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.