Mamba Exploration : High-Grade Shallow Gold Intersected at Calyerup Creek

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ASX ANNOUNCEMENT

17 January 2022

High-Grade Shallow Gold Intersected at Calyerup Creek

in Maiden Drill Programme

KEY HIGHLIGHTS

• Initial RC drilling at Calyerup Creek has intersected multiple shallow high-grade zones of gold mineralisation. The 8 holes completed include:
  o 15m @ 2.20 g/t gold from 1m, including 3m @ 3.53 g/t in 21CCRC002
  o 15m @ 2.08 g/t gold from 3m, including 2m @ 9.74 g/t gold in 21CCRC007
  o 16m @ 1.05 g/t gold from 18m, including 3m @ 2.58 g/t gold and 1m @ 2.74 g/t gold from 43m to EOH in 21CCRC003
  o 2m @ 2.70 g/t from surface and 11m @ 1.38 g/t gold from 7m in 21CCRC004 o 10m @ 1.34 g/t gold from 20m in 21CCRC005
  o 2m @ 2.59 g/t gold from 19m in 21CCRC006
• In total, 50 holes are planned at Calyerup Creek, with drilling of the remaining 42 RC holes due to recommence on 21st of January
• Follow up infill soil sampling completed in December has confirmed and upgraded the existing anomalous soil sampling trends with soil results up to 2.8 g/t gold identified
• An additional programme of works (PoW) has been submitted to DMIRS for approval, allowing drilling to continue beyond the current 50-hole programme

Mamba Exploration Limited (ACN 644 571 826) ('Mamba', 'M24' or the 'Company') is pleased to announce that the initial drilling at the Calyerup Creek Project in the Great Southern of Western Australia has interested shallow high-grade gold mineralisation. Of the first 8 holes completed, 7 intersected significant (+0.5 g/t gold) mineralisation with results including 15m @ 2.2 g/t gold from 1m downhole, including 3m @ 3.53 g/t gold in 21CCRC002; 15m @ 2.08 g/t gold from 3m downhole, including 2m @ 9.74 g/t gold in 21CCRC007; 16m @ 1.05 g/t gold from 18m downhole, including 3m @ 2.58 g/t gold in 21CCRC003; and 2m @ 2.7 g/t gold from surface and 11m @ 1.38 g/t gold from 7m downhole in 21CCRC004 (see Figures 2-6 and Table 1 for the full list of significant intersections and Table 2 for drill hole information). RC drilling is due to

ABN 75 644 571 826	• L2, 25 Richardson Street West	Perth WA 6005 • PO Box 4 West Perth WA 6872
[phone] •	[e-mail]	• www.mambaexploration.com.au • ASX: M24

recommence on Friday the 21st of January with the remaining 42 RC holes from the initial programme to be completed.

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In addition to the RC drilling, a programme of infill soil sampling was also completed in December 2021. This programme was designed to infill the existing soil sampling dataset and to better define the anomalous gold trends identified which extend for a total of 2,800m. This programme was a great success, identifying significant extensions to the mineralisation while also better defining the anomalous gold trends. The peak results were 2.8 g/t gold (2,800 ppb Au) from the southern trend and 1.3 g/t gold (1,300 ppb Au) from the northern trend (See Figure 7 below). These trends remain undrilled and a programme of works (PoW) has already been submitted to the Department of Mines, Industry Regulation and Safety (DMIRS) for an additional 100 RC holes. This drilling will be undertaken once the existing programme of ~50 holes has been completed and results compiled and released.

Managing Director, Mike Dunbar said,

"It is very pleasing to report shallow and consistent widths of high-grade gold mineralisation in seven of the first eight RC holes completed by the Company at the Calyerup Creek Gold Project. To intersect consistent and significant widths of high-grade gold mineralisation from such shallow depths along a strike length of around 140m at the Southern Prospect is a great result.

Importantly this is just the start of the programme. With the two soil anomalies extending for over 1,400m each, this drilling represents less than 5% of the strike potential of the anomalous gold in soil trends and the depth potential remains completely open below around 30m vertically. While the initial programme was expected to be completed prior to Christmas, due to mechanical issues with the drill rig and the drilling being slower than anticipated, only 8 holes of the 50 holes could be completed prior to the end of the year. Pleasingly we have managed to secure another small RC rig to complete the drilling, with the rig mobilising to site on Thursday the 20th of January and is expected to commence drilling on Friday the 21st. This drilling will initially focus on the shallower portions of the programme.

Additionally, to have identified high grade gold up to 2,800ppb (2.8g/t gold) in the southern trend and 1,300ppb (1.3g/t gold) from the northern trend in the infill soil sampling programme is a great outcome. This infill data has better defined the anomalous gold trends and an additional PoW for the project has been submitted for approval by DMIRS to allow additional drilling to be completed. Once approved, the additional drilling will be undertaken as a priority."

ABN 75 644 571 826	• L2, 25 Richardson Street West	Perth WA 6005 • PO Box 4 West Perth WA 6872
[phone] •	[e-mail]	• www.mambaexploration.com.au • ASX: M24

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Table 1: Significant (+0.5 g/t gold) RC Drill Intersections

Hole ID	From	To	Interval	Grade g/t	Grade x M	Notes
Gold
21CCRC002	1	16	15	2.20	33.1
including	4	9	5	3.53	17.7
21CCRC002	21	22	1	0.50	0.5
21CCRC003	18	34	16	1.05	16.7
including	18	21	3	2.58	7.7
21CCRC003	43	44	1	2.74	2.7	To end of hole
21CCRC004	Surface	2	2	2.70	5.4
21CCRC004	7	18	11	1.38	15.2
including	9	16	7	1.82	12.7
21CCRC005	20	30	10	1.34	13.4
21CCRC006	19	21	2	2.59	5.2
21CCRC007	3	18	15	2.08	31.2
including	3	5	2	9.74	19.5
21CCRC008	6	10	4	0.55	2.2

Table 2: RC Collar details for the completed RC drilling at Calyerup Creek

Hole ID	Easting	Northing	RL	Dip	Azimuth	Depth
21CCRC001	691,074	6,241,754	220	-60	180	42
21CCRC002	691,805	6,241,445	220	-60	180	30
21CCRC003	691,806	6,241,457	220	-65	180	44
21CCRC004	691,823	6,241,442	220	-60	180	27
21CCRC005	691,821	6,241,461	220	-60	180	39
21CCRC006	691,862	6,241,457	220	-60	180	22
21CCRC007	691,860	6,241,443	220	-60	180	19
21CCRC008	691,899	6,241,420	220	-60	180	16

Note: Co-ordinates are MGA Zone 50

ABN 75 644 571 826	• L2, 25 Richardson Street West	Perth WA 6005 • PO Box 4 West Perth WA 6872
[phone] •	[e-mail]	• www.mambaexploration.com.au • ASX: M24

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Figure 2

Figure 1: Location of Mamba Exploration's Calyerup Creek Gold Project.

Figure 2: Calyerup Creek RC Drilling Locations (white) with Planned and Permitted Collars (orange)

ABN 75 644 571 826	• L2, 25 Richardson Street West	Perth WA 6005 • PO Box 4 West Perth WA 6872
[phone] •	[e-mail]	• www.mambaexploration.com.au • ASX: M24

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Figure 3: Southern Prospect RC Drilling Schematic Cross Section 691805mE

ABN 75 644 571 826	• L2, 25 Richardson Street West	Perth WA 6005 • PO Box 4 West Perth WA 6872
[phone] •	[e-mail]	• www.mambaexploration.com.au • ASX: M24