Santana Minerals Limited (ASX: SMI) ('Santana' or 'the Company') is pleased to announce further significant results from the 100% owned Bendigo-Ophir Project ('the Project').
Drilling from September 2021 has primarily focused on extending mineralisation down-plunge at RAS where mineralisation within the RAS shoot consistently occurs over a vertical interval of 40-80 metres. Concentration of gold is in the 10-20-metre-thick hanging wall shear (HWS), with common grades of 1-10 g/t Au. Mineralisation is also in higher-grade stockwork within and below the HWS, as in MDD016 with bonanza grades to 57.5 g/t Au (ASX announcement 23rd December 2021) and 51.2 g/t Au in MDD025R (ASX announcement 3rd March 2021).
A new resource estimate incorporating the RAS drill results reported over the last 9 months is being undertaken which is expected to significantly upgrade the 643Koz Inferred Gold Resource (MRE) in the four Rise and Shine Shear Zone (RSSZ) Deposits reported to JORC Code 2012 (ASX announcement on 28th September 2021). Commenting on the results Executive Director Dick Keevers said: 'A very good result to have our gold assays confirm the likely mining grade in our most northerly down plunge diamond drill hole, MDD044 at RAS. This RAS gold-rich shoot 'Keeps on giving' down plunge in an exciting resource building way
Three DD rigs are now operating 24/7 and a total of 9,260 metres have been completed since January 2022. A total of 18,100 metres have now been drilled in 94 holes (33 reverse circulation [RC], 61 diamond core [DD]) since the Company commenced the current programme in November 2020. Presently, drilling is primarily focused on the new northern extension at RAS, south-east extension and infill at RAS and at the CIT deposit.
Latest Drill Assay Results from RAS
Assays have been received for two RAS drillholes, MDD034R (balance of hole) and MDD044 (partial). Northernmost RAS drillhole MDD044 has delivered a significant result that was flagged when multiple intervals of visible gold (VG) were logged (ASX announcement on 11th May 2022).
MDD044 has an aggregate intercept of 42.1 metres @ 5.07 g/t Au between 356 and 404 metres which includes: 20.1 metres @ 9.04 g/t Au from 356 metres with: o 12.0, 16.3, 17.0, 34.0, 38.8, 58.6 g/t Au over six 1-metre intervals and 22.0 metres @ 1.45 g/t Au from 382 metres This intercept is the northernmost at RAS, and with the hole drilled down-plunge to test mineralisation north of Shepherds Creek, the true intercept width is 32 metres, approximately 10 metres less than the downhole intercept of 42.1 metres. MDD044 lies 160 m north of MDD031 (21.2m @ 4.4 g/t Au from 281m), (ASX announcements on 20th April and 11th May 2022) and 260 metres north of MDD041 (16.0m @ 5.63 g/t Au from 233m), (ASX announcement on 25th May 2022) both recent impressive intercepts. These three holes in the northern sector of RAS were drilled to different azimuths due to drill pad constraints, and these consistent significant intercepts suggest that the mineralised structures are substantial and are associated with broad semi-continuous mineralisation within the 300-metre-wide >20-metre-thick slab of silicified HWS in the larger low-angle RSSZ that now extends 1,500 metres down-plunge from outcrop. Total hole gold content in 10 drillholes in the down-plunge axis at RAS exceed 80 MU (metre gold gram metal units) from MDD009 (34.5m @ 3.7 g/t Au) in the south to MDD044 in the north. These drillholes also have the highest gold MU content from all drilling to date in the overall project area
Key Conclusions & Forward Programme
Significant mineralisation in MDD044 now extends the new mineralisation halo at RAS 1,500m down-plunge from outcrop (900 metres beyond the September 2021 MRE) and remains open north. Early results from CIT drilling extend known mineralisation 120 metres north and 60 metres east beyond the CIT 2021 MRE. Extension and infill DD drilling is continuing at CIT and RAS deposits with reconnaissance holes also scheduled to test the down plunge extensions of SHR deposit (the largest surface footprint of the 3 main deposits). An MRE upgrade has commenced at RAS with finalisation awaiting further assays to define extents. The RSSZ is emerging as a potential multi-million-ounce system. This announcement has been authorised for release to the ASX by the Board.
Contact:
Richard Keevers
Tel: +61 408 873 353
Email: rkeevers@westnet.com.au
About Santana Minerals Limited Bendigo-Ophir Project
The Bendigo-Ophir Project is located on the South Island of New Zealand within the Central Otago Goldfields. The 292km2 project area comprises Minerals Exploration Permit (MEP) 60311 (252km2) and Minerals Prospecting Permit Application (MPPA) 60882 (40km2) issued to 100% owned subsidiary Matakanui Gold Ltd. The Project is located 90 kilometres northwest of Oceana Gold Ltd (OGC) Macraes Gold Mine.
The Project contains a new Inferred Mineral Resource Estimate (MRE2021) of 643K ounces of gold @ 1.0g/t (0.25 g/t Au lower cut-off grade, no top-cut), an estimate based on drill results to June 2021 and reported in September 2021 which the Company interprets has the potential to be further expanded and developed. The Bendigo-Ophir resources occur in 4 deposits that are inferred to extend in a northerly direction within the RSSZ which hosts gold mineralization over a recognised strike length of >20km. The RSSZ occurs at the contact with TZ3 and TZ4 schist units separated by a regional fault (Thomsons Gorge Fault-TGF) and dips at a low angle (25-degree) to the north-east. The RSSZ is currently interpreted to have upper shear hosted gold mineralization (HWS) 10-40 metres in width above quartz vein and stockwork related gold mineralization extending >120 metres below the HWS which is largely untested down-plunge and at depth. The Company embarked on diamond drilling (DD) and reverse circulation (RC) drilling programmes in November 2020 with the immediate objective to increase the existing resources by drill testing the down plunge extensions of known mineralisation. The Company is focusing on advanced precious metals opportunities in New Zealand and Mexico.
Forward Looking Statements
Forward-looking statements in this announcement include, but are not limited to, statements with respect to Santana's plans, strategy, activities, events or developments the Company believes, expects or anticipates will or may occur. By their very nature, forward-looking statements require Santana to make assumptions that may not materialize or that may not be accurate. Although Santana believes that the expectations reflected in the forward-looking statements in this announcement are reasonable, no assurance can be given that these expectations will prove to have been correct, as actual results and future events could differ materially from those anticipated in the forward-looking statements. Accordingly, viewers are cautioned not to place undue reliance on forward-looking statements. Santana does not undertake to update publicly or to revise any of the included forward-looking statements, except as may be required under applicable securities laws.
SANTANA MINERALS LIMITED 
