6 314428.1 314369.4 314308.4 314251.2 314180.6 314114.9 314060.2 315377.8 308593.1 308527.8 308463	6630405 6630349 6630453 6630403 6630351 6630300 6630254 6630198 6630144 6630094 6630051 6627751 6627698 6627653 6627600 6627551 6627500 6627451 6627405 6627352 6628060 6628000 6627955 6627902 6627850 6627804 6627752 6627705 6627651 6627602 6628431 6628377 6628329 6628280 6628238 6628179 6628131 6628080 6628038 6627988 6627933 6627884 6627778 6633247 6633198 6633148	400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400	-60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60	25 44 53 51 57 51 49 45 54 48 62 49 52 47 48 45 50 56 50 49 40 48 55 50 59 52 43 53 60 41 48.5 59 45 55 49 55 48 54 52 61 48 43 51 50.5 52.5 51

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OBAC089 OBAC090 OBAC091 OBAC092 OBAC093 OBAC094 OBAC095 OBAC096 OBAC097 OBAC098 OBAC099 OBAC100 OBAC101 OBAC102 OBAC103 OBAC104 OBAC105 OBAC106 OBAC107 OBAC108 OBAC109 OBAC110 OBAC111 OBAC112 OBAC113 OBAC114 OBAC115 OBAC116 OBAC117 OBAC118 OBAC119 OBAC120 OBAC121 OBAC122 OBAC123 OBAC124 OBAC125 OBAC126 OBAC127 OBAC128 OBAC129 OBAC130 OBAC131 OBAC132 OBAC133 OBAC134	AC AC AC AC AC AC AC AC AC AC AC AC AC AC AC AC AC AC AC AC AC AC AC AC AC AC AC AC AC AC AC AC AC AC AC AC AC AC AC AC AC AC AC AC AC AC	68 66 60 67 71 52 89 66 65 72 57 52 60 48 66 51 56 73 57 73 84 73 56 85 63 38 59 67 31 31 22 32 50 59 56 85 100 64 41 13 10 25 29 39 52 44	MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51	308407.3 308342.7 308284.1 308222.9 308158.8 308098.6 308031.8 307977.4 307911.4 307849.6 307784.2 307723.6 307664.3 307604.9 307801.4 307739.5 307676.3 307608.8 307551.3 307488.8 307428.7 307370.1 307307.1 307245 307179.7 307098.5 307057.5 307007.7 306937 306869.5 306811.8 306746.2 306686.6 306620.9 306561.8 306093.7 306037.1 305957.3 305900.2 305842 305781.9 305713.6 305648 305597.5 305530.6 305457.7	6633100 6633052 6632999 6632950 6632900 6632855 6632799 6632753 6632701 6632657 6632604 6632549 6632501 6632454 6633951 6633897 6633851 6633793 6633750 6633695 6633652 6633600 6633555 6633500 6633449 6633393 6633348 6633306 6633253 6633197 6633152 6633104 6633056 6633000 6632949 6634555 6634493 6634443 6634404 6634346 6634303 6634251 6634204 6634146 6634104 6634051	400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400	-60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60	50.5 50 52 52.5 51 50 51 54.5 50 50 52 48.5 51.5 51.5 51 51.5 51 53 52 52.5 54 50.5 54 61.5 43.5 48.5 45 48.5 51.5 50 51.5 50.5 51.5 50 51 49.5 58.5 52.5 45 50.5 51.5 54.5 38.5 52 49 47.5

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OBAC135 OBAC136 OBAC137 OBAC138 OBAC139 OBAC140 OBAC141 OBAC142 OBAC143 OBAC144 OBAC145 OBAC146 OBAC147 OBAC148 OBAC149 OBAC150 OBAC151 OBAC152 OBAC153 OBAC154 OBAC155 OBAC156 OBAC157 OBAC158 OBAC159 OBAC160 OBAC161 OBAC162 OBAC163 OBAC164 OBAC165 OBAC166 OBAC167 OBAC168	AC AC AC AC AC AC AC AC AC AC AC AC AC AC AC AC AC AC AC AC AC AC AC AC AC AC AC AC AC AC AC AC AC AC	63 82 77 52 72 58 35 27 34 49 33 31 31 46 57 49 49 46 61 75 80 63 55 62 86 89 89 65 52 19 21 27 40 7	MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51 MGA94_Z51	305407.7 305352.8 305273.5 305215.4 305579.3 305499.4 305458.7 305398.5 305335 305271.1 305209.2 305148.7 305097.5 304660.7 304572.1 304496.6 304431.9 304317.5 304260.4 304178.5 304098.2 304010.7 303937.9 303855.5 303356.9 303337.9 303293.6 303266.4 303230.7 303198.5 303168 303134.2 303099.3 303074.6	6634001 6633956 6633904 6633850 6634705 6634639 6634602 6634555 6634506 6634451 6634400 6634355 6634296 6634957 6634961 6634944 6634956 6634950 6634955 6634949 6634955 6634951 6634957 6634956 6635788 6635715 6635640 6635565 6635489 6635417 6635340 6635265 6635187 6635114	400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400	-60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60 -60	38.5 55.5 45 41.5 37.5 51.5 47.5 45 51.5 48 52.5 46 41.5 100.5 76 91 98 79 92 95 88 96.5 92.5 85 16.5 29 24 22.5 21.5 29 22.5 19.5 22 4.5

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APPENDIX 1 – REPORTING OF EXPLORATION RESULTS - JORC (2012) TABLE 1 ORA BANDA SOUTH GOLD PROJECT Section 1: Sampling Techniques and Data

Criteria	JORC Code Explanation	Commentary
Sampling techniques	• Nature and quality of sampling	• An Aircore rig was supplied by Prospect Drilling. • Aircore drilling was used to obtain 1m samples and 4m composites.4m composites were submitted to the laboratory for analysis. • 1m bottom of hole samples were collected for multi element analysis. • Samples submitted for analysis weighed approx. 3kg. • Sampling and analytical procedures detailed in the sub- sampling techniques and sample preparation section.
	(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
	representivity 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.
Drilling techniques	• Drill type (eg core, reverse	• Face sampling aircore drilling achieved hole diameter size of (3 1/4 inch). • Holes were drilled at an angle of 60 degrees.
	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).
Drill sample recovery	• Method of recording and	• Sample recovery size and sample conditions (dry, wet, moist) were recorded. • Drilling with care (e.g. clearing hole at start of rod, regular cyclone cleaning) if water encountered, to reduce incidence of wet samples.
	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.
Logging	• Whether core and chip samples	• Logging carried by inspection of washed cuttings at time ofdrilling
	have beengeologicallyand

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Criteria	JORC Code Explanation	Commentary
	geotechnically logged to a level	with all samples collected in plastic chip trays for future reference.
	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.
Sub-sampling techniques and sample preparation	• If core, whether cut or sawn and	• 4m composite samples were collected from pre-numbered calico bags. Samples weighed between 2.5 - 3 kg. 4m composite samples bagged in polyweave bags for dispatch to assay laboratory. • Samples are dried (nominal 110 degrees C), crushed and pulverized to produce a homogenous representative sub- sample for analysis. All samples are pulverised utilising ALS preparation techniques PUL-23. A grind quality target of 85% passing 75μm has been established and is relative to sample size, type and hardness. • The sample size and sample preparation prior to analysis are considered to be appropriate for the expected mineralisation.
	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
	representivity of samples.
	• 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.
Quality of assay data and laboratory tests	• The nature, quality and	• The composite samples were collected at ALS, Kalgoorlie. The samples were transported to the ALS facility in Perth by courier. Following the sample preparation outlined in the previous section above, all samples were analysed by ALS using 4-Acid Digest & Assay [ME-ICP61] plus a specific assay for Gold [Au- ICP21] by ALS laboratories in Perth. • 1m bottom of hole samples were collected and analysed by ME- MS61 and Au ICP-21 by ALS laboratories. • Gold intercepts are calculated with a 0.20g/t Au lower cut, no upper cut and 2m of internal dilution. • Intercepts were also calculated from assays with a 0.5g/t lower cut, no upper cut and no internal dilution • In addition to the Quality Control process and internal laboratory checks Carnavale inserted standards and blanks at arate of
	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.

13

Criteria	JORC Code Explanation	Commentary
		1 to 20 samples. Standards were selected based on oxidation and grade relevant to the expected mineralisation. This process of QA/QC demonstrated acceptable levels of accuracy.
Verification of sampling and assaying	• The verification of significant	• A review of the assay data against the logged information by the field technician and geologist has been completed to verify intercepts. • Internal laboratory standards are completed as a matter of course as well as introduced blind standards/CRM by the Company. • Sample data was captured in the field and data entry completed. Sample data was then loaded into the Company’s database and validation checks completed to ensure data accuracy. • No twinned holes have been completed at this stage • No adjustments have been made to the assay data.
	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.
Location of data points	• Accuracy and quality of surveys	• Drill holes were surveyed by handheld GPS with horizontal accuracy (Easting and Northing values) of +-5m. • Grid System – MGA94 Zone 51.
	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.
Data spacing and distribution	• Data spacing for reporting of	• Holes were 80m spaced along southeast-northwest drill traverses to follow-up surface gold geochemistry anomalies and historical aircore drillholes.
	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 beenapplied.
Orientation of data in relation to geological structure	• Whether the orientation of	• East west orientated traverses designed to test for north-west trending structures. • Traverses orientated at a high angle to the broadly north westerly trending interpreted stratigraphic contacts and surface geochemical anomaly. • Insufficient data to determine orientation of mineralised structures.
	sampling achieves unbiased
	sampling of possible structures
	and the extent to which this is
	known, considering the deposit
	type.
	• 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.
Sample security	• The measures taken to ensure	• Samples were securely stored in the field and transported to the laboratory by an authorised
	sample security.

14

Criteria	JORC Code Explanation	Commentary
		company representative or an authorised transport agency.
Audits or reviews	• The results of any audits or	• No audits or reviews completed.
	reviews of sampling techniques
	and data.

Section 2: Reporting of Exploration Results – ORA BANDA SOUTH GOLD PROJECT

Criteria	JORC Code Explanation	Commentary
Mineral tenement and land tenure status	• Type, reference name/number,	• The Southern Tenement package of the Ora Banda South Gold Project includes five granted prospecting licences (P16/3000, P16/3001, P16/3077, P16/3081, P16/3082) and is owned by Western Resources Pty Ltd. Carnavale Resources Ltd has a 2 year option to purchase 80% of the tenements. • There is no Native Title Claim registered in respect of the project tenure.
	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.
Exploration done by other parties	• Acknowledgment and appraisal	• In the early 1990’s Finders Gold NL completed an auger soil sampling program over an area now covered by the southern two prospecting licences (P16/2545 – 2546). This program outlined a distinct NW-SE trending gold anomaly in the western portion of the tenement block. • In the mid 1990’s Merritt Mining NL completed an exploration program over an area now covered by the northern most three prospecting licences (P16/2567 – 2569). Exploration comprised gridding, geochemical soil sampling, interpretation of aeromagnetic data and reconnaissance RAB drilling. The soil sampling outlined a NW trending gold anomaly contiguous with the gold anomaly outlined by Finders Gold NL directly to the SE. The RAB drilling was considered largely ineffective as the drilling terminated in a highly weathered part of the profile which was potentially gold depleted. • The two historical soil geochemistry programs together delineated a distinct zone of anomalous gold geochemistry within the western portion of the current project area. The gold anomaly (>10ppb Au, peak 54ppb Au) trends north westerly over a strike length in excess of 4kmand broadly parallels the
	of exploration by other parties.

15

Criteria	JORC Code Explanation	Commentary
		interpreted regional lithological trends. • Several kilometres of strike of the gold in soil anomaly remained untested by drilling and represented a high priority drill target. • Carrick Gold investigated the soil geochemical anomalies (during the period 2009 – 2012) with a program of 31 aircore drill holes (KWAC 035-065) on wide spaced traverses across the southern most part of the surface geochemical anomaly on P16/2545-2546. The holes were drilled along three separate east- west traverses. The traverses were spaced between 520m and 640m apart, with holes spaced between 80m and 160m apart along the traverses. This first pass wide spaced program successfully returned significant gold results KWAC055 and KWAC056 which tested the southern part of the historical gold soil anomaly. These holes returned the following intersections: • KWAC 055 – 5m @ 2.25/t from 116m down hole (at end of hole). This intersection was associated with a strongly foliated, intense carbonate-silica altered, quartz sulphide veined felsic volcanic /volcaniclastic – sediment at the end of hole. • KWAC 056 – 2m @ 2.00/t from 68m down hole associated with a moderately weathered, strongly iron stained felsic volcanic / volcaniclastic. • The significant intercepts from the aircore program were followed by a program of 4 RC holes. These holes were poorly sited and failed to provide a test of the gold mineralised structure intersected in the aircore drilling. • During the period 2013 – 2014 Phoenix Gold Ltd completed a review of previous exploration, geological due diligence, database updates, geological research and 3D Common Earth Modelling. • In 2015 Siburan Resources Ltd entered into an option agreement with Western Resources Pty Ltd. Siburan Resources Ltd completed one diamond hole and 21 aircore holes.
Geology	• Deposit type, geological setting	• Target is shear hosted gold

16

Criteria	JORC Code Explanation	Commentary
	and style of mineralisation.	mineralisation associated mineralised structures with the Black Flag Group sediments.
Drill hole Information	• A summary of all information	• Drill hole locations are shown on the plan attached in this release and in the Appendices.
	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
	• elevation or RL (Reduced Level –
	elevation above
	sea level in metres) of the drill
	hole collar
	• dip and azimuth of the hole
	• down hole length and
	interception depth
	• 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.
Data aggregation methods	• In reporting Exploration Results,	• Intercepts are reported as down- hole length and average gold intercept are calculated with a 0.1g/t Au lower cut, no upper cut and no internal dilution. • No metal equivalent values or formulas used.
	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.
Relationship between mineralisation widths and intercept lengths	• These relationships are	• All results are based on whole down-hole metres. True width not known.
	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’).
Diagrams	• Appropriate maps and sections	• Appropriate summary diagrams with Scale and MGA 94 coordinates are included in the accompanying text above.
	(with scales) and tabulations of
	intercepts should be included for
	any significant discovery being
	reported. These shouldinclude,

17

Criteria	JORC Code Explanation	Commentary
	but not be limited to a plan view
	of drill hole collar locations and
	appropriate sectional views.
Balanced reporting	• Where comprehensive reporting	• Diagrams show all drill holes completed.
	of all Exploration Results is not
	practicable, representative
	reporting of both low and high
	grades and/or widths should be
	practiced to avoid misleading
	reporting of Exploration Results.
Other substantive exploration data	• Other exploration data, if	• Historical soil sampling programs have defined a NW trending gold anomaly which is broadly coincident with the interpreted trends of the local stratigraphic contacts.
	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.
Further work	• The nature and scale of planned	• Planning has commenced on a drilling program to infill the geochemical anomalies identified by this aircore drilling.
	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.

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