Santana Minerals : Rise and Shine Gold Zones Extended as Drilling Accelerates

RISE & SHINE GOLD ZONES EXTENDED AS DRILLING ACCELERATES

		Significant increase in thickness of mineralization north of existing Rise & Shine (RAS) gold
		resources (MRE) with receipt of balance of assays from previously reported drillholes.
only		• MDD021R (360 metres north of MRE)
	o 42.6 metres @ 2.30 g/t of gold from 269.4 metres
	▪ previously 25.6 metres @ 3.11 g/t Au from 269.4 metres
	• MDD020 (120 metres north of MRE)
use
	o 42.0 metres @ 0.80 g/t of gold from 183 metres
	▪ previously 23.0 metres @ 0.87 g/t Au from 183 metres
	Increase in width of gold mineralisation east-west across the RAS axis
	• MDD019R (northeast end of MRE) eastward step out for 270 metre width
	o 25.6 metres (aggregate thickness) @ 1.29 g/t of gold between 187.0 metres and 259 metres
	including:
	▪ 6.0 metres @ 0.49 g/t gold from 187 metres
		▪ 9.0 metres @ 0.42 g/t gold from 213 metres
		▪ 6.7 metres @ 1.42 g/t gold from 228 metres
		▪ 4.0 metres @ 4.20 g/t gold from 253 metres
		• MDD025 (current incomplete drillhole, assays pending) westward step out for ~150 metre width
		o Coarse visible gold (VG) hosted in similar VG rich brecciated quartz veins to MDD021R
		Latest results extend RAS mineralisation 400 metres NNE over a width of up to 270 metres. The RAS
		shoot now extends over 1000 metres down plunge and remains open north and east.
		Drilling has been accelerated since early January with an additional rig. A further 10,000 metres of
		drilling is planned to test northern and eastern MRE extensions over the next 6 months.
		Assay results from three further drillholes (MDD022, MDD023R, MDD024) are expected in February.
	27 January 2022 Santana Minerals Limited (ASX: SMI) ("Santana" or "the Company") is pleased to announce
personal	th

further significant assay results from the 100% owned Bendigo-Ophir Project ("the Project") where drilling since November 2020 has increased Inferred Gold Resources (MRE) to 643Koz at four Rise and Shine Shear Zone (RSSZ) Deposits (ASX announcement on 28 September 2021).

Thickened (>40 metres) upper hanging wall shear (HWS) mineralisation in diamond drill (DD) holes (MDD020 Forand MDD021R) and VG hosted in brecciated quartz veins in current drillhole MDD025 show the RAS system remains robust at least 400 metres north-east of the newly defined 2021 MRE with scope for further extensions

as the drilling moves north.

Commenting on the results Executive Director Dick Keevers said:

"Our drilling at RAS now indicates that the shear and stockwork related Au mineralised body extends greater than 1 kilometre down plunge from the surface, about 400m beyond the limit of the Northern boundary of our last Mineral Resource Estimate (MRE), completed last year. On our most northern drill section N5017720, drill hole MDD 19R assayed 42.6m @2.3 g/t Au, and drill hole MDD 25, 80m to the east, is in progress with only the top of the Au mineralisation cored to date, where visible free Au (VG) has been logged. So far, we have maintained a bold 120 m x 80 m drill pattern, within which the E -W width of the body is about 270 m, subject to closer future definition of the edges.

These excellent drilling results, combined with the good gold recovery options indicated by our preliminary metallurgical tests last year, have established a base for Santana to push on with more drilling, so that in the first half of 2022, we can up-grade our Interim MRE, as well as conduct more metallurgical test work, which is expected to then lead to preliminary mining studies."

Santana Minerals Limited	ABN 37 161 946 989
Level 15, 344 Queen Street, Brisbane QLD 4000	∙	GPO Box 1305, Brisbane QLD 4000
Tel: [phone]		∙	Web: www.santanaminerals.com

Table 1: MDD019R to MDD026 co-ordinatesand downhole survey detail

RAS Deposit - Extension drilling beyond existing 2021 MRE

Resource drilling on nominal 120 metre by 80 metre centres has extended RAS shoot mineralisation north at least 400 metres down-plunge beyond the 2021 MRE. (Figures 1 & 2). MDD012 and MDD017 appear to close off mineralisation to the west but mineralisation remains open to the north and east.

onlyMineralisation within the RAS shoot typically occurs over a vertical interval of 40-80 metres with concentration of gold in the 10-20-metre-thick HWS with grades of 1-5 g/t gold. Mineralisation is also in high-grade stockwork zones below the HWS as in the 13 metres at an average grade of 12.6 g/t Au intersected in MDD016 (ASX announcement on 23rd December 2021). The RAS shoot has now been defined over 1000 metres down plunge from outcrop. The current drill programme is designed to test mineralisation a further 300 metres northwards as well as define the eastern margin.

usepersonal Figure 1 RSSZ 2021 Deposits & Resource Halos

DD Drilling at RAS, accelerated from early October 2021 with 24/7 drilling, has been further accelerated with the Foraddition of another DD rig on 10th January. A total of 4,145 metres have been completed (16 holes) beyond those

included in the September 2021 RAS MRE. Two holes are presently in-progress (Table 1).

Assay results have been received and reported for three drillholes (two partially reported previously in ASX announcement on 23rd December 2021) with assays pending for a further three (MDD022, MDD023R, MDD024).

2

For personal use only

Figure 2 RAS Resource Extension Drilling - New Results / Gold Distribution

Figure 3 RAS Down-plunge Section (shoot axis geology & new intercepts)

3

New RAS Drill Results

MDD019R, MDD020 & MDD021R

DD holes MDD019R, MDD020 and MDD021R (Table 1, Figures 1, 2, 3, 4, 5 & 6) are collared on three east- onlywest drill sections (N5017360, N5017480 & N5017720) north of the RAS 2021 MRE.

At the north-eastern end of the RAS 2021 MRE, four interpreted stacked zones of mineralisation, thicker than had been projected in the MRE, were intersected in drillhole MDD019R (Figure 4, Appendix 1a).

• MDD019R:

1. Aggregate 25.6 metres @ 1.29 g/t of gold between 187.0 metres and 259 metres including:
2. • 6.0 metres @ 0.49 g/t gold from 187 metres
   • 9.0 metres @ 0.42 g/t gold from 213 metres
   • 6.7 metres @ 1.42 g/t gold from 228 metres
   • 4.0 metres @ 4.20 g/t gold from 253 metres

useThis MDD019R gold mineralisation is less developed than that in drillholes MDD013 & MDD014 to the west, (Figure 4) however the intercepts show the RAS shoot width at this northing (N5017360) to be 270 metres across and remains open to the east. Previously, MDD012 effectively closed mineralisation off to the west.

personalFor

Figure 4 RAS East-West-Section N5017360

Further north, new assays have doubled upper HWS mineralisation thicknesses from >20 metres to >40 metres in drillholes MDD020 (Figure 5, Appendix 1b) and MDD021R (Figure 6, Appendix 1c).

• MDD020 (Section N5017480):

• 1. 42.0 metres @ 0.80 g/t of gold from 183 metres
  2. • previously 23.0 metres @ 0.87 g/t Au from 183 metres
• MDD021R (Section N5017720):
• 1. 42.6 metres @ 2.30 g/t of gold from 269.4 metres
  2. • previously 25.6 metres @ 3.11 g/t Au from 269.4 metres

4

For personal use only

Figure 5 RAS East-West-Section N5017480

Figure 6 RAS East-West-Section N5017720

5