Chase Mining : Red Fox completes preliminary Butchers Bore field assessment

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ASX RELEASE 3 February 2022

Red Fox completes preliminary Butchers Bore field assessment

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 received results from a sampling and mapping programme completed late 2021 in the Butchers Bore EPM 26397 in the Cloncurry district of northwest Queensland.

Highlights:

• Up to 3.86g/t Au in rock chip samples
• Soil anomaly defined over 700 metres
• Soil anomalies open to south, west and east
• Anomalies associated with zone of structural complexity and mafic volcanics / intrusives

Attached is a copy of the Red Fox announcement, which can also be found on their website together with further information on the company at http://www.redfoxresources.net.au/

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

3 February 2022

Red Fox completes preliminary field assessment Butchers Bore ‐ EPM 26397

Red Fox is pleased to announce that it has received results from a sampling and mapping program completed late 2021 in the Butchers Bore EPM 26397 in the Cloncurry district of northwest Queensland.

Highlights:

• Up to 3.86g/t Au in rock chip samples
• Soil anomaly defined over 700 metres
• Soil anomalies open to south, west and east
• Anomalies associated with zone of structural complexity and mafic volcanics/intrusives
• Red Fox plans to follow up these encouraging results with further mapping and as soon as practical after the wet season

Figure 1: EPM 26397 Butchers Bore showing locations of Butchers Creek Prospect and GW Gossan Prospect and

anomalous gold catchments from previous stream sampling.

176 soil samples were taken from 88 sample sites, at each site one 2kg sample was collected at ‐1.6mm for BCL (bulk cyanide leach) and one sample at ‐80# (180um) for multi‐element analysis (see Figure 3).

27 rock chip samples were collected, mainly selected on veining and alteration characteristics. Geological mapping was carried out at the same time (see Figure 2).

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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Figure 2: GW Gossan Prospect ‐ mapped geology showing gold results from rock chip sampling.

Mapping and sampling have defined a structural zone (named the GW structure) which strikes east‐west and is characterised by variable quartz, ± calcite, ± haematite veining with high gold values and moderate copper values. The zone is poorly outcropping but appears to be from 1 to 3m wide.

This zone is sub‐parallel to the strike of the lithologies and occurs in an area which is strongly affected by faulting and dolerite intrusion. Lithologies present are feldspathic and fine grained quartzose sandstones and quartzites of the Mitakoodi Formation (Plnq), fine grained psammitic and pelitic phyllites and calcareous sandstones of the Timberoo Member (Plnt) and possible metabasalts of the Cone Creek Metabasalt (Plnc) intruded by later dolerites.

Veining along the GW Structure consists of quartz calcite and haematite veins with variable goethite, transparent silica veins, buck quartz veins and massive carbonate (calcite) veins. The veins show evidence of multiple events and reactivation along the structures.

Better gold values appear associated with elevated iron oxide and manganese oxides and haematite silica goethite alteration.

RED FOX RESOURCES PTY LTD

PAGE 2

Butchers Bore Field Program Results

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Plate 1: GW Structure with variable quartz, calcite, manganese oxides, haematite, goethite and other

iron oxides. Top right outcrop returned 1.43ppm Au.

RED FOX RESOURCES PTY LTD

PAGE 3

Butchers Bore Field Program Results

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EXPLORATION ∙ INNOVATION ∙ DISCOVERY

Figure 3: GW Gossan Prospect showing gold (BCL) soil sampling results (gridded) and gold values in rock chip

sampling.

Soil Sampling Results

Results of the soil sampling program are presented in Figures 3 (gold) and 4 (copper). Figure 3 shows three anomalous zones of high gold in soils up to 0.33ppm, the strongest zone coinciding with the GW Structure which is anomalous over at least 700m and is open to the west. Rock chip samples from this structure returned values up to 3.86ppm and 3.43ppm gold (see Figures 2 and 3) and nine of the eleven samples returned gold values over 0.1ppm (see Plates 1 and 2).

A zone of similar tenor but of undetermined strike lies approx. 250m south of the GW Structure and has values up to 0.217ppm Au in BCL soil samples. This zone is open to the south, west and east, and is closely related to major fault intersections. No rock chip samples were submitted from this zone as outcrop was scarce.

A parallel, strongly copper anomalous zone (weaker in gold) also occurs 400m to the north. Rock chip sampling returned high gold values to 0.78ppm Au associated with strongly developed secondary copper with copper values to 21.7% Cu (see Figure 4 and Plate 3).

Figure 4 shows this northern zone can be traced over at least 500m. It is possibly open to the west but probably truncated and displaced by a major fault in the east.

This field program was of a preliminary nature and has highlighted the gold and copper potential of the area. The work has covered approximately 20% of the gold anomalous catchment defining the area. Red Fox plans to follow up these encouraging results with further mapping and sampling to refine the anomalous zones and extend the zones to the south, east and west as soon as practical after the wet season.

RED FOX RESOURCES PTY LTD

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Butchers Bore Field Program Results