Chase Mining : Red Fox completes Selwyn Project Camel Bore Gravity Survey

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ASX RELEASE

15 November 2021

Red Fox completes Camel Bore Gravity Survey - Selwyn Project

Chase Mining Corporation Limited (ASX: CML, "Chase Mining" or "Company") provides the following update on Red Fox Resources Pty Limited ("Red Fox"), in which Chase Mining holds 40%.

Red Fox today announced that it has completed a 617-station gravity program at its 100% owned Camel Bore (Mt Carol EPM 26571) prospect in its Selwyn Project area. The survey has defined a significant anomaly in the Camel Bore area located between past exploration targets. Red Fox proposes to build a 3D model of the response prior to field checking of the anomaly which is likely to include additional geochemistry.

A copy of the Red Fox report is attached to this announcement and can also be found on their website together with further information on the company at:

http://www.redfoxresources.net.au/

EPM26571 contains a series of targets with highly anomalous Cu, Pb, Zn and Co in soils, rocks and gossans at the Mt Ulo / Perisher prospects. The host sequence of black shales extends south-southwest from the Mt Carol area for approximately 40km.

As previously reported (ASX 15 October 2021), Red Fox has applied for an additional three Exploration Permits adjoining its EPM 26571 (Mt Carol) in the Selwyn district. The applications increase Red Fox's holdings on the area from 108 km2 to 331.5 km2. EPM 26571 and the new application areas are located 120km south of Cloncurry, Northwest Queensland in a highly prospective zone stretching from an area 10km southeast of the Selwyn, Mt Dore/Merlin, and Mt Elliott deposits, to an area 8km north of the operating Osbourne Cu/Au mine.

This announcement has been authorised for release to the ASX by the CML Board of Directors.

For further information, please contact:

Leon Pretorius

Executive Chairman and CEO

Mobile: [phone]

Email:[e-mail]

CHASE MINING CORPORATION LIMITED

ABN 12 118 788 846

Level 8, 46 Edward Street, Brisbane QLD 4000 PO Box

15505, City East QLD 4002 0439 310 818 | 0419 702 616 https://www.chasemining.com.au

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EXPLORATION · INNOVATION · DISCOVERY

15 November 2021

Red Fox completes Gravity Survey - Camel Bore (Selwyn Project)

Red Fox is pleased to announce that it has completed a 617-station gravity program at Camel Bore (Mt Carol EPM 26571) in its Selwyn Project area.

EPM 26571 and the new application areas are located in a highly prospective zone stretching from an area 10km southeast of the Selwyn, Mt Dore/Merlin, and Mt Elliott deposits, to an area 8km north of the operating Osbourne Cu/Au mine.

EPM26571 (Mt Carol) contains a series of targets with highly anomalous Cu, Pb, Zn and Co in soils, rocks and gossans at the Mt Ulo/Perisher prospects. The prospective stratigraphy is a host sequence of black

EPM 28006

EPM 26571

EPM 28051

EPM 28007

EPM 28051

Figure 1: - Red Fox tenure, Selwyn district, showing important structures (black line), redox contact (white line) and prospect locations. Background is aerial EM (conductivity) from BHP (1996) showing interpreted black shale units (strongly conductive zones obvious as red and yellow colours).

RED FOX RESOURCES PTY LTD		P.O. Box 217 Paddington QLD 4064
Phone: [phone]	Email:[e-mail]	A.C.N. 612 611 408

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EXPLORATION · INNOVATION · DISCOVERY

shales which extend south-southwest for approximately 40km (much of this zone has been the subject of recent new application areas by Red Fox - see announcement 14 October 2021).

The prospective black shale horizon is highlighted as a conductive zone in aerial electro-magnetic (AEM) data (see Figure 1). Of particular interest is the base of the black shale and the contact zones which represent a significant redox interface (chemical sink). Within Mt Carol EPM 26571, aside from the Mt Ulo/Perisher prospect, the Camel Bore area is highlighted by the aerial EM data as strongly conductive and therefore prospective.

Camel Bore Prospect

Previous exploration work in the Camel Bore area has primarily targeted magnetic effects, either looking for magnetite related IOCG targets or magnetite related Cannington style silver-lead-zinc deposits. Several historical holes were drilled on each of the identified prospects.

Figure 2: - Camel Bore Area showing prospect areas and previous drilling over Aeromagnetics; red outline shows anomalous catchments from stream sampling and strongly conductive zones from AEM data (as seen in Figure 1) shown as black hatched areas.

RED FOX RESOURCES PTY LTD

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Mt Carol Gravity Survey

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EXPLORATION · INNOVATION · DISCOVERY

Amoco, Placer and Cloncurry Metals targeted IOCG mineralisation at the Camel Bore prospect targeting a linear magnetic anomaly. Drilling intersected variably magnetic amphibolites with minor copper in veinlets - highest value returned was 0.3% Cu.

BHP targeted Cannington style mineralisation at KSG008 and KSG009 prospects. Both prospects were identified by low order magnetic anomalies which had elevated zinc values returned from restricted soil sampling over the prospects. Drilling intersected variably magnetic amphibolite with minor pyrite and pyrrhotite with a best intercept of 4m @ 0.34% Zn in GCP005 from 56m.

Red Fox has focussed on a large gravity anomaly identified in regional gravity surveys (readings at approx. 1km spacings) associated with the prospective stratigraphy (see Figure 3). Red Fox considers this may represent a body of significant density contrast to the surrounding meta-sediments.

Figure 3: - Camel Bore Area showing prospect areas and drilling over original Gravity data; red

outline shows anomalous catchments from stream sampling.

RED FOX RESOURCES PTY LTD

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Mt Carol Gravity Survey

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In November 2021, Red Fox carried out a gravity program in the Camel Bore area based on a 400m line spacing with readings at 200m spacings. Infill on 200m lines at 200m spacings was carried out over key parts of the anomalous zone. A total of 617 stations were read by Daishsat Geodetic Surveys. The survey defined a significant anomaly in the Camel Bore area located between past exploration targets (see Figure 4).

Figure 4: - Camel Bore area showing prospect areas and ISBA Gravity (1VD) completed by Red Fox; red outline shows anomalous catchments from stream sampling and strongly conductive zones from AEM data (as seen in Figure 1) shown as black hatched areas.

Figure 4 shows the First Vertical Derivative (1VD) of Infinite Slab Bouguer Anomaly (ISBA) gravity response from the survey data.

The response shows a complex (possibly folded and/or faulted) but significant enhancement of the gravity signature lying between prospects KSG008 and KSG009 drilled by BHP.

Red Fox proposes to build a 3D model of the response prior to field checking of the anomaly which is likely to include additional geochemistry.

RED FOX RESOURCES PTY LTD

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Mt Carol Gravity Survey