Cavalier Resources (ASX:CVR) strengthens Crawford growth case with high grade Southern extensions

Cavalier Resources (ASX:CVR) has released further high grade gold results from drilling completed in the Southern Development Area at the Crawford Gold Project, immediately south of the approved Stage 1 starter pit, with outcomes reinforcing geological continuity beyond the current pit design and supporting progression toward an updated Mineral Resource Estimate.

The drilling forms part of a targeted near mine program aimed at systematically testing extensions to known mineralisation along strike and at depth, while remaining aligned with the technical and economic framework established in the revised Pre Feasibility Study.

Daniel Tuffin, Executive Technical Director and Chief Executive Officer, outlines how the latest results fit within the broader development strategy and ongoing technical priorities at Crawford.

How do the latest Southern Development Area drill results affect the scale and confidence of mineralisation immediately south of the Stage 1 starter pit?

The Southern Development Area drilling returned multiple intersections of consistent grade and thickness located directly along strike to the south of the Stage 1 starter pit, including 7m at 5.90g/t gold from 99m with a higher grade interval of 1m at 19.1g/t gold, 24m at 1.09g/t gold from 69m including 1m at 9.22g/t gold, and 15m at 2.69g/t gold from 84m to end of hole including 3m at 7.03g/t gold.

These results were generated from a focused program of 26 reverse circulation drill holes totalling 2,638m, designed to test mineralisation previously identified outside the Stage 1 pit boundary.

When assessed alongside drilling completed in 2022 and 2023, the latest results strengthen confidence in the continuity of mineralisation south of the current pit and confirm that the mineralised system extends beyond the existing development footprint.

What do the results indicate regarding the potential for resource growth and future mine design optionality at Crawford?

The drilling confirms that mineralisation within the Southern Development Area remains open along strike and at depth, with several intercepts extending into fresh rock and maintaining grade continuity rather than diminishing with depth.

Intersections in holes such as 25CFRC24, 25CFRC29 and 25CFRC39 demonstrate that mineralisation is not confined to the oxide zone and continues into fresh bedrock, which is a material geological consideration for future resource definition.

These outcomes provide a technical basis for assessing extensions to the existing resource envelope and support consideration of a pit cutback or an additional mining stage within the Southern Development Area, subject to incorporation into an updated Mineral Resource Estimate.

How do these results integrate with the broader development strategy outlined in the revised Pre Feasibility Study?

The revised Pre Feasibility Study completed in April 2025 assessed a Stage 1 development scenario with an 18 month project life, forecast gold production of 23,467 recovered ounces, pre production capital of A$9.0M, and an NPV8 of A$51.7M based on a gold price of A$4,600 per ounce.

The Southern Development Area drilling sits outside the current Stage 1 pit design and was not included in the economic parameters of the revised study, meaning the latest results do not alter the published development case.

Instead, the drilling provides incremental geological data that may support future resource growth and development optionality beyond the existing mine plan.

What is the status of the Mineral Resource Estimate update and how does the new drilling inform that process?

Following receipt of the latest assay results from the Southern Development Area, Cavalier Resources has indicated it will progress technical work toward upgrading the current Mineral Resource Estimate.

The recent drilling program was designed to provide sufficient data density to support estimation work immediately south of the Stage 1 pit, while also testing continuity beyond the existing resource boundary.

The consistency of grades and intercept thicknesses across multiple drill holes provides relevant geological inputs for modelling and underpins the next phase of Mineral Resource Estimate work.

What near term exploration results should investors monitor following this announcement?

In addition to the completed Southern Development Area drilling, assay results from drilling at the Miranda Target remain pending and represent a key near term milestone.

The Miranda Target lies along a northern corridor that has seen limited historical drilling and remains largely untested relative to the near mine areas.

Results from Miranda will add further geological context to the scale and continuity of mineralisation beyond the current resource footprint when assessed alongside outcomes from the Southern and Northern Development Areas.

Ongoing technical focus

The latest drilling outcomes further refine the geological understanding of the Crawford system and support a disciplined progression toward an updated Mineral Resource Estimate, while maintaining emphasis on near mine growth opportunities located outside the current Stage 1 pit design.

With additional assay results pending from the Miranda Target and technical studies continuing, Daniel Tuffin, Executive Technical Director and Chief Executive Officer, continues to oversee a data driven approach to resource definition and development planning as Cavalier Resources advances the Crawford Gold Project.

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