• 7m at 5.07g/t gold from 88m, inc. 2m at 13.60g/t gold
• 5m at 6.26g/t gold from 87m, inc. 1m at 21.30g/t gold
• Potential for high-grade cutback or future underground operation

Cavalier Resources Limited (ASX: CVR) has announced first assay results from recent drilling at its 100% owned Crawford Gold Project. A total of 4,647m of reverse circulation (RC) and 408m of air core (AC) drilling was completed, aimed at systematically drilling out extensions to mineralisation previously identified outside the Stage 1 starter pit and providing a first test for further extensions along strike. Results were received from the Northern Development Area, immediately to the north of the Stage 1 Starter Pit, with best results including 7m at 5.07g/t gold from 88m (including 2m at 13.60g/t gold) and 5m at 6.26g/t gold from 87m (including 1m at 21.3g/t gold). These northern, deeper intercepts further highlight the potential for a high-grade cutback or a future underground operation at Crawford, building on shallow historic intercepts along strike and adding further dimension to Crawford's growth potential beyond the Stage 1 Starter Pit. Drill results from the Southern Development Area and the Miranda Target remain pending.

The revised Pre-Feasibility Study generated a NPV8 of A$51.7M, IRR of 580%, and undiscounted pre-CAPEX cash flow of A$66.7M based on a gold price of A$4,600/oz.

The northern near-mine development drilling has delivered strong results at depth, building on shallow historic intercepts along strike, adding further dimension to Crawford's growth potential beyond the Stage 1 Starter Pit. With assays pending from other areas, the company expects to continue building a results base that will ultimately support a future Mineral Resource Estimate update.