Reported Earnings • Mar 11
First half 2026 earnings released: AU$0.003 loss per share (vs AU$0.001 loss in 1H 2025) First half 2026 results: AU$0.003 loss per share (further deteriorated from AU$0.001 loss in 1H 2025). Net loss: AU$903.8k (loss widened 210% from 1H 2025). Over the last 3 years on average, earnings per share has fallen by 34% per year but the company’s share price has increased by 41% per year, which means it is well ahead of earnings. New Risk • Mar 08
New major risk - Revenue and earnings growth Earnings have declined by 19% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 19% per year over the past 5 years. Shareholders have been substantially diluted in the past year (50% increase in shares outstanding). Revenue is less than US$1m (AU$178k revenue, or US$125k). Minor Risks Share price has been volatile over the past 3 months (15% average weekly change). Market cap is less than US$100m (AU$46.9m market cap, or US$33.0m). New Risk • Dec 01
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: AU$2.04m (US$1.34m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (25% average weekly change). Shareholders have been substantially diluted in the past year (50% increase in shares outstanding). Revenue is less than US$1m (AU$152k revenue, or US$99k). Market cap is less than US$10m (AU$2.04m market cap, or US$1.34m). New Risk • Nov 11
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 50% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (25% average weekly change). Shareholders have been substantially diluted in the past year (50% increase in shares outstanding). Revenue is less than US$1m (AU$152k revenue, or US$99k). Minor Risk Market cap is less than US$100m (AU$30.6m market cap, or US$20.0m). New Risk • Nov 02
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 21% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (25% average weekly change). Revenue is less than US$1m (AU$152k revenue, or US$99k). Minor Risks Shareholders have been diluted in the past year (21% increase in shares outstanding). Market cap is less than US$100m (AU$24.7m market cap, or US$16.2m). Duyuru • Oct 24
Carnavale Resources Limited, Annual General Meeting, Nov 27, 2025 Carnavale Resources Limited, Annual General Meeting, Nov 27, 2025. Location: at level 2, 389 oxford street, mount hawthorn, western australia 6016, Australia Duyuru • Oct 21
Carnavale Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 3 million. Carnavale Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 3 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 857,142,857
Price\Range: AUD 0.0035
Discount Per Security: AUD 0.00021
Transaction Features: Subsequent Direct Listing Duyuru • Oct 08
Carnavale Resources Limited has filed a Follow-on Equity Offering in the amount of AUD 4.674535 million. Carnavale Resources Limited has filed a Follow-on Equity Offering in the amount of AUD 4.674535 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 1,168,633,827
Price\Range: AUD 0.004
Discount Per Security: AUD 0.00024
Transaction Features: Rights Offering Duyuru • Oct 07
Carnavale Resources Limited has filed a Follow-on Equity Offering in the amount of AUD 3 million. Carnavale Resources Limited has filed a Follow-on Equity Offering in the amount of AUD 3 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 857,142,857
Price\Range: AUD 0.0035
Discount Per Security: AUD 0.00021
Transaction Features: Subsequent Direct Listing Reported Earnings • Sep 19
Full year 2025 earnings released: AU$0.001 loss per share (vs AU$0 in FY 2024) Full year 2025 results: AU$0.001 loss per share (further deteriorated from AU$0 in FY 2024). Net loss: AU$3.03m (loss widened 283% from FY 2024). Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. New Risk • Jul 03
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: AU$12.3m (US$8.07m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$2.6m free cash flow). Share price has been highly volatile over the past 3 months (22% average weekly change). Revenue is less than US$1m (AU$157k revenue, or US$103k). Market cap is less than US$10m (AU$12.3m market cap, or US$8.07m). Minor Risk Shareholders have been diluted in the past year (19% increase in shares outstanding). Duyuru • Apr 11
Carnavale Resources Limited Announces Drilling Restarts At the Kookynie Gold Project Carnavale Resources Ltd. advised the second phase of the extensional drilling campaign has commenced and is designed to add ounces to the resources at the high-grade Swiftsure deposit and the newly discovered Tiptoe deposit located 200m along strike to the Northeast. Test resource extensions immediately below the encouraging new shallow discovery results at Tiptoe which included: 10m @ 5.5g/t from 73m (inc. 7m @ 7.6g/t) in MERC130. The process of obtaining mining licenses to develop the project is ongoing and CAV is in preliminary discussions with open pit and underground mining contractors to determine the optimum route to production." Phase two drilling program. To date, the Company has discovered and defined indicated and inferred high-grade resources of 457kt @ 5.8g/t for 85koz, at the Swiftsure deposit from near surface to 250m below surface. Additional mineralisation in this area and Tiptoe has the potential to significantly increase the overall resources and enhance the economics of the project. All lodes remain open and provide scope to expand resources and improve the economics of the previously released Scoping Study. Carnavale is excited about the exploration and resource upside at Swiftsure and Tiptoe which all remain open and expect to improve the overall project economics with this new drilling and update studies. The project represents a rare high grade mining opportunity, located within trucking distance to many operating mines in the region. Carnavale published a maiden resource estimate (MRE) and initial Scoping Study in June 2024 for the Swiftsure deposit at the Kookynie Gold Project. This report contains references to Carnavale's JORC mineral resources, extracted from the ASX announcement titled "Robust Maiden Resource and Positive Scoping Study for Kookynie" dated 13th June 2024. A highly positive Scoping Study (Study) was released for the Swiftsure deposit that included open pit and underground development. 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 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. With reference to previously reported Exploration results and Minerals resources, the Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and, in the case off estimates of mineral resources that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. Strategic Acquisition and Intensive Exploration to commence at Kookynie High-Grade Gold Project, 22 Oct 2020. Kookynie Exploration update, 9 November 2020. Kookynie Gold Project - Aircore Drilling commenced, 1 Dec 2020. Kookynie gold Project - Drilling update, 17 Dec 2020. KookynIE Gold Project - Aircore drilling success, 9 Feb. 2021. Kookynie Gold project - Second phase of Aircore Drilling commenced 3 March 2021. Kookynie gold project - Phase 3 aircore drilling at Kookynie Gold Project complete, 28 May 2021. KookynieGold Project delivers Bonanza Gold grades, 15 July 2021. RC drilling commenced at the high-grade Kookynie Gold Project, 28 October 2021. Initial RC drilling completed at the Kookynie gold Project, 28 October 2021. initial RC drilling completed at the K tookynie Gold Project, 16 Nov. 2021. Kookynie RC drilling recommences at McTavish East targeting high grade gold extensions, 29 March 2022 Aircore to test 1km prospective structure at high grade Kookynie Gold Project completed, 20 June 2022. Diamond drilling commenced at Kookynie,15 July 2022. New high-grade gold discovery at Kookynie Gold project. New high-grade gold discovered high-grade gold discovery atKookynie Gold Project. Initial metallurgical test work demonstrates outstanding recoveries, 19 Sept 2023.RC and Diamond Drilling continues as Kookynie, 2023. New Risk • Mar 18
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: AU$14.3m (US$9.12m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$2.6m free cash flow). Share price has been highly volatile over the past 3 months (25% average weekly change). Revenue is less than US$1m (AU$157k revenue, or US$100k). Market cap is less than US$10m (AU$14.3m market cap, or US$9.12m). Minor Risk Shareholders have been diluted in the past year (19% increase in shares outstanding). Reported Earnings • Mar 15
First half 2025 earnings released: EPS: AU$0 (vs AU$0 in 1H 2024) First half 2025 results: EPS: AU$0 (in line with 1H 2024). Net loss: AU$291.7k (loss narrowed 51% from 1H 2024). Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has fallen by 29% per year, which means it is significantly lagging earnings. New Risk • Mar 11
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$2.6m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$2.6m free cash flow). Share price has been highly volatile over the past 3 months (27% average weekly change). Revenue is less than US$1m (AU$157k revenue, or US$99k). Minor Risks Shareholders have been diluted in the past year (19% increase in shares outstanding). Market cap is less than US$100m (AU$16.4m market cap, or US$10.3m). New Risk • Nov 28
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: AU$14.3m (US$9.30m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (24% average weekly change). Revenue is less than US$1m (AU$223k revenue, or US$145k). Market cap is less than US$10m (AU$14.3m market cap, or US$9.30m). Minor Risk Shareholders have been diluted in the past year (19% increase in shares outstanding). Duyuru • Oct 04
Carnavale Resources Limited, Annual General Meeting, Nov 27, 2024 Carnavale Resources Limited, Annual General Meeting, Nov 27, 2024. New Risk • Sep 29
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 19% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (24% average weekly change). Revenue is less than US$1m (AU$223k revenue, or US$154k). Minor Risks Shareholders have been diluted in the past year (19% increase in shares outstanding). Market cap is less than US$100m (AU$16.4m market cap, or US$11.3m). Reported Earnings • Sep 26
Full year 2024 earnings released: EPS: AU$0 (vs AU$0 in FY 2023) Full year 2024 results: EPS: AU$0 (in line with FY 2023). Net loss: AU$791.1k (loss widened 75% from FY 2023). Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. New Risk • Sep 24
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (23% average weekly change). Revenue is less than US$1m (AU$151k revenue, or US$104k). Minor Risks Latest financial reports are more than 6 months old (reported December 2023 fiscal period end). Market cap is less than US$100m (AU$15.4m market cap, or US$10.6m). Duyuru • Sep 20
Carnavale Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 2.2 million. Carnavale Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 2.2 million.
Security Name: Ordinary Share
Security Type: Common Stock
Securities Offered: 666,666,666
Price\Range: AUD 0.0033
Discount Per Security: AUD 0.000198
Transaction Features: Subsequent Direct Listing Duyuru • Sep 13
Carnavale Resources Limited has filed a Follow-on Equity Offering in the amount of AUD 2.2 million. Carnavale Resources Limited has filed a Follow-on Equity Offering in the amount of AUD 2.2 million.
Security Name: Ordinary Share
Security Type: Common Stock
Securities Offered: 666,666,666
Price\Range: AUD 0.0033
Discount Per Security: AUD 0.000198
Transaction Features: Subsequent Direct Listing New Risk • Jun 25
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: AU$13.7m (US$9.12m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$1.9m free cash flow). Share price has been highly volatile over the past 3 months (22% average weekly change). Revenue is less than US$1m (AU$151k revenue, or US$101k). Market cap is less than US$10m (AU$13.7m market cap, or US$9.12m). Minor Risk Shareholders have been diluted in the past year (25% increase in shares outstanding). New Risk • Apr 29
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: AU$13.7m (US$8.99m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$1.9m free cash flow). Share price has been highly volatile over the past 3 months (25% average weekly change). Revenue is less than US$1m (AU$151k revenue, or US$99k). Market cap is less than US$10m (AU$13.7m market cap, or US$8.99m). Minor Risk Shareholders have been diluted in the past year (25% increase in shares outstanding). Reported Earnings • Mar 14
First half 2024 earnings released: EPS: AU$0 (vs AU$0 in 1H 2023) First half 2024 results: EPS: AU$0 (in line with 1H 2023). Net loss: AU$592.2k (loss widened 104% from 1H 2023). Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has fallen by 18% per year, which means it is significantly lagging earnings. New Risk • Feb 21
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: AU$13.7m (US$8.98m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$2.3m free cash flow). Share price has been highly volatile over the past 3 months (19% average weekly change). Earnings have declined by 1.6% per year over the past 5 years. Revenue is less than US$1m (AU$55k revenue, or US$36k). Market cap is less than US$10m (AU$13.7m market cap, or US$8.98m). Minor Risk Shareholders have been diluted in the past year (25% increase in shares outstanding). New Risk • Jan 17
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: AU$13.7m (US$8.98m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$2.3m free cash flow). Share price has been highly volatile over the past 3 months (19% average weekly change). Earnings have declined by 1.6% per year over the past 5 years. Revenue is less than US$1m (AU$55k revenue, or US$36k). Market cap is less than US$10m (AU$13.7m market cap, or US$8.98m). Minor Risk Shareholders have been diluted in the past year (25% increase in shares outstanding). New Risk • Nov 15
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: AU$13.7m (US$8.94m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$2.3m free cash flow). Share price has been highly volatile over the past 3 months (18% average weekly change). Earnings have declined by 1.6% per year over the past 5 years. Revenue is less than US$1m (AU$55k revenue, or US$36k). Market cap is less than US$10m (AU$13.7m market cap, or US$8.94m). Minor Risk Shareholders have been diluted in the past year (25% increase in shares outstanding). Duyuru • Sep 30
Carnavale Resources Limited, Annual General Meeting, Nov 17, 2023 Carnavale Resources Limited, Annual General Meeting, Nov 17, 2023, at 15:00 W. Australia Standard Time. Reported Earnings • Sep 29
Full year 2023 earnings released: EPS: AU$0 (vs AU$0.001 loss in FY 2022) Full year 2023 results: EPS: AU$0 (improved from AU$0.001 loss in FY 2022). Net loss: AU$452.6k (loss narrowed 68% from FY 2022). Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 15
First half 2023 earnings released: EPS: AU$0 (vs AU$0 in 1H 2022) First half 2023 results: EPS: AU$0 (in line with 1H 2022). Net loss: AU$290.0k (loss narrowed 6.3% from 1H 2022). Over the last 3 years on average, earnings per share has increased by 48% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Duyuru • Dec 06
Carnavale Resources Ltd Provides an Update to its Exploration Activities At the Ora Banda South Gold Project Carnavale Resources Ltd. provided an update to its exploration activities at the Ora Banda South Gold Project. CAV has completed the first program of RC drilling at the Carnage Prospect following up on excellent high-grade gold results from CAV aircore drilling in the regolith. Previous significant results from CAV aircore drilling at the Carnage Prospect include: 4m @ 30.20g/t from 44m in OBAC413; 7m @ 5.95g/t from 80m in OBAC379 (ends in mineralisation); 8m @ 2.74g/t from 48m in OBAC089; 4m @ 2.69g/t from 36m in OBAC306; 12m @ 0.43g/t from 44m in OBAC406; 12m @ 0.33g/t from 40m in OBAC435. Completed 9 holes of wide-spaced RC drilling for 1,841m program targeting the 2.1km strike extent. Favorable geology to host a significant gold deposit, with major shear structures crosscutting a sedimentary basin with an identified felsic intrusion that correlates to a substantial regolith gold anomaly identified by CAV in aircore. Prospective geochemistry in arsenic, tin, tungsten and bismuth that correlates with the best gold anomalism suggesting an intrusion related source for the gold system. The best gold anomalism identified in the saprock profile at the Carnage Prospect is overlain by a significant gold anomaly in the transported material, interpreted to be derived from the local, primary bedrock gold source. Analogous geological setting target to the +2.5Moz @ +4g/t Invincible Gold Mine, discovered by Gold Fields Limited near Kambalda in 2012. Results are expected in January 2023. Duyuru • Nov 22
Carnavale Resources Ltd Provides an Update to its Exploration Activities at the Ora Banda South Gold Project Carnavale Resources Ltd. provided an update to its exploration activities at the Ora Banda South Gold Project. CAV has commenced the first program of RC drilling at the Carnage Prospect following up on excellent high-grade gold results from CAV aircore drilling in the regolith. Previous significant results from CAV aircore drilling at the Carnage Prospect include: 4m @ 30.20g/t from 44m in OBAC413; 7m @ 5.95g/t from 80m in OBAC379 (ends in mineralisation); 8m @ 2.74g/t from 48m in OBAC089; 4m @ 2.69g/t from 36m in OBAC306; 12m @ 0.43g/t from 44m in OBAC406; and 12m @ 0.33g/t from 40m in OBAC435. Commencement of a 10 hole, wide-spaced 2,000m RC drilling program targeting the 2.1km strike extent. Favourable geology to host a significant gold deposit, with major shear structures crosscutting a sedimentary basin with an identified felsic intrusion that correlates to a substantial regolith gold anomaly identified by CAV in aircore. Prospective geochemistry in arsenic, tin, tungsten and bismuth that correlates with the best gold anomalism suggesting an intrusion related source for the gold system. The best gold anomalism identified in the saprock profile at the Carnage Prospect is overlain by a significant gold anomaly in the transported material, interpreted to be derived from the local, primary bedrock gold source. Analogous geological setting target to the +2.5Moz @ +4g/t Invincible Gold Mine, discovered by Gold Fields Limited near Kambalda in 2012. Aircore drilling by CAV at the Ora Banda South Gold Project has identified gold anomalies and structural targets under alluvial cover. The aircore drilling programs confirmed the prospectivity of the Carnage Shear along the 15km long tenement package. Three new gold prospects were identified in CAV's earlier aircore drilling that contain high-grade gold intercepts. This first RC drilling program is targeting the substantial anomaly at the Carnage Prospect. To date, aircore has been drilled on wide spaced lines, across the new gold prospects with holes drilled on 40m to 80m drill centres. From this drilling CAV has gained an improved understanding of the geology and structure as well as the depth of weathering within the regolith profile across the tenement package. This knowledge has refined the targeting process for RC drilling at Ora Banda. The initial RC drilling program at Ora Banda is planned to be a wide spaced 100m x 200m program targeting the central part of the Carnage Prospect gold anomaly. The exploration aim at Ora Banda is to discover a large-scale gold deposit within the sedimentary package on the Carnage shear analogous to the St Ives Discovery. Carnage Prospect 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 in earlier exploration. The Carnage Prospect has a confirmed gold anomaly that has a strike length of 2.1km long within the Currawong sediment package along the Carnage shear, that is open to the northwest, south and southeast. The mineralisation at Carnage is interpreted to be orientated northwest along the Carnage Shear and is modified to have a more north-south trend by the geology. Both trends are evident within the interpreted gold contours and geochemistry. Carnavale has systematically explored the Ora Banda Gold Project with surface sampling, where appropriate, and carefully planned, sequential aircore drilling to discover gold anomalies under cover. Gold mineralisation has been intersected in both the transported material and the residual saprolite and saprock. The gold anomalies in the transported material are spatially related to the bedrock mineralisation as can be seen in plan and cross section. CAV have interpreted that the gold anomalism in the transported horizon is derived from the primary bedrock source beneath. This provides an additional vector to identify further mineralisation at depth with the RC program. The high-grade mineralisation of 4m @ 30.2g/t in OBAC413 appears to be related to the sediment mafic boundary and it is interpreted that a gold bearing structure is present at this interface. This high-grade zone provides will be tested by the RC program. In section C-D through Carnage the high grade in OBAC379 ended in mineralisation with an intercept of 7m @ 5.95g/t. This intercept is surrounded by strong gold anomalism both in the residual saprolite and the transported cover overlying and adjacent to it. This shallow bedrock gold mineralisation will be tested by RC drilling to unlock the potential fresh rock mineralisation at depth. As part of CAV's detailed exploration, CAV has collected detailed geochemistry along with the gold within the assay suite. This multi-element geochemistry has demonstrated that the gold anomalism at Carnage is coincident with arsenic, tin, tungsten and bismuth, indicating a possible intrusive related source for the gold mineralisation. Central and north of the Carnage prospect, CAV has identified a fractionated felsic porphyry and granophyre intrusion that is interpreted to influence the strike and morphology of the gold anomalism intersected in the CAV aircore. The intrusive felsic porphyry and granophyre rock package provides for a rheological contrast that could provide a preferential host to focus gold mineralisation at the Carnage Prospect. Within the sediment package adjacent to the Carnage Shear structure, CAV has also identified a conglomerate sequence that strikes northwest/southeast, within the intermediate sediments, that is spatially associated with the regolith gold mineralisation. The conglomerates may also prove to be a favourable host for gold at depth. The bottom of hole geochemistry, in bismuth and arsenic is associated with the gold mineralisation. The bismuth appears to be related to the contact of the intrusion and the shear structures associated with the major gold anomalism, the arsenic profile aligns with the gold and the sediment package close to the Carnage Shear structure. The tin anomalism is associated with the main shear structures adjacent to the intrusion and also is spatially synchronous to the gold anomalism found at Carnage. The tungsten anomalism is more proximal to the intrusion with leakage along the shear structures that are interpreted to host the gold mineralisation. This combination of geochemistry suggests that the differentiated felsic porphyry intrusion within the sediment system is associated with the gold mineralisation. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. No experienced directors. 3 highly experienced directors. 1 independent director (2 non-independent directors). Independent Non-Executive Director Rhett Brans was the last independent director to join the board, commencing their role in 2013. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Duyuru • Oct 20
Carnavale Resources Ltd Provides Update to its Exploration Activities at Ora Banda South Gold Project Carnavale Resources Ltd. (CAV) provided an update to its exploration activities at the Ora Banda South Gold Project. CAV has received excellent results from the third aircore program following up on previous high-grade gold in the regolith. High-Grade results received in aircore at Ora Banda South Gold Project: CAV has completed a program of 105 aircore holes for 8,885m following up strong gold grades intercepted in previous aircore programs. Shallow bedrock gold results confirm a gold bearing system with a strike length of 15km. Significant results from the recent aircore drilling at Ora Banda South include: 4m @ 30.20g/t from 44m in OBAC413; 7m @ 5.95g/t from 80m in OBAC379 (ends in mineralisation);12m @ 0.43g/t from 44m in OBAC406; 4m @ 1.22g/t from 88m in OBAC359; 11m @ 0.37g/t from 72m in OBAC369;16m @ 0.25g/t from 60m in OBAC395; and 12m @ 0.33g/t from 40m in OBAC435. Carnage Prospect - 2.1km strike and up to 500m wide and remains open. Highlander Prospect 1.1km strike and up to 400m wide also remains open. Analogous geological setting target to the +2.5Moz @ +4g/t Invincible Gold Mine, discovered by Gold Fields Limited near Kambalda in 2012. CAV recently exercised option to acquire 80% of the Ora Banda South Project. Aircore drilling at the Ora Banda South Gold Project by CAV has identified gold anomalies and structural targets under alluvial cover. CAV's recent aircore drilling program confirmed the prospectivity of the Carnage Shear along the 15km long tenement package. The Carnage shear is anomalous in gold, arsenic, bismuth and lead. Three new gold prospects were identified in CAV's earlier aircore drilling that contain high-grade gold intercepts. The most recent aircore program targeted the Carnage Prospect and Highlander Prospect To date, aircore has been drilled on wide spaced lines, across the new gold prospects with holes drilled on 40m to 80m drill centres. This has successfully discovered three new prospects within the tenement package. The results from the most recent drilling outline and confirm significant gold mineralisation in the regolith geochemistry at Carnage and Highlander. CAV has gained an improved understanding of the geology and structure as well as the depth of weathering within the regolith profile across the tenement package that has refined the targeting process. The recent aircore drilling at Ora Banda has reduced the drill spacing within the prospect areas to 180m between the lines providing better resolution of the geochemical footprint of concealed gold mineralisation in the regolith and providing the best intercepts at the project to date. The current aircore program was designed to find the extents of the mineralisation and define RC drill targets. Carnage Prospect: 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 in earlier exploration. The Carnage Prospect has a confirmed gold anomaly that has a strike length of 2.1km long within the sediment package along the Carnage shear that is open to the northeast south and southwest. There are structures interpreted from the magnetics that appear to link up the Carnage Prospect with the anomaly at Highlander. The mineralisation at Carnage is interpreted to be orientated North- East along the Carnage Shear and is modified to have a more North-South trend by the geology. Both trends are evident within the interpreted gold contours that are shown in. Gold mineralisation has been intersected in both the transported material and the residual saprolite and saprock. The gold anomalies in the transported material are spatially related to the bedrock mineralisation as can be seen in the cross section. This can help provide an additional vector to further mineralisation. The high-grade mineralisation of 4m @ 30.2g/t in OBAC413 appears to be related to the sediment mafic boundary and it is interpreted that a gold bearing structure is present at this interface. This high-grade zone provides a good target for a future RC program. In section C-D through Carnage the high grade in OBAC379 ended in mineralisation with an intercept of 7m @ 5.95g/t. This intercept is surrounded by strong gold anomalism both in the residual saprolite and the transported cover overlying and adjacent to it. This shallow bedrock gold mineralisation provides a strong target for RC drilling to unlock the potential fresh rock mineralisation at depth. Highlander Prospect: 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, which is approximately 3km to the Northwest. The Highlander Prospect has a blanket of anomalous gold and arsenic in the soil geochemistry that was the target for CAV's initial broad spaced aircore drilling which intersected high-grade gold mineralisation. The third aircore program has infilled this anomaly in more detail and has outlined more than 1.1km of strike extent. Gold mineralisation at Highlander is associated with the same Carnage Shear and similar North-South modifying influences as are found at the Carnage prospect. The supergene gold anomaly extends over 400m in width and is made up of anomalous gold in the transported horizon directly associated with and overlying gold anomalism in the underlying residual saprolite. Highlander Prospect has a strike length of over 1.1km which remains open to the Northeast and could be linked to the Carnage prospect along the main shear which is evident in the magnetics. It is CAV's intention to drill test the deeper extensions of the regolith anomalies at Carnage and Highlander with RC drilling to 200m. Duyuru • Oct 19
Carnavale Resources Ltd. Provides an Update to the Diamond Drilling Program That Was Completed in July 2022 At the High-Grade Kookynie Gold Projectdiamond Drilling Extends High-Grade Gold Zone At Kookynie Carnavale Resources Ltd. provided an update to the diamond drilling program that was completed in July 2022 at the high-grade Kookynie Gold Project. CAV drilled 3 diamond tails for 490m at McTavish East to test depth extensions of the mineralisation and provide detailed geological information, which is generally not available from RC drilling. The information gathered from the diamond drilling has provided important information on the orientation of the mineralizing structures and their interaction with the host geology in the local area at McTavish East as well as detail on the rock strength and density. The Kookynie Gold Project is located in the central portions of the historic Kookynie mining centre 20km south of Leonora. Carnavale's strategy is to explore and define sufficient high-grade, high value resources and reserves that can be mined and transported to a processing plant nearby. At McTavish East high-grade gold mineralisation has been confirmed by previous CAV aircore, 2 phases of RC drilling over a strike extent of 700m. The CAV RC and diamond drilling defined a high- grade lode in fresh rock that has a strike of 500m and a vertical extent of 250m open at depth and along strike. This is within a broader envelope that has a 700m strike length. CAV followed up the RC drilling with 3 diamond tails for 490m to test depth extents of the mineralizing structure and provide additional geological and structural information not available from RC drilling. The core was orientated and logged onsite before being transported to Kalgoorlie for cutting and sampling prior to being submitted to the laboratory. The strike length of the McTavish East Prospect was expanded by the most recent aircore program 200m northeast towards the Champion South prospect. This new zone remains untested in the fresh rock at depth and provides further exciting opportunities to expand the footprint of the high grade zones at McTavish East. The mineralisation at McTavish East is characterized by quartz, pyrite, gold with trace tungsten hosted within an extensive mineralizing structure that strikes northeast to Champion South. Within this mineralized structure are zones of very high-grade gold as characterized by the intercepts such as 16m @ 20.92g/t in MERC005 and 4m @ 12.94g/t in MERC009. These very high-grade zones are contained with shoot like structures within the main mineralised zone. Exploration Strategy; CAV's planned work program at the Kookynie Gold Project includes: RC drilling testing at depth and along strike from the shallow high-grade gold mineralization defined by the recent aircore drilling. Grow resources and reserves providing an asset base to CAV; and Identify additional targets within the Kookynie tenement package. Duyuru • Oct 12
Carnavale Resources Limited (ASX:CAV) completed the acquisition of 80% stake in Ora Banda South Gold Project from Western Resources Pty. Ltd. Carnavale Resources Limited (ASX:CAV) exercised its option to acquire 80% in Ora Banda South Gold Project from Western Resources Pty. Ltd. for AUD 0.24 million on October 4, 2022. Under the terms, Carnavale Resources Limited will pay AUD 0.15 million in cash and issue 15 million ordinary shares. Transaction is expected to close on October 11, 2022.
Carnavale Resources Limited (ASX:CAV) completed the acquisition of 80% stake in Ora Banda South Gold Project from Western Resources Pty. Ltd. on October 12, 2022. Carnavale Resources Limited paid AUD 0.15 million in cash and issued 15 million ordinary shares to Western Resources Pty. Ltd. Duyuru • Oct 07
Carnavale Resources Limited, Annual General Meeting, Nov 29, 2022 Carnavale Resources Limited, Annual General Meeting, Nov 29, 2022, at 15:00 W. Australia Standard Time. Duyuru • Oct 05
Carnavale Resources Limited (ASX:CAV) exercised its option to acquire 80% in Ora Banda South Gold Project from Western Resources Pty. Ltd. for AUD 15.5 million. Carnavale Resources Limited (ASX:CAV) exercised its option to acquire 80% in Ora Banda South Gold Project from Western Resources Pty. Ltd. on October 4, 2022. Under the terms, Carnavale Resources Limited will pay AUD 0.15 million in cash and issue 15 million ordinary shares. Transaction is expected to close on October 11, 2022. Reported Earnings • Sep 25
Full year 2022 earnings released: AU$0.001 loss per share (vs AU$0.001 loss in FY 2021) Full year 2022 results: AU$0.001 loss per share (in line with FY 2021). Net loss: AU$1.41m (loss narrowed 5.0% from FY 2021). Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. Duyuru • Sep 08
Carnavale Resources Limited Announces New Zones Discovered Along High-Grade Corridor At Kookynie Carnavale Resources Limited reported on results received from the fourth phase of aircore drilling at the Kookynie Gold Project. The Kookynie Gold Project is located in the central portions of the historic Kookynie mining centre. Carnavale's strategy is to explore and define sufficient high-grade, high value resources and reserves that can be mined and transported to a processing plant nearby. CAV recently completed a fourth program of 104 aircore holes for 5,109m of drilling targeting the continuity of the gold anomalism identified by the earlier drilling along the 1.1km untested zone section of the mineralised corridor that hosts the high-grade McTavish East prospect to the Southwest and the Champion South project to the Northeast. A limited amount of previous aircore drilling had outlined a 0.1g/t gold anomaly hosted within the transported cover along this main structure. Previous CAV RC drilling at McTavish East identified that the anomalous gold hosted in transported material is directly attributable to primary high-grade gold at depth within bedrock geology. This has been confirmed again along the McTavish East trend with deeper high-grade gold anomalies discovered in the saprock beneath the weak transported anomalies. This shallow gold anomalism has provided CAV with an additional pathfinder to discover deeper primary high-grade mineralisation at Kookynie. As part of the recent aircore program CAV drilled 2 lines of aircore across the strike extents of the McTavish North prospect. As a result, Carnavale has identified a strongly mineralised zone that strikes for 350m open to the northeast. The anomalies at McTavish East and McTavish North have been extended and expanded by this recent drilling program. These new discoveries will be followed up with RC drilling to extend the high-grade mineralisation into the fresh rock Composite samples were taken on 2m intervals downhole, finishing with a 1m sample at the bottom of hole (BoH) in the freshest material. All samples were analysed for multi-element geochemistry and the BoH samples were also analysed for trace element geochemistry to help understand the nature of the mineralising fluids interacting with the bedrock geology and alteration. Duyuru • Aug 30
Carnavale Resources Limited Completes Aircore Program At Ora Banda South Gold Project Carnavale Resources Ltd. provided an update to its exploration activities. CAV has completed a third aircore program at the Ora Banda South Gold Project following up on high grade gold in the regolith at the Carnage and Highlander Prospects. Aircore program completed at Ora Banda South Gold Project. CAV has completed a third program of 105 aircore holes for 8,885m following up strong gold grades intercepted at the Highlander and Carnage prospects in previous aircore programs conducted by CAV. The previous aircore had significant shallow bedrock gold results that confirmed a gold bearing system with a strike length of 15km. Significant results from previous CAV aircore drilling at Ora Banda South include: 4m @ 8.82g/t from 40m in OBAC022; 8m @ 2.74g/t from 48m; hole OBAC089 (inc.4m @ 5.10g/t from 52m); 4m @ 2.69g/t from 36m in OBAC306; 4m @ 2.49g/t from 48m in OBAC175; 8m @ 0.58g/t from 32m in OBAC295; 4m @ 0.97g/t from 36m in OBAC310. Follow up aircore has targeted two high priority gold targets. Carnage Prospect - 2.5km strike and up to 500m wide and remains open. Highlander Prospect - 2km strike and up to 400m wide also remains open. Analogous geological setting target to the +2.5Moz @ +4g/t Invincible Gold Mine, discovered by Gold Fields Limited near Kambalda in 2012. Previous aircore drilling at the Ora Banda South Gold Project tested targets identified by CAV's soil sampling program, previous aircore gold anomalies and structural targets under alluvial cover. CAV's complete aircore drilling program has confirmed the prospective Carnage Shear occurs along the 15km long tenement package and shows anomalous gold, arsenic, bismuth and lead. Three new gold prospects have been identified in CAV's aircore drilling that contain high-grade gold intercepts. Previous CAV aircore has been drilled on wide spaced lines, 360m apart, across the new gold prospects with holes drilled on 40m to 80m drill centres. Results received from this earlier drilling, outlined significant gold mineralisation in the regolith geochemistry and gained 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's previous aircore drilling programs have successfully confirmed the scale of the anomalies and provided additional resolution to these new gold Prospects, nothing that previous drilling was very wide spaced and considered reconnaissance geochemical drilling. The current program of aircore drilling was planned to close up the drill spacing at the local prospects targeting the geochemical footprint of concealed gold mineralisation in the 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 in earlier exploration. CAV reviewed the structural information from the aero magnetics and extrapolated the gold in soil anomalism which suggested there could be concealed gold targets beneath the transported cover. The Carnage Prospect has a confirmed gold anomaly that is up to 500 m wide and 2.5km long within the sediment package along the Carnage shear that is open to the northeast south and southwest. The mineralisation at Carnage is interpreted to be orientated North- East along the Carnage Shear and is modified to have a more North-South trend by the geology. The strike extent of this prospect is over 2.5km and is open along both strike trends. Duyuru • Aug 10
Carnavale Resources Limited Announces Update on Its Exploration Update Carnavale Resources Ltd. provided an update to its exploration activities. CAV has commenced a third aircore program at Ora Banda South Gold Project following up on high grade gold in the regolith at the Carnage and Highlander Prospects. At Kookynie CAV has completed a program of aircore between McTavish East and Champion South targeting concealed repeats of the high-grade intercepts discovered at McTavish East and McTavish North, assays expected in third quarter of 2022. In addition, CAV completed 3 diamond tails for 490m at McTavish East with results pending. Results have been received from the MLEM survey at the Grey Dam Nickel project. The results are being evaluated in conjunction with the UFF soil data, aeromagnetics and passive seismic data captured by CAV to establish the significance of the conductors outlined by the MLEM survey Aircore program commenced at Ora Banda South Gold Project: CAV has commenced a third program of approximately 6,500m of aircore following up strong gold gradesintercepted at the Highlander and Carnage prospects in the previous aircore programs conducted by CAV. The previous aircore had significant shallow bedrock gold results that confirmed a gold bearing system with a strike length of 15km. The previous aircore drilling at Ora Banda South Gold Project tested targets identified by CAV's soil sampling program, previous aircore gold anomalies and structural targets under alluvial cover. CAV's aircore drilling program confirmed the prospective Carnage Shear occurs along the 15km long tenement package and shows anomalous gold, arsenic, bismuth and lead. Three new gold prospects have been identified in CAV's aircore drilling that contain high-grade gold intercepts. Duyuru • Aug 02
Carnavale Resources Limited Announces New High-Grade Gold Discovery At Kookynie Gold Project Carnavale Resources Limited announced that the he RC drill program at McTavish East and McTavish North was managed closely, with drill targets updated regularly as information was received from logging geology and alteration encountered within the RC chips. As a result of this monitoring CAV was able to optimise the exploration program in the field. The first RC program at McTavish North has discovered a new, broad, high-grade zone of gold mineralization located close to surface following up on previous aircore drilling by CAV. CAV will review the geology and geochemistry to plan a follow up program to expand this new discovery. CAV drilled 16 RC holes at McTavish East to expand the limits of the previously discovered high grade lodes on a 40m spacing down to 250m below surface. This drilling has outlined the morphology of the large-scale mineralising structure and intersected high-grade gold in the drilling. CAV also drilled 3 diamond pre-collars, targeting depth extensions to the mineralised structures encountered. and has recently completed the 3-hole diamond drilling program in July 2022, with assay results in Third Quarter 2022.McTavish North: CAV drilled 9 RC holes into the McTavish North prospect during the recent drilling program. This represents the first RC drilling into the prospect by any Company. CAV previously identified a number of gold anomalies in the regolith with detailed aircore drilling. The high-grade gold anomalies were followed up with RC drilling in this campaign which has resulted in a shallow high grade new fresh rock gold discovery with an intersection of 11m @ 14.30 g/t in MNRC005 from 51m Including 1m @ 43.3g/t from 52m and 2m @ 44.17g/t from 55m The high-grade intercept in MNRC005 is within a steeply dipping quartz vein 25m directly beneath the high- grade intercept in aircore hole KOAC356 of 2m @ 4.64g/t in the regolith. The surface gold anomalies at McTavish North are characterised by a number of shallow old workings and pits developed by historic prospectors that CAV has targeted with modern exploration techniques. The third aircore drilling program at the Kookynie Gold Project intercepted high-grade shallow gold mineralisation in weathered rock. The mineralised zone in the regolith is substantial and strikes 240m to the north remaining untested further to the North. The mineralisation in the regolith profile provided a vector to the newly discovered, shallow, high-grade gold mineralisation intersected by MNRC005 at depth. The primary gold mineralisation at McTavish North strikes north/south on a major structure that hosts MCT and NME's McTavish project to the South. Additional structures within McTavish North strike northeast, and the Company notes both regolith anomalies have not been closed off and the gold system remains open. The gold is hosted in broad sulphidic quartz veins and the altered selvedge to the veins. The host quartz diorite is typically altered with white mica or sericite plus carbonate with a geochemical signature that suggests a deep-seated magmatic source. The mineralised structures are interpreted to dip steeply to the east and are influenced by the contact between the intermediate and the mafic volcanics. McTavish East: 16 RC holes were drilled into McTavish East in the most recent RC drilling campaign. The program has expanded and defined the high-grade mineralisation within the large-scale mineralising structure that trends across the Kookynie tenement package to Champion South. The holes were planned to intersect the lode on 40m centres. The high-grade mineralisation defined by the drilling is hosted within plunging shoots along the large-scale structure. This is shown on the contoured long section (figure 5). As a result of this recent drilling CAV has increased the mineralized by an extra 100m of strike to define and area of 350m by 200m on the large-scale structure that remains open at depth. The high-grade gold mineralisation at McTavish East is characterised by the same quartz, carbonate, pyrite mineral assemblage as McTavish North. The distribution of the gold within the structure is nuggety as demonstrated on the long section and the cross section. The mineralisation pinches and swells on the structure as plunging shoots. As a result of this morphology the potential for mineralisation on the main structure is not considered closed off by lower grade intersections in down dip drilling. The geology of McTavish East is dominated by quartz diorite and doleritic intrusions with a syenite close to and within the large-scale mineralising structure. CAV believes that the presence of this intrusion is associated with the high-grade mineralisation. Next steps: The aircore drilling along the 1.1km long prospective corridor has been completed. This program is exploring for repeat structures similar to McTavish East and McTavish North along the large-scale mineralising structure. Of interest is the low-level gold anomaly that lies along this structure in the transported, alluvial material. A similarly low-level gold anomaly was defined in the regolith above the McTavish East prospect. All the aircore samples have been submitted to the lab with results expected in Third Quarter 2022. In addition to the aircore program CAV completed the 3 diamond tails into the McTavish East prospect. 2 holes were designed to extend the mineralisation along the large-scale structure down dip and a scissor hole was drilled across the structure to provide detailed structural information in the high-grade mineralised zone. The diamond drilling will provide important structural and textural information to allow CAV to continue to be successful exploring for the extensions to these high-grade structures at McTavish East and McTavish North. Duyuru • Jul 15
Carnavale Resources Limited Announces Diamond Drilling Commenced At Kookynie Carnavale Resources Limited announced Diamond Drilling program consisting of 3 holes for 500m commenced at the Kookynie Gold Project. Drilling designed to provide detailed textural and structural information from the high-grade McTavish East discovery. Previously released RC drilling results from McTavish East included: 16m @ 20.92g/t from 161m (inc.10m @ 31.88g/t) in MERC005, 4m @ 17.82g/t from 78m (inc.2m @ 33.55g/t) in MERC001, 4m @ 12.94g/t from 126m (inc.2m @ 23.67g/t) in MERC009, 4m @ 6.39g/t from 114m (inc.1m @ 23.30g/t) in MERC009. The diamond drilling will add depth extents to the existing mineralised envelope. Three pre-collars for diamond drilling were completed during the RC program in April. Assay results awaited from the April RC drilling campaign, expected in the coming weeks. CAV has a program of 3 NQ diamond tails planned holes for a total of approximately 500m. 0-100m RC pre collar. DD 100m to 320m EOH (220m of diamond drilling) designed to extend the mineralised envelope by more than 40m down dip 0-150m RC pre collar. DD 150m to 300m EOH (150m of diamond drilling) designed to extend the mineralised envelope by more than 40m down dip 0-228m RC pre collar. DD 228m to 350m EOH (122m of diamond drilling) designed as a scissor hole to provide extra structural detail around high-grade mineralisation in the centre the prospect. The information gathered from the diamond drilling will provide important information on the orientation of the mineralizing structures and their interaction with the host geology in the local area at McTavish East as well as detail on the rock strength and density. The core will be orientated and logged onsite with the core transported to Kalgoorlie for cutting and sampling prior to submission to the laboratory. The diamond drilling program is expected to be completed within two weeks. Assays are currently experiencing turnaround times of 10 weeks. Duyuru • Jun 21
Carnavale Resources Limited Completes Aircore to Test 1Km Prospective Structure at High Grade Kookynie Gold Project Carnavale Resources Limited announced Aircore to test 1km prospective structure at high grade Kookynie Gold Project completed. Highlights: Aircore program consisting of 104 holes for 5,109m completed at the Kookynie Gold Project. Drilling designed to expand the high-grade McTavish East discovery between McTavish East and Champion South. Geology of the target area is dominated by surficial transported cover and a depleted weathered rock profile that has hindered previous explorers. Assay results for this aircore program expected in August 2022. Assay results eagerly awaited from the earlier RC drilling campaign, expected in the coming weeks. CAV completed a program of 104 holes for 5,109m of aircore drilling targeting this extensive prospective corridor that hosts the high-grade McTavish East prospect to the Southwest and the Champion South project to the Northeast. With an increased understanding of the complex regolith profile at the Kookynie Gold Project, CAV has competed a program of aircore drilling over the 1.1km untested zone between McTavish East and Champion South. A limited amount of previous aircore drilling has outlined a 0.1g/t gold anomaly that is hosted within the transported cover along the main structure that hosts the McTavish East prospect. Drilling at McTavish East identified anomalous gold hosted in transported material was directly attributable to primary high-grade gold at depth within bedrock geology. Duyuru • Jun 10
Carnavale Resources Limited Announces Aircore Started to Test 1Km Prospective Structure At High Grade Kookynie Gold Project Carnavale Resources Limited announced that Aircore program consisting of 5,000m has commenced at the Kookynie Gold Project. Drilling designed to expand the high-grade McTavish East discovery between McTavish East andChampion South. Geology of the target area is dominated by surficial transported cover and a depleted weathered rock profile that has hindered previous explorers. Assay results for this aircore program expected in August 2022. Assay results from the earlier RC drilling campaign are expected in the coming weeks. CAV has commenced a program of 5,000m of aircore drilling targeting this extensive prospective corridor that hosts the high-grade McTavish East prospect to the Southwest and the Champion South project to the Northeast. With an increased understanding of the complex regolith profile at the Kookynie Gold Project CAV has designed a program of aircore drilling for the 1.1km untested zone between McTavish East and Champion South. A limited amount of previous aircore drilling has outlined a 0.1g/t gold anomaly that is hosted within the transported cover along the main structure that hosts the McTavish East prospect (figure 2). Drilling at McTavish East identified anomalous gold hosted in transported material was directly attributable to primary high-grade gold at depth within bedrock geology. The Kookynie mining district is famous for hosting high-grade gold deposits such as Cosmopolitan, Altona, Champion, Batavia, Leipold and McTavish (Figure 3). Most of these deposits were mined at the turn of the 20th century when Kookynie was a substantial mining centre. These historic discoveries were all made where there was no transported cover. CAV has viewed this as an opportunity and been able to make new discoveries at Kookynie under the transported cover and depleted regolith profile using modern high powered aircore drilling and detailed geochemistry. Duyuru • May 18
Carnavale Resources Limited Announces Update from Ora Banda South Gold Carnavale Resources Limited announced update from Ora Banda South Gold. The initial reconnaissance drilling program tested targets identified by CAV's previous soil sampling program, previous aircore gold anomalies and structural targets under alluvial cover. The initial program confirmed the prospective Carnage Shear occurs along the 15km long tenement package and shows anomalous gold, arsenic, bismuth and lead. Three new gold prospects were identified in the initial drilling that contain high grade gold intercepts This second recent aircore program has drilled wide spaced lines, 360m apart, across the new gold prospects with holes drilled on 40m to 80m drill centres. The aircore drilling is targeting the geochemical footprint of concealed gold mineralisation. Drill spacing along the initial lines was reduced to 40m by infill drilling where gold anomalies had been identified, samples were taken as 4m composites from the spoil piles. Results of the drilling, outline significant gold mineralisation in the regolith geochemistry and gained 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. This recent drilling program has successfully confirmed the scale of the original anomalies and provided additional resolution to these new gold Prospects. The drilling remains very wide spaced and is still considered reconnaissance geochemical drilling. 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 in earlier exploration. CAV reviewed the structural information from the aero magnetics and extrapolated the gold in soil anomalism which suggested a that there could be concealed gold targets beneath the transported cover. CAV drilled 6 additional lines of aircore at the Carnage prospect 360m apart. In addition to the new lines of drilling, CAV infilled the initial discovery lines of aircore to define the extents of this new mineralisation. The Carnage Prospect has a confirmed gold anomaly that is up to 500 m wide and 2.5km long within the sediment package along the Carnage shear that is open to the northeast south and southwest The mineralisation at Carnage is interpreted to be orientated North- East along the Carnage Shear and is modified to have a more North-South trend by the geology. The strike extent of this prospect is over 2.5km and is open along both strike trends. Both trends are evident within the interpreted gold contours. 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, which is approximately 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 initial broad spaced aircore drilling which intersected high-grade gold mineralisation. The second aircore program has confirmed this anomaly in more detail and has outlined more than 2km of strike extent. Gold mineralisation has been associated with the same Carnage Shear and similar North-South modifying influences as the Carnage prospect. The supergene gold anomaly extends over 400m in width and is made up of anomalous gold in the transported horizon directly associated with and overlying gold anomalism in the underlying residual saprolite. Highlander Prospect has a strike length of over 2km which remains open to the Southwest and Northeast. Duyuru • Apr 27
Carnavale Resources Limited Announces Second RC Program Completed At the Kookynie Gold Project Carnavale Resources Limited announced that substantial 5,210m RC program for 30 holes has been completed at the newly discovered, shallow, high-grade gold lodes at the Kookynie Gold Project. The drill program was managed closely, with drill targets updated regularly as information was received from logging geology and alteration encountered within the RC chips. As a result of this monitoring, CAV extended 2 previous RC holes and added additional drill metres to the program at McTavish East to extend the mineralised structures down dip to a vertical depth of +200m. The strike of the mineralized zone has increased to +320m. This system remains open along strike and at depth. Carnavale included 3 diamond pre-collars to the recent campaign, targeting depth extensions to the mineralised structures encountered in the recent drilling. The Company will mobilise a diamond drilling rig to complete these tails when one is available. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 2 highly experienced directors. 1 independent director (2 non-independent directors). Independent Non-Executive Director Rhett Brans was the last independent director to join the board, commencing their role in 2013. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Duyuru • Mar 29
Carnavale Resources Limited Recommences Drilling At Kookynie Targeting High Grade Gold Carnavale Resources Limited advise that it has commenced a program of approximately 5,000m of RC drilling at the Kookynie Gold Project. The Kookynie Gold project is located 160km north of Kalgoorlie in the West Australian Goldfields. Drilling will be targeting the newly identified, high-grade lodes within the McTavish East prospect and exploring at the shallow, high-grade gold mineralisation identified in CAV aircore at the McTavish North prospect. The initial RC program at McTavish East extended the high-grade gold mineralisation encountered in the previous aircore programs into the fresh rock. Initial RC drilling focused on the McTavish East prospect, which hosts the highest gold grades in the Project area at present. CAV's McTavish East prospect is situated east of Nex Metals Explorations Ltd. and Metalicity Ltd.'s McTavish high- grade gold deposit. The newly identified mineralised structure identified by recent CAV aircore and RC drilling has high-grade gold defined along 250m of strike and dips steeply east and strikes northeast and remains open. The current 5,000m RC drilling program is designed to expand the substantial high-grade gold mineralisation associated with strong quartz veining in fresh rock, identified by the previous RC drilling. The main structure at McTavish East is also supported by mineralised splays in the hanging wall and footwall that have similar mineralogy to the highest-grade zones on the main structure. The current RC program is aimed at expanding and targeting the thickest zones high-grade mineralization within the main structure that appear to have a south easterly plunge. In addition, CAV will explore the shallow high-grade gold identified in earlier CAV aircore at McTavish North The large-scale mineralised structure identified in the RC drilling that hosts McTavish East strikes northeast across CAV's tenement package and intersects the Champion South Prospecta. This represents a 1.1km priority target corridor that is untested by previous drilling due to the presence of the depletion zone in the regolith profile. CAV has an aircore program planned for Second Quarter 2022 to test this highly prospective corridor for repeat high-grade structures. Reported Earnings • Mar 13
First half 2022 earnings: Revenues and EPS in line with analyst expectations First half 2022 results: EPS: AU$0 (up from AU$0.001 loss in 1H 2021). Net loss: AU$309.4k (loss narrowed 70% from 1H 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 25% per year whereas the company’s share price has increased by 26% per year. Duyuru • Feb 16
Carnavale Resources Limited Announces Commence A Second Aircore Drilling Program Carnavale Resources Limited announced it has commenced a second aircore drilling program consisting of approximately 11,000m designed to follow up strong mineralization identified in the initial program. CAV is exploring the Ora Banda South Gold Project for structurally controlled gold analogous to Goldfields Invincible Deposit at St Ives, south of Kalgoorlie. The Ora Banda Project covers an area of approximately 25km2, located 65km northwest of Kalgoorlie in the Yilgarn Craton, Western Australia. CAV Exploration: Exploration by CAV to date has included a program of soil sampling that followed a review of existing and publicly available geophysical aeromagnetic surveys to define stratigraphic and structural target zones that have the potential to host gold mineralization. The 2021 phase one aircore drilling program, comprised 168 holes for 10,869m, successfully identified bedrock gold anomalism along the Carnage Shear. The Carnage shear was identified from aeromagnetics. The initial aircore program confirmed 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. 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. 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 length of the tenement package. Highlights: Second +11,000m aircore program underway at the Ora Banda South Gold Project targeting extensions of gold mineralization identified in the initial aircore drilling program; First wide spaced, reconnaissance, aircore drilling campaign generated three broad zones of gold mineralization along the 15km long Carnage Shear zone which remains open along strike and at depth. Significant results included: 4m at 8.82g/t from 40m in OBAC022; 8m at 2.74g/t from 48m in OBAC089 (inc.4m at 5.1g/t from 52m); 12m at 0.44g/t from surface in OBAC038 and 4m at 1.40g/t from 24m in OBAC038; 4m at 0.76g/t from 56m in OBAC023. CAV is exploring for structurally controlled gold mineralization under cover that has an analogous geological setting target to the +2.5Moz at +4g/t Invincible Gold Mine1, discovered by Gold Fields Limited near Kambalda in 2012. Duyuru • Feb 10
Carnavale Resources Limited announced that it expects to receive AUD 2.64 million in funding Carnavale Resources Limited announced a private placement of 240,000,000 common shares at an issue price of AUD 0.011 per share for gross proceeds of AUD 2,640,000 on February 10, 2022. The company will also issue 120,000,000 unlisted options exercisable at AUD 0.016, expiring on July 31, 2023. As part of transaction Chairman of the company, Ron Gajewski and non-executive director, Andrew Beckwith have each committed to subscribe for 18,182,000 each new ordinary shares for proceeds of AUD 400,000 and 9,091,000 attaching options each. The transaction will include participation from high net worth overseas, sophisticated and professional investors, along with existing shareholders. The company is issuing 203,636,364 shares under the company's existing placement capacity and remaining issue of 36,363,636 share to directors need shareholder approval in a meeting to be held on March 31, 2022. The transaction is expected to be closed on February 16, 2022. Duyuru • Feb 01
Carnavale Resources Limited Provides Initial Rc Drilling Program At the Mctavish East Prospect At the Kookynie Gold Project Carnavale Resources Limited advised that it has received all the results from the initial RC drilling program at the McTavish East prospect at the Kookynie Gold project, 160km north of Kalgoorlie in the West Australian Goldfields. The initial program of RC drilling consisted of 21 holes for 2,987m. The RC program has extended the high-grade gold mineralisation encountered in the previous aircore programs into the fresh rock. Initial RC drilling focused on the McTavish East prospect, which hosts the highest gold grades in the Project area at present. CAV's McTavish East prospect is situated east of Nex Metals Ltd. and Metalicity Ltd.'s McTavish high-grade gold deposit. This RC drilling program targeted the substantial high-grade gold mineralisation associated with strong quartz veining identified by aircore drilling in the regolith. This regolith gold anomaly stretches over 550m striking NE. The anomaly is underlain by a newly identified mineralised structure that has high grade gold defined along 250m of strike and dips steeply east and strikes northeast and remains open. Deeper RC drilling of the steeply dipping mineralised structure has intersected high-grade gold mineralisation in fresh rock that appears to have a southerly plunge characteristic of other mineralised systems in the Kookynie district. This high-grade zone has been increased to 250m along strike and up to 150m down dip on the broader mineralised structure. The long section details the morphology of the high- grade gold zone in the plane of the mineralised structure. The mineralised structure identified in the RC drilling that hosts McTavish East strikes northeast across CAV's tenement package and intersects the Champion South Prospect. Recently received high-grade intercepts in MERC009, 4m @ 12.94g/t and 4m @ 6.39g/t, have defined the mineralised structure on section 6753800mN. The section shows that MERC010 stopped 50m short of intersecting the interpreted mineralised structure. This hole is planned to be extended. The saprolite, above the base of oxidation, has been depleted of gold by weathering processes and masks the mineralised zone at depth. A review of the previous lower order gold anomalies intersected in the earlier aircore drilling will now be undertaken due to this new understanding of the regolith profile at the Kookynie Gold Project. Cross section 6753960mN at McTavish East has a substantial intercept of 4m @ 17.82g/t in MERC001 in fresh rock. This section represents the northern limit of the drilling to date along the mineralised structure. RC drilling has shown that the main structure remains open and the target corridor extends a further 1km northeast to Champion South. A depleted zone in the saprolite is present above the mineralised zone on this section which strongly emphasizes the significance of low order anomalies across the whole Project area. The main structure at McTavish East is also supported by minor mineralised splays in the hanging wall and footwall that have similar mineralogy as the highest-grade zones on the main structure. Further exploration will be aimed at understanding and targeting the thickest zones within the main structure that appear to have a south easterly plunge. In addition, CAV will explore the shallow high-grade gold identified in earlier CAV aircore at McTavish North and the open corridor along the mineralised zone to Champion South. An RC rig is being sourced to commence the second RC program at Kookynie in the March 2022 quarter. Duyuru • Jan 25
Carnavale Resources Limited Provides Nickel Projects Exploration Update Carnavale Resources Limited has commenced a passive seismic survey (survey) at Grey Dam to determine the depth of cover associated with 5 nickel /copper soil anomalies identified by the earlier UFF soil sampling program. The survey will be followed up by a ground EM survey aiming to delineate direct drilling targets. The mafic /ultramafic sequence at Grey Dam is located immediately along strike and is the same geological sequencethat hosts the new Kambalda style, nickel sulphide Emu Lake discovery recently reported by Ardea. The new Emu Lake discovery demonstrates the nickel sulphide fertility of the mafic ultramafic sequence. The northern area of the Grey Dam Project is covered by transported sheetwash and alluvial material that has deterred previous explorers from investigating this terrain as it was difficult to explore the area using traditional soil sampling techniques. UFF soil sampling is a sensitive new exploration technique that is being evaluated by CSIRO and explorers to successfully target mineralization under areas of cover. Duyuru • Jan 18
Carnavale Resources Limited Announces RC Drilling Intersects Bonanza Gold At Kookynie Gold Project Carnavale Resources Limited announced that it has received partial results from the initial RC drilling program at the McTavish East prospect at the Kookynie Gold project, 160km north of Kalgoorlie in the West Australian Goldfields. The initial program of RC drilling consisted of 21 holes for 2,987m. Partial results have been received for 10 holes with results from the remaining assays expected to be received before the end of January 2022. The aim of the RC program was to expand the high-grade gold mineralisation encountered in the previous aircore programs into the fresh rock. Initial RC drilling focused on the McTavish East prospect, which hosts the highest gold grades in the project area at present. CAV's McTavish East prospect is situated east of Nex Metals Ltd. and Metalicity Ltd.'s McTavish high-grade gold Project. The initial RC drilling program targeted the substantial high-grade gold anomaly identified by CAV aircore in the regolith. This regolith gold anomaly stretches over 550m striking NE. The anomaly is underlain by a mineralised structure that dips steeply east and strikes northeast. The RC drilling is shown on the attached plans and cross sections including holes that are awaiting assays. RC drilling of the steeply dipping mineralised structure has intersected high-grade gold mineralisation in fresh rock that appears to have a southerly plunge. This zone has been defined over 150m down dip on the mineralised structure. The long section details the morphology of the high- grade gold zone in the plane of the mineralised structure. This mineralisation is not constrained down dip or along strike and remains open in all directions. Duyuru • Dec 13
Carnavale Resources Limited Provides Update on High-Grade Gold At Ora Banda Carnavale Resources Limited provided 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). 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. 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. 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 and 7m @ 0.14g/t in hole OBAC093 from 64m ended in mineralisation. Duyuru • Dec 08
Carnavale Resources Provides A Drilling Update Carnavale Resources Limited provided an exploration update on the Barracuda Platinum-Palladium-Nickel-Copper (PGE-Ni-Cu) Project located 60km east of the gold mining town of MtMagnet in the Murchison district of Western Australia. The Barracuda Project (48km2) is in the fertile Windimurra mafic ultramafic layered igneous complex. Duyuru • Nov 27
Carnavale Resources Limited Provides an Exploration Update on the Barracuda Platinum-Palladium-Nickel-Copper Project, Western Australia Carnavale Resources Limited provided an exploration update on the Barracuda Platinum-Palladium-Nickel-Copper (PGE-Ni-Cu) Project (granted license E58/551) located 60km east of the gold mining town of Mt Magnet in the Murchison district of Western Australia. The Barracuda Project: (48km2) is in the fertile Windimurra mafic ultramafic layered igneous complex. CAV has contracted UTS Geophysics Pty Ltd. to fly the latest airborne EM technology (VTEM -Max) helicopter borne geophysics with the aim of identifying concealed conductors that could host PGE-Ni-Cu mineralisation. The VTEM Max system is excellent for locating discrete conductive anomalies as well as mapping lateral and vertical variations in resistivity. When conductive anomalies are present, it is possible to identify drill targets directly from the airborne results. The survey will be flown at 200m line spacing with the EM sensor at 35m for 266-line kilometres. This system provides the highest signal/noise ratio and spatial resolution of conductors. Heli VTEM has successfully defined basement mineralisation for ASX listed Pursuit Minerals Ltd. at their Warrior Project adjacent to Chalice Mining Ltd.'s Julimar deposit. The Julimar deposit was discovered using 200m spaced ground EM geophysics. Barracuda Ni Cu PGE Project (Project) Outcropping PGE mineralisation assaying 8.27g/t 3PGE was discovered by Pancon in 1987 on the contact between mafic and olivine-rich ultramafic rocks. In 2016, PGE-sulphide minerals were identified in the rocks by the Western Australia Geological Survey. CAV completed a sampling program and reported up to 3.45g/t 4PGE in rock chips expanding on and confirming the earlier Pancon results. This highly prospective area has the potential to host substantial magmatic, mafic-ultramafic intrusion- related PGE-Ni-Cu sulphide deposits and has received no attention since Pancon drilled 1,811m of diamond and shallow (<100m) RC holes in 19886. Geology: The Project lies on the northwestern edge of the Windimurra igneous complex (WIC). The WIC, described as the largest exposed single layered igneous intrusion in Australia, has been the focus of multiple field trips and research by the GSWA and the GSA, because of correlations with the Bushveld Igneous Complex (BIC) in South Africa and the potential for similar economic Ti-V and PGE-Ni-Cr-Cu mineralisation. The BIC represents about 75 percent of the world's platinum and about 50 percent of the world's palladium resources. Prospectivity of the Barracuda Project Area Exploration by Pancon in the late 1980's delineated outcropping magmatic PGE-Cr-Ni-Cu mineralisation within the current Barracuda project area that demonstrates that the WIC has created mineralised zones and supports the potential for mineralisation at depth. There are a number of references in geological research papers that provide an indication of the PGE-Cr- Ni-Cu prospectivity of the Project. Ivanic et al. 2017 provided a comparative summary of the WIC and the BIC showing great similarities. The 3D modelling (Ivanic and Brett, 2015) highlights the possibility that a significant Ultramafic Zone, up to 3 km thick, a target for economic PGE-NiCrCu mineralization could underlie the whole of the eastern lobe of the WIC. The Ultramafic Zone probably extended to the surface around most of the complex prior to deformation. Contiguous parts of the Ultramafic Zone are modelled to be within 500 m of the surface along its north- western margins, which underlays the project area. Horizons with high impedance contrasts within this zone identified by seismic data may indicate similar lithological characteristics to the Critical Zone of the BIC. The detailed helicopter borne VTEM Max survey is targeting this style of concealed sulphide mineralisation at depth. The RepTEM aerial EM geophysical survey was flown in 2008 on 400m line spacing as part of a large- scale regional survey. Geophysical, remote sensing EM technology has improved significantly since 2008. The hotter colours within the RepTEM imagery show more conductive elements. There appear to be stronger conductors in the southern portion of the tenement area that are not covered by the Pancon soil program and represent possible targets to be enhanced by the upcoming VTEM Max survey. It is notable that there are conductive bands within the tenement package, aligned with the geology, that can be identified in the imagery from the wide spaced regional RepTEM survey, even though the RepTEM technology was flawed, and the data skewed by the strong response from saline ground water in the surrounding areas. CAV believes that this enhances the prospectivity of the tenement area. Historical Exploration: Pancon held exploration licenses over most of the Windimurra Igneous Complex between 1985 and 1990 and targeted magmatic PGE-Ni-Cu sulphide mineralisation. Their exploration culminated in the discovery of outcropping magmatic PGE-Cr-Ni-Cu mineralisation in October 19874 within the Project area. Pancon initially conducted geological mapping and drainage sampling to identify and delineate PGE anomalous catchments and favourable geology. These areas were then followed-up with traverses of close-spaced (10m) soil sampling (-80 mesh) on lines 200m to 800m apart. This soil assay data (Cu, Ni, Pt, Pd) was only ever presented graphically (analogue) as stacked line profiles 6. CAV has rebuilt the digital assay tables from the Pancon diagrams enabling advanced data manipulation and reinterpretation. It is likely to identify new drill targets when interpreted in conjunction with results from the upcoming VTEM survey data. Reported Earnings • Sep 25
Full year 2021 earnings released: AU$0.001 loss per share (vs AU$0.002 loss in FY 2020) Full year 2021 results: Net loss: AU$1.49m (loss narrowed 37% from FY 2020). Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Duyuru • Jul 15
Carnavale Resources Limited Announces Kookynie Gold Project Delivers Bonanza Gold Grades Carnavale Resources Limited reported on results received from the third round of aircore drilling at the Kookynie Gold Project. The drilling program was designed to follow up on the strong gold anomalies identified by the first and second round of aircore, as well as explore the potential at Champion South. The anomalies at McTavish East and McTavish North have been infilled, extended, and expanded by this recent drilling program in preparation for RC drilling. The Project is in the central portions of the historic Kookynie mining centre and Carnavale's strategy is to explore and define sufficient high-grade gold resources that can be mined and transported to a processing plant nearby. The Kookynie Gold Project is adjacent to Nex Metals Ltd. and Metalicity Ltd.'s high-grade Leipold, McTavish, Cosmopolitan and Champion deposits, being successfully explored by MCT . MCT has enjoyed recent exploration success at their McTavish project. MCT's McTavish prospect is 200m directly along strike from and adjacent to Carnavale's McTavish East prospect and immediately south along strike from Carnavale's McTavish North prospects. Recent intercepts recorded by MCT from the McTavish project include 5m @ 25.9g/t in McTRC0049, 6m@ 20.6g/t in McTRC0064 and 3m @ 19.1g/t in McTRC0044. Carnavale has identified a mineralised zone that strikes over 550m at McTavish East, open to the north and a mineralised zone that strikes for 240m at McTavish North open to the northeast. Both zones host high-grade gold mineralisation characteristic of the Kookynie mining camp. Two types of gold mineralisation occur in the Kookynie area, high-grade gold associated with pyritic quartz veins hosted within north to northeast dipping structures crosscutting favourable lithologies and high-grade gold associated in fault zones within magnetic, differentiated fractions of the granite plutons. Bostech Drilling completed a third program of 135 holes aircore holes at the Kookynie Gold Project for 7,432m. This program tested the extents and potential of the multiple gold anomalies and structural features identified by the first and second round of aircore drilling completed earlier in the year. The third phase of drilling at the Kookynie Gold Project is part of a systematic exploration approach employed by the Company targeting high-grade gold mineralisation associated with structural corridors. Carnavale was able to define the nature of the high-grade gold mineralisation in detail. Mineralisation found at the Kookynie Gold Project is similar to that hosted by historic mines in the area such as Cosmopolitan, Leipold, and McTavish. The third phase of aircore drilling has also significantly improved the understanding of the gold anomalism in the weathered profile, enabling the Company to progress to RC drilling to test the depth limits of the mineralisation. Duyuru • May 29
Carnavale Resources Limited Announces Phase 3 Aircore Drilling At Kookynie Gold Project Complete Carnavale Resources Limited announced that the third aircore drilling program of 7,432m at the Kookynie Gold Project, 60km south of Leonora in the West Australian Goldfields, has been completed. The current aircore program has been designed to infill the high-grade intercepts to provide targets for RC drilling and test the extents and potential of the structural features in the weathered profile identified in earlier drilling completed in December 2020 and March 2021. The initial aircore drilling programs identified three main areas of significant gold anomalism in the weathered rock profile with high-grade gold mineralisation. The strong gold anomalism detected in the weathered profile provided a vector to high-grade gold mineralisation intersected in the second round of drilling similar to that hosted by the historic mines such as Cosmopolitan, Leipold, and McTavish. The samples have been submitted to the laboratory in Perth and it is expected that the first results will be reported towards the end of June 2021. Summary: Carnavale has completed the third aircore drilling program of 135 holes for 7,432m at the Kookynie Gold Project, to infill and extend the high grade anomalies previously outlined in previous drilling. This drill program followed up on high grade intercepts from the second phase that included. Hole KOAC210 2m @ 16.25g/t from 54m; Hole KOAC216 2m @ 3.40g/t from 70m; Hole KOAC183 2m @ 3.43g/t from 2m; Hole KOAC185 1m @ 4.54g/t from 31m; and Hole KOAC 101 4m @ 3.24g/t from 14m (ended in mineralisation). All samples have been submitted to the laboratory for multi element analysis plus gold fire assay. The Kookynie Gold Project is along strike and adjacent to Nex Metals Ltd. and Metalicity Ltd.'s high-grade Leipold, McTavish Cosmopolitan and Champion deposits, being successfully explored by MCT. The tenement package has been underexplored to date with multiple structurally controlled targets located under alluvial cover. Recent Insider Transactions • Mar 20
Insider recently bought AU$271k worth of stock On the 11th of March, Phillip Coulson bought around 30m shares on-market at roughly AU$0.009 per share. This was the largest purchase by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Duyuru • Mar 15
Carnavale Resources Limited Announces Completion of Phase 2 Aircore Drilling At Kookynie Gold Project Carnavale Resources Limited advised that the second aircore drilling program of 5,967m at the Kookynie Gold Project, 60km south of Leonora in the West Australian Goldfields, has been completed. The current aircore program has been designed to test the extents and potential of the multiple gold anomalies and structural features identified in the first phase of aircore drilling completed in December. The initial aircore drilling program identified three main areas of significant gold anomalism in the weathered rock profile prospective for high-grade gold mineralisation. The strong gold anomalism detected in the weathered profile is anticipated to provide a vector to high-grade gold mineralisation similar to that hosted by the historic mines such as Cosmopolitan, Leipold, and McTavish. The second phase of aircore drilling has been designed to explore the limits of this anomalism in the weathered profile. The samples have been submitted to the laboratory and it is expected that the first results will be reported towards the end of April 2021. Duyuru • Mar 12
Carnavale Resources Limited (ASX:CAV) agreed to acquire Barracuda Platinum-Palladium-Nickel-Copper Project in the Murchison district from Corporate & Resource Consultants Pty Ltd. and Bruce Legendre for AUD 0.21 million. Carnavale Resources Limited (ASX:CAV) agreed to acquire Barracuda Platinum-Palladium-Nickel-Copper Project in the Murchison district from Corporate & Resource Consultants Pty Ltd. and Bruce Legendre for AUD 0.21 million on March 11, 2021. CAV will pay AUD 0.01 million as non-refundable deposit, with the balance of AUD 0.04 million to be paid in cash and 20 million fully paid ordinary shares in CAV payable at settlement to the Vendors of the Project. In addition, CAV will also grant the vendors a 0.5% Net Smelter Return (‘NSR’) royalty on minerals produced from the tenement. CAV has received support for a Placement from overseas, sophisticated and professional investors to raise AUD 2.1 million (‘Placement’). CAV proposes to issue 300 million shares at an issue price of AUD 0.007 per share, together with 150 million free attaching options (exercisable at AUD 0.01 on or before July 31, 2022). Golden Triangle Capital Pty Ltd has been appointed as Lead Manager for the Placement. Golden Triangle Capital Pty Ltd will receive a 6% capital raising fee and subject to shareholder approval, 40 million unlisted options exercisable at AUD 0.01 each on or before July 31, 2022. 200 million ordinary shares will be issued under the Company’s existing placement capacity under Listing Rule 7.1A and 100 million ordinary shares under Listing Rule 7.1. The Placement is scheduled to close on or around March 16, 2021. 150 million free attaching options will be issued to the participants of the Placement subject to shareholder approval, at a general meeting of shareholders scheduled for May 2021. CAV Chairman, Ron Gajewski has committed to subscribe for 15 million new ordinary shares (and 7.5 million attaching options) totalling AUD 0.105 million and CAV director, Andrew Beckwith has committed to subscribe for 3 million new ordinary shares (and 1.5 million attaching options) totalling AUD 0.021 million. The Director Placement Securities require the approval of shareholders pursuant to Listing Rule 10.11. The funds raised will be used to acquire the Project, fund the initial exploration program at the Barracuda project, fund ongoing and planned exploration programs at the Company’s existing projects and provide working capital. Transaction is subject to Ministerial consent has been granted for the transfer of the project. Reported Earnings • Mar 09
First half 2021 earnings released: AU$0.001 loss per share (vs AU$0.001 loss in 1H 2020) First half 2021 results: Net loss: AU$1.02m (loss narrowed 52% from 1H 2020). Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has fallen by 28% per year, which means it is performing significantly worse than earnings. Duyuru • Mar 04
Carnavale Resources Limited Commences Aircore Drilling At Kookynie Gold Project Carnavale Resources Limited announced that the Bostech Drilling crew has arrived on site at the Kookynie Gold Project to drill a program of 116 holes for 5,800m of aircore. This program is following up on the positive results received from the Company's first round of aircore completed in December 2020. The second phase of drilling at the Kookynie Gold Project is part of a systematic exploration approach Employed by the Company targeting high grade gold mineralisation associated with structural corridors. The current aircore program has been designed to test the extents and potential of the multiple gold anomalies and structural features identified in the first phase of aircore drilling completed in December. The aircore drilling program completed in December 2020 identified three main areas of significant gold anomalism in the weathered rock profile prospective for high grade gold mineralisation. The strong gold anomalism detected in the weathered profile is anticipated to provide a vector to high- grade gold mineralisation similar to that hosted by the historic mines such as Cosmopolitan, Leipold, and McTavish. The second phase of aircore drilling has been designed to explore the limits of this anomalism in the weathered profile. It is expected that the program will be completed over a period of three weeks, with the first results expected at the end of April. The gold anomaly to the north of NME and MCT's McTavish tenement is characterized by a number of shallow old workings and pits. The recent aircore drilling intercepted high-grade gold mineralisation in weathered rock that included: 7m @ 1.89g/t Au from 14m in hole KAOC101 (inc.4m @ 3.24g/t) ended in mineralisation. The soil geochemistry and the aeromagnetics indicate that the gold anomalism in this target area trends to the northeast of these intercepts. The area along strike to the northeast is untested by drilling and will be tested by the new aircore drilling program. Immediately to the east of NME and MCT's McTavish tenement, Carnavale has discovered a gold anomaly with a strike length of over 1km. This anomaly is characterized by gold intercepts such as: 2m @ 0.86g/t Au from 52m in hole KAOC086; 4m @ 0.37g/t Au from 62m and 6m @ 0.49g/t Au from 70m in hole KAOC087; 8m @ 0.51g/t Au from 18m in hole KAOC090; 2m @1.46g/t Au from 22m and 6m @ 0.29g/t Au from 54m in hole KAOC110. The initial wide spaced aircore drilling will be infilled and extended to the northeast by the current program of aircore drilling to define the extent of the gold mineralisation prior to RC drilling. Duyuru • Feb 09
Carnavale Resources Limited Receives Aircore Drilling Results from Kookynie Gold Project Carnavale Resources Limited announced that it has received all assays from the first pass 6,539m aircore drilling program at the Kookynie Gold Project, 60km south of Leonora in the West Australian Goldfields. This initial drilling campaign targeted shallow gold enrichment in the weathered rock profile created by deep seated gold bearing structures, under cover. The Kookynie Project is located in the central portions of the historic mining centre, which has produced over 650,000oz from high-grade gold lodes. Carnavale's strategy is to explore and define sufficient high-grade gold resources that can be mined and transported to one of the five nearby processing plants. Two types of gold mineralisation occur in the Kookynie area, high-grade gold associated with pyritic quartz veins hosted within north to northeast dipping structures crosscutting favorable lithologies and high-grade gold associated in fault zones with magnetic, differentiated fractions of the granite plutons. The phase one aircore drilling program at the Kookynie Gold Project consisted of 139 holes and was designed to test the potential of structural features, identified in the recent detailed aeromagnetic survey, to host high-grade gold at the Kookynie Gold Project. Samples were taken on 2 metre composite intervals downhole, finishing with a 1 metre sample at the bottom of hole in the freshest material. All samples were analysed for multi-element geochemistry and the BoH samples have also been analysed for trace element geochemistry to help with further interpretation. The aircore drilling identified three main areas of significant gold anomalism in the weathered rock profile with prospective gold mineralisation open along structural corridors. The aircore drilling was completed to blade refusal. Blade refusal, in this terrain, is reached at the fresh rock boundary. The strong gold anomalism detected in the weathered profile is anticipated to provide a vector to high-grade gold mineralisation similar to that hosted by the historic mines such as Cosmopolitan, Leipold, and McTavish. The gold anomaly to the north of NME and MCT's McTavish tenement is characterized by a number of shallow old workings and pits. The recent aircore drilling intercepted high-grade gold mineralisation in weathered rock that included: 7m @ 1.89g/t Au from 14m in hole KAOC101 (inc.4m @ 3.24g/t) ended in mineralisation. The soil geochemistry and the aeromagnetics indicate that the gold anomalism in this target area trends to the northeast of these intercepts. The area along strike to the northeast is untested by drilling and requires further aircore drilling to define the limits of this mineralisation Immediately to the east of NME and MCT's McTavish tenement, Carnavale has discovered a gold anomaly with a strike length of over 1km. The anomaly is characterized by gold intercepts such as: 2m @ 0.86g/t Au from 52m in hole KAOC086; 4m @ 0.37g/t Au from 62m and 6m @ 0.49g/t Au from 70m in hole KAOC087; 8m @ 0.51g/t Au from 18m in hole KAOC090; 2m @1.46g/t Au from 22m and 6m @ 0.29g/t Au from 54m in hole KAOC110. The initial wide spaced aircore drilling requires infill and extension to the northeast to define the extent of the gold mineralisation prior to RC drilling. Northern anomaly with significant intercepts. The third broad gold anomaly is in the northern part of the tenement package. The anomaly lies immediately south of NME and MCT's Champion deposit, along the same structural corridor. The Champion mine had historic gold production of 33,000 ounces at a grade of 17g/t Au. The company's recent aircore drilling outlined a large gold anomaly in the saprolitic, weathered bedrock between 10 and 12m thick. The anomaly has been intercepted in 3 consecutive holes with a width of over 120m. It is interpreted that this represents a secondary supergene gold enrichment that has developed over a primary gold deposit. Carnavale plans to explore the extents of this supergene enrichment as a vector to primary mineralisation. Significant broad intercepts include: 10m @ 0.23g/t Au from 34m in hole KAOC008; 12m @ 0.21g/t Au from 30m in hole KAOC009; 10m @ 0.20g/t Au from 26m in hole KAOC010. The structural corridor stretches for 1.8 kilometres under cover, south to Carnavale's Champion South Prospect. The champion south prospect is central to the tenement package and was drilled historically by Kookynie Resources Ltd. in 2000. Duyuru • Dec 18
Carnavale Resources Limited Announces Kookynie Gold Project Drilling Update Carnavale Resources Limited advised that the 6,539m aircore drilling program at the Kookynie Gold Project, 60km south of Leonora in the West Australian Goldfields, has been completed with all samples submitted to the laboratory, with results expected in the New Year. The phase one aircore drilling program consisted of 139 holes and was designed to test the potential of structural features, identified in the recent detailed aeromagnetic survey, to host high-grade gold at the Kookynie Gold Project. The aircore drilling program was designed to test structural targets under alluvial cover. The aircore program confirmed that the depth of alluvial cover ranged from 5m to 40m. Duyuru • Nov 09
Carnavale Resources Limited Announces Kookynie Gold Project - Exploration Update Carnavale Resources Limited advised that the systematic exploration program at the Kookynie Gold Project, 60km south of Leonora in the West Australian Goldfields, is well underway. The Company engaged Magspec Ltd. to fly a detailed aeromagnetic survey, which has been completed. The aircraft was flown at 20m line spacing to provide a detailed map of the underlying geology and structure at the Kookynie Gold Project, which will enable the Company's geologists to target the potentially gold bearing structures that lie beneath the transported cover. The Company has taken close spaced soil samples across the interpreted structures along strike to the north of the McTavish deposit and along strike to the south of the Leipold deposit. These areas are being successfully explored and targeted for gold mineralisation by Metalicity Ltd. In addition, the ground along strike from the high-grade Champion deposit, also owned by Metalicity Ltd, has been sampled by close spaced soil sampling. The priority 1 soil sampling areas of interest at the Kookynie Gold Project have been completed with samples dispatched to the ALS laboratory in Perth for analysis with results expected in December 2020. The remaining soil sampling program will be completed in mid-November 2020. Soil sampling areas have been restricted to areas of the tenements with a residual soil profile and no transported cover. The program is targeting structural gold anomalies similar to the Leipold, McTavish, Cosmopolitan and Champion deposits owned by Metalicity Limited. The Company has booked an aircore rig for a program of 6,000m of drilling, scheduled to commence at the end of November 2020. Interpretation of the detailed aeromagnetic survey detailed above, combined with the geochemistry will be used to target the potentially gold bearing structures that extend under cover at the Kookynie Gold Project. This drilling is expected to be completed by December 2020 with results expected in January - February 2020. The Company has completed an ethnographic heritage survey of the tenement package, in conjunction with the traditional landowners, to ensure that any potential areas of cultural significance are not disturbed. The survey has found no areas that will impact on the Company's current exploration plans. Duyuru • Nov 07
Carnavale Resources Limited Announces Phase 1 Drilling Campaign At Grey Dam Carnavale Resources Limited advised that the company's phase 1 drilling campaign at Grey Dam, targeting nickel sulphide has been completed and all assays have been received. The phase 1 RC and diamond drilling campaign comprised seven holes for a total of 1,701m. Three of these holes were drilled with diamond core tails allowing deeper targets to be tested. The drilling was targeting Kambalda style nickel sulphides. Following a data review that outlined coincident nickel copper and platinum anomalies located over prospective mafic ultramafic geology package a moving loop EM survey was conducted that highlighted 5 priority conductors and many other second order targets. Upon completion of drilling, the RC samples were sent directly to the ALS lab in Kalgoorlie for transport to the ALS facility in Perth after being logged by the geologists. The diamond core was logged, cut, and sampled in Kalgoorlie prior to being dispatched to ALS's facility in Kalgoorlie for transport to Perth for analysis. The samples have been analyzed for a spectrum of multi elements, including nickel, gold, and platinum as required. The company identified 5 priority targets to be drill tested. A summary of the drilling at each target is provided below. Target 1 and 3 have identified the EM conductor and require no further work. Target 2, 4 and 5 intersected the mafic and ultramafic package but have not closed off the opportunity for nickel sulphide mineralisation and will be surveyed by a downhole electromagnetic survey (DHEM) to test for the potential for the presence of off hole conductors adjacent to the drillhole. Target 1: The drilling has shown that the EM response was developed by a sulphidic black shale unit. The black shale unit is not significantly thick. However, it is folded and with a flat lying geometry that would have coupled well with the EM field giving the observed response in the FLEM survey. No further work is required at this target as no nickel mineralisation was present. Drillhole DDH002A lifted due to ground conditions and is interpreted to have just drilled over the top of the modelled conductor. The targeted ultramafic unit was not intersected by the hole and may be fault truncated. A strong gold anomaly has been intersected in this hole. Target 2: Drillhole DDH002B intersected two units of ultramafic. The drillhole intersected the upper margin of the modelled EM plate, but the lower unit of ultramafic may have fault truncated off by a subparallel fault. Both
holes did not explain the AEM conductors and both targets require further investigation and will be surveyed by DHEM to test for offhole conductors. Target 3: Both drillholes hit a sulphidic black shale unit that explained the targeted EM conductors, no further work is necessary. No nickel mineralisation was discovered. Target 4: The drillhole intersected the ultramafic unit but did not fully drill through it to test the basal contact of the ultramafic unit or explain the conductor. High water volumes required early termination of the drill hole. This hole requires a DHEM survey. Target 5: The drill hole did not intersect the ultramafic unit and had to be stopped early due to high water volumes.
Based on the geological information, the hole is interpreted to have not been drilled deep enough. The EM conductor has not been identified in this hole and will be subject to a DHEM survey This initial drilling program, targeting nickel sulphide mineralisation at Grey Dam, has confirmed and enhanced the understanding of the geology at the target area. The geochemistry and multi-element assay results remain positive for the development of nickel sulphide mineralisation within the Grey Dam mafic/ultramafic package. Carnavale intersected shallow gold mineralisation from 38m downhole in DDH002A at the fresh rock interface. Gold intercepts including 8m @ 0.32g/t, 12m @ 0.55g/t in DDH002A and 2m @ 0.22g/t in DDH002B. This mineralisation aligns with historic anomalous gold results in wide spaced aircore drilling, from previous explorers. The mineralized trend is aligned with a structure interpreted from the aeromagnetic imagery. The Grey Dam area is prospective for shallow gold mineralisation, with potentially open pittable gold resources delineated in the neighbouring tenements held by ASX listed Kalnorth Gold Mines Ltd. Carnavale intends to review the existing drill data, geochemical data and aeromagnetic imagery to plan further testing of this new gold anomaly. Reported Earnings • Sep 23
Full year earnings released - AU$0.0017 loss per share Over the last 12 months the company has reported total losses of AU$2.36m, with losses widening by 381% from the prior year. 
