Carawine Resources : High Grade Gold Discovery at Big Freeze

ASX AND MEDIA RELEASE

14 April 2022

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KEY POINTS

• • First round of assay results from recent follow-up reverse circulation ("RC") drilling at the Big Freeze prospect, part of Carawine's Tropicana North Gold Project, have returned a shallow high grade gold interval of:

  • o 5m @ 18.2g/t Au from 38m, including 1m @ 85.5g/t Au from 38m (TNRC058)1

• • The high-grade interval in TNRC058 is within an area of previously reported, multiple significant drill intervals2 and is open, with assay results pending from a second hole drilled beneath TNRC058

• • Additional significant intervals include1:

  • o 1m @ 2.47g/t Au from 136m (TNRC053)

  • o 7m @ 0.53g/t Au from 101m including 1m @ 1.65g/t Au from 107m (TNRC050)

• • Big Freeze is located along strike from the Company's nearby Hercules and Atlantis gold prospects

• • Additional drilling to be planned once all assay results are received

Gold and base metals explorer Carawine Resources Limited ("Carawine" or "the Company") (ASX:CWX) is pleased to announce the first round of assay results from an 18-hole follow-up RC drilling program at the Big Freeze prospect, identifying shallow, high grade gold mineralisation adjacent to the same structure that hosts the Atlantis and Hercules gold prospects (Figure 1).

Big Freeze is within the Neale tenement, part of Carawine's Thunderstruck Joint Venture ("Thunderstruck JV", Carawine 90% interest) in its Tropicana North Gold Project, located in the north-eastern Goldfields of Western Australia. The Neale tenement also covers the Company's advanced Hercules and Atlantis gold prospects, located 8km and 1km along strike from Big Freeze respectively.

Assay results reported today are from 14 RC drill holes of an 18-hole program designed to test for high grade gold mineralisation within a 900m-long, continuous zone of gold mineralisation above 1g/t Au previously identified from wide-spaced drilling parallel and adjacent to the Hercules Shear Zone (Figure 1)2. Assay results from the remaining four RC holes at Big Freeze, and an additional two RC holes drilled at the Beanie prospect, are expected within the next two weeks.

Commenting on today's announcement, Carawine Managing Director David Boyd said:

"This follow-up drilling program was designed to explore for shallow, high grade mineralisation within a much larger gold trend at Big Freeze. Today's discovery has done exactly that, proving the success of our exploration methods and supporting our confidence in the potential of the Tropicana North Gold Project to yield multiple deposits."

"We look forward to receiving assay results from the rest of the program and planning additional drilling at Big Freeze, as well as further results from our ongoing drilling at the Hercules prospect just 8km to the north-east."

1 intervals reported to geological boundaries and/or >0.3g/t Au, including >1.0g/t Au, downhole widths. Refer Figures 1 to 4; Table 1 and Appendix 1 for details.

2 refer ASX announcements 15 April, 1 November & 20 December 2021

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Figure 1: Big Freeze prospect drill holes, geology and gold anomalism.

Big Freeze Results

Carawine's first RC drilling program at Big Freeze, completed in August 2021, was designed as an initial test of anomalous drill hole gold intervals identified from regional air core drilling by Carawine and historic data (refer ASX announcements 15 April 2021 and 3 September 2020). This program was successful in defining a 900m-long, continuous zone of gold mineralisation above 1g/t Au in wide-spaced drilling, within a wider +0.3g/t Au drill hole anomaly and a much larger +10ppb Au anomaly extending along the Hercules Shear Zone (Figures 1 & 4). The size and grade of the gold anomaly at Big Freeze is considered highly significant in both a local and regional context, warranting further follow-up drilling (refer ASX announcements 1 November & 20 December 2021).

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The assay results reported today are from 14 RC drill holes (TNRC045 to TNRC055, TNRC058, TNRC061 and TNRC062) of an 18-hole drilling program completed at Big Freeze in late February 2022 to follow-up the results reported in November and December 2021.

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The most significant intervals (>1g/t Au, and/or >1m width) reported today include:

• • 7m @ 0.53g/t Au from 101m including 1m @ 1.65g/t Au from 107m; and 1m @ 0.58g/t Au from 136m (TNRC050)

• • 1m @ 2.47g/t Au from 136m, and 1m @ 0.49g/t Au from 140m (TNRC053)

• • 5m @ 18.2g/t Au from 38m; 1m @ 0.82g/t Au from 54m; 1m @ 0.65g/t Au from 118m; 4m @ 0.42g/t Au from 135m; and, 1m @ 0.56g/t Au from 144m (TNRC058)

  (intervals >0.3g/t Au cut-off including >1g/t Au cut-off, downhole widths, refer Figures 1 to 4, Table 1 and Appendix 1 for details)

Figure 2: Cross section through TNRC058 (+/- 20m).

The shallow, high grade interval of 5m @ 18.2g/t Au from 38m in TNRC058 is hosted by weathered mafic granulite and includes a 1m interval grading 85.5g/t Au from 38m, associated with sulphidic quartz veining (Figure 2). Significant intervals previously reported in nearby drilling include 6m @ 1.12g/t Au, including 1m @ 4.22g/t Au in sulphidic quartz veining in drill hole TNRC039; 80m to the south of TNRC058, and 2m @ 3.26g/t Au from 35m in hole NLD070; 40m to the northeast of TNRC058 (Figures 1 & 4) (refer ASX announcements 1 November 2021 and 3 September 2020).

Assay results are pending from drill hole TNRC057, which was drilled on the same section beneath TNRC058 (Figures 1 & 2). Additional drilling will likely be required to determine the strike, dip, and plunge direction of the mineralisation intersected in TNRC058.

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The intervals reported from drill holes TNRC050 and TNRC053 are also associated with sulphidic quartz veining in mafic granulite and are open up- and down-dip and along strike with only limited drilling nearby (Figures 1 & 3). Further drilling will be required to follow up these intervals in order to determine the extent and grade of the gold mineralisation intersected to date.

Figure 3: Cross section through TNRC053 (+/- 20m).

Other significant intervals (>0.3g/t Au) reported today include:

• • 1m @ 0.52g/t Au from 77m (TNRC045)

• • 1m @ 0.71g/t Au from 96m (TNRC046)

• • 1m @ 0.85g/t Au from 84m (TNRC047)

• • 1m @ 0.46g/t Au from 58m, and 1m @ 0.57g/t Au from 173m (TNRC048)

• • 1m @ 0.33g/t Au from 88m (TNRC051)

• • 1m @ 0.3g/t Au from 84m, and 1m @ 0.37g/t Au from 134m (TNRC052)

  (intervals >0.3g/t Au cut-off, downhole widths, refer Figure 1, Table 1 and Appendix 1 for details)

Tropicana North Exploration Update

Hercules Gold Prospect

Recently, the Company reported some of the best intervals to date from the Hercules gold prospect, intersecting very high grade gold mineralisation along the north-east and south-west edges of the main mineralised zone respectively, as follows (Figure 5):

• • 1m @ 23.9g/t Au from 192m (TNDD013)

• • 4m @ 40.1g/t Au from 239m, including 1m @ 137g/t Au from 239m (TNDD014).

  (geological boundaries and/or >0.3g/t Au, downhole widths, refer ASX announcement 10 March 2022)

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Figure 4: Big Freeze and Atlantis prospects, note extend of gold anomalism parallel to the Hercules Shear

Zone.

Gold mineralisation at Hercules is hosted by multiple parallel veins and shears within a wide, steeply dipping mineralised zone striking northeast. To date Carawine has completed 26 RC and 17 diamond drill holes at Hercules, with gold mineralisation reported along a 340m strike length, extending from 35m to 250m below surface, and remaining open (Figure 5).

The current, ongoing diamond drilling program at Hercules is focussed on defining the geology, structure and grade characteristics of the gold mineralisation, and extending it along strike and at depth. An additional three diamond holes are planned in the current program, including an extension to existing hole TNDD012, with drilling expected to continue through to early May 2022 and assay results to follow.

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