Santana Minerals Limited announced a significant mineral resource estimate (MRE) update from the 100% owned Bendigo-Ophir Project. Resource extension drilling has focused primarily on the Rise and Shine (RAS) deposit delivering a material increase in resource and grade since July 2022. 2023 Mineral Resource Estimate: Gold resources occur in 4 deposits along the RSSZ over a strike length of 4 kilometres.

The RSSZ is a major regional structure defined by geology, geochemistry, and geophysics over a strike length of 7 kilometres within the overall 30-kilometre NW-SE length of the Bendigo-Ophir Project. The 2023 Bendigo-Ophir Project MRE update integrates additional RAS DD drilling results from the six-month period June 2022 to December 2022 as compiled by independent resource estimation consultant GeoModelling Limited (GML), Petone, New Zealand. GML has estimated the new 2023 RAS resources with top-cuts (to restrict higher grades) and reported at 0.25, 0.50 and 1.5 g/t Au lower cut-off grades constrained within a pit shell optimised using gravity-leach economics with revenue escalated by 30% to allow for the reasonable prospects test.

The 0.25 g/t cut-off for open pit resources and 1.50 g/t cut-off for underground resources are considered appropriate grades at this stage of the project based on earlier mining studies which have now been updated to include recent gravity-leach recoverable gold results established from laboratory scale metallurgical testwork. The new 2.66Moz RAS 2023 MRE total of combined Inferred & Indicated resources (top-cut and 0.5g/t Au lower cut-off) is a one-million-ounce increase in contained gold over the 1.68Moz RAS 2022 MRE with a 30% increase in gold grade to 2.5g/t from 1.9g/t. Significantly, the new 2023 MRE includes: a maiden Indicated category of 0.28Moz of gold @ 4.3g/t derived from the initial RAS Ridge infill drilling at ~40*60 metre centres in the south-east - an enlarged 2.38Moz inferred resource category (at 0.5 g/t Au lower cut-off) which includes an 83% higher-grade gold component (1.97Moz @ 3.6g/t, at 1.5 g/t Au lower cut-off). The new RAS 2023 MRE is modelled in 6 domains (as for the July 2022 MRE), with the upper continuous domains 1 and 2 containing 1.83Moz @ 3.2g/t Au and 0.69Moz @ 1.8g/t Au respectively.

These upper domains have 95% (2.52Moz @ 2.6g/t Au) of the total RAS 2023 MRE total gold (2.66Moz @ 2.5g/t Au). The RAS Ridge area, with numerous thick high-grade gold intercepts from new drilling has large gold increments for domains 1 and 2 (0.64Moz & 0.32Moz respectively) over the RAS 2022 MRE domains 1 and 2 (total 1.56Moz). Indicated category RAS resources are confined to domains 1 and 2 at RAS Ridge where they extend 400 metres NNE down-plunge as defined by infill 40*60 metre spaced drilling.

Inferred category domains 1 and 2 continuity extends 1.7km NNE (018°T) down-plunge and 450 metres in width within the hanging wall shear (HWS), an upper geological unit of the RSSZ. The late cataclastic Thomson Gorge Fault (TGF) defines the top of the RSSZ and separates the HWS from overlying barren TZ3 schist. All domains (1-6) are interpreted as stacked low-angle (23° dip) tabular bodies plunging NNE at an angle sub-parallel to the slope of topography towards Shepherds Creek.

Continuity of lower domains 3-6 (which appear to be confined to the RAS Ridge area) are yet to be clearly defined due to generally narrower intercepts and the broad 100*120 metre drill spacing. Tonnages are assigned on a dry basis from density measurements of drill core for fresh and transition rock and surface rock samples for oxide rock. Oxide rock 2.50g/cm3 - Transitional rock 2.65g/cm3 - Fresh rock 2.70g/cm3.

Tonnages and density measurements for CIT, SHR and SRE deposits used for the 2021 MRE are unchanged from those previously reported. Most of the Global MRE (98%) is fresh sulphide mineralisation. The oxide and transitional mineralisation at RAS is <0.1% of the resource.

CIT and SHR Deposits have the higher oxide components, where down-plunge resources have yet to be re-estimated. All the new Indicated RAS category resource is fresh sulphide mineralisation. The Bendigo-Ophir RSSZ global resource (inferred and indicated) within the four deposits is 2.91Moz at 0.50 g/t Au lower cut-off grade.

At a 0.25 g/t Au lower cut-off, the resource increases marginally to 3.01Moz. The larger proportion is contributed by the new RAS 2023 MRE (92%) with the balance in previously reported 2021 CIT, SHR and SRE inferred resources estimated by Wildfire Resources Pty Ltd, Perth WA (WRPL). There is confidence in the continuity of resources in each deposit, where mineralisation occurs in elongate northward plunging shoots up to 450 metres wide (RAS).

The surface footprint at RAS is small compared to the other deposits, particularly SHR. Resources at SHR occur over a greater strike length, but the deposit has not been drilled extensively at depth and the down-plunge geometry of the mineralisation is still to be resolved. Santana has completed over 39,121 metres of diamond and RC drilling since acquiring the Bendigo-Ophir Project in November 2020 with 30,225 metres drilled in 2022.

The focus since mid-2021 has been on the northerly down-plunge extensions of RAS. The updated 2023 MRE is based on assays from an additional 51 diamond drillholes (DD) (17,008 metres) completed at RAS from June 2022 to January 2023 when the MRE database was closed for estimation purposes. Resource estimates at CIT, SHR and SRE will be updated in due course.

Since drilling by Santana commenced in late 2020, resources at RAS have been expanded dramatically from the 8Koz inferred resource at the time of acquisition of the Bendigo Ophir project. The overall global increase of 2.30Moz from 0.64Moz resources since 2020 has been delivered at a `discovery cost per ounce' of AUD 3.50/oz. Forward Programme /Ongoing In-fill & Step-out resource extension drilling: The Company's immediate priority is to continue in-fill drilling of RAS to increase Indicated Resources and implement scoping and development studies.

Drilling activities are continuing to define gold mineralisation extents at other prospects along the 30-kilometre Bendigo-Ophir mineralised trend.