Ann: Outstanding Metallurgical testwork results at Kookynie, page-4

Carnavale Resources Ltd (CAV) is pleased to announce the results of ongoing metallurgical testwork for
its headline Swiftsure Deposit within the Kookynie Gold Project which is located 3km northwest of the
Kookynie townsite and 60km south of Leonora in Western Australia’s Eastern Goldfields.
Highlights:
High overall gold recovery rates ranging from 98.9% - 99.5%
High recovery of gravity gold averaging 87.1%
High recovery from carbon in Leach (CIL) test 99.7%
Rapid leach kinetics shows 90.6% to 91.6% recovery after 4 hours of leaching
The optimum grind size was found to be course by industry standards, being 106 micron.
Low cyanide consumption and no lime consumption in leach testwork
Confirms earlier metallurgical testwork recoveries of 97-99% recoveries from Leachwell testwork
at ALS laboratories (ASX: Initial metallurgical testwork demonstrates outstanding recoveries 19th
Sept 2023)
CAV engaged Independent Metallurgical Operations Pty Ltd (IMO) to follow up previous Leachwell
testwork that indicated outstanding gold recoveries could be achieved at the Kookynie Gold Project.
IMO conducted a program of metallurgical testwork on samples of mineralised material that represents the
high-grade zone within the Swiftsure Deposit. A composite sample of 28kg was collected from RC drilling
chips that represented the high-grade gold zone. The Swiftsure Deposit is characterized by bonanza grade
zones of mineralisation contained within plunging shoots.
CAV recently released a Scoping Study (Study) for the Swiftsure Deposit with (refer ASX release 13 June
2024: Robust Maiden Resource and Positive Scoping Study Kookynie). The Study indicated that the
project could deliver a Pre-tax NPV of approximately A$91m with an IRR of 192% at AU$3,500 gold
price. Notably this Study assumed a metallurgical recovery of 95%, compared to results from this current
testwork which suggests that recoveries greater than 99% may be possible.
CEO Humphrey Hale commented:
“CAV is delighted with the results of the metallurgical work carried out by IMO. The improvement in
recovery upgrades the profitability of the Swiftsure Deposit and confirms the results of the earlier Leachwell
testing. The testwork has delivered exceptional results with the latest results revealing an enviable +99%
gold recovery with the easily recovered gravity portion representing about 87%. These test work results
support the geologist’s observations of abundant course free milling gold in the drill chips.”