Ann: Resource Update - Crawford Gold Project (Corrected), page-2

I saw one brokers comment on this earlier. It looks like Crawford is more complex than originally thought...

This morning Cavalier Resources (ASX.CVR) have announced a resource upgrade at their Crawford Gold Project, increasing the existing MRE by 17%, and notably de-risking the transition to mining at Crawford and concurrently leading to the discovery of additional structures suggesting the need for follow-up exploration drilling.

The Crawford MRE now totals 3.745Mt at 1.0g/t Au for 117.8Koz, with 32% of the MRE classified within the higher confidence indicated category, which underpins an initial mining operation. Notably, at a higher 1.0g/t Au cut-off, Crawford contains 55.9Koz at a higher grade of 1.7g/t Au.

In addition, the geological complexity of the Crawford has increased substantially, with management confirming the discovery of newmineralised structures and zones, which potentially substantially increase thescale of the Crawford Project. As such, the resource remains open along strike (currently over 1km in strike length) and depth. Management subsequently have commenced planning on a second drill campaign to investigate the newly discovered zones and to test further extensions of mineralisation. We believe that additional exploration success has the potential to materiallyincrease the production profile of Crawford in its transition to mining.

While Cavalier have paused it’s PFS studies tofurther assess the geology at Crawford, management remain intent on progressingCrawford to a mining operation and taking advantage of the severalunderutilised gold mills within the Leonora region.