Mamba Exploration : Gold Anomaly Identified at the Ashburton Project

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ASX ANNOUNCEMENT

27 January 2022

Large Gold Anomaly Identified at the Ashburton Project

KEY HIGHLIGHTS

• Auger sampling at the Bettina Prospect at Lyndon, within the Ashburton Gold Project, has identified a gold anomaly measuring approximately 300m by 200m
• The gold anomaly results are up to 15 times background gold levels
• The anomaly is centred around historical workings measuring approximately 50m x 20m and to a depth of around 5m
• Historical drilling and rock chip sampling of the workings identified high grade mineralisation including rock chips of 46.5 g/t from quartz veins within the workings and RC drill results of up to 4m @ 21.5 g/t gold. Recent rock chip sampling has confirmed the high grades with rock chip samples returning up to 36.5g/t gold
• The majority of the anomaly remains undrilled
• A Programme of Works (PoW) to drill the anomaly has been approved by DMIRS
• RC Drilling is being planned to test the anomaly and is expected to be undertaken in mid 2022

Mamba Exploration Limited (ACN 644 571 826) ('Mamba', 'M24' or the 'Company') is pleased to announce that auger drilling completed in late 2021 at the Ashburton Gold Project in Western Australia has identified a base of transported cover gold anomaly which extends for approximately 300m by 200m at the Bettina Prospect at Lyndon. The anomaly includes gold anomalism of up to 36ppb gold, which is more than 15 times the background gold level of around 2 ppb gold (see Figure 1 and 2).

The historical rock chip sampling within the workings identified a number of high-grade quartz veins with grades up to 46.5 g/t gold and 4m @ 21.5 g/t gold in historical RC drilling (see Section 9 of the Mamba Prospectus dated 14 December 2020 for details). Mamba has rock chip sampled a number of the quartz veins in the workings and confirmed the mineralisation with grades of up to

36.5 g/t gold identified. Sampling of the waste dump also identified high grade mineralisation of up to 17.6 g/t gold (see Figure 3 and Table 1 for details).

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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As a result of the size and strength of the anomaly, a programme of works has been submitted to the department of Mines Industry Regulation and Safety (DMIRS) and approval received for RC drilling. The detailed planning for the drilling is underway, however, given the higher priority drill targets that have been identified at the Company's Calyerup Creek Gold Project (see ASX Announcement dated 17 January 2022 titled: "High-GradeShallow Gold Intersected at Calyerup Creek in Maiden Drill Programme"), drilling of this anomaly is not expected to be undertaken until mid-2022.

Managing Director, Mike Dunbar said,

"It is pleasing to report that the auger geochemical sampling at the Ashburton Project has identified an anomaly of considerable size that warrants RC drill testing. To identify an anomaly with up to 15 times the background level of gold is encouraging. Additionally, to confirm the historical high-grade sample results with our own rock chip sampling provides additional support for the target.

Having recently identified high-grade, consistent, shallow widths of gold mineralisation at Calyerup Creek in the Great Southern, and now identifying a significant gold target at Lyndon in the Ashburton complements our strategy of choosing projects that support continued news flow by having some that can be explored in the summer months and others that can be explored in winter. The Calyerup Creek Gold Project is currently being drilled, while the Lyndon anomaly will be RC drill tested in the winter months when access to the Calyerup Creek will be restricted due to the winter rains.

We are very encouraged that exploration completed on three of our four projects in 2021 has resulted in the definition of significant drill targets which will all be drilled in the coming months. The remaining project in the Kimberley is due to be refined with airborne geophysics during the 2022 field season."

An auger programme was also undertaken at the Osbourne Well tenement, testing a large regional structure. This auger sampling confirmed a small 26ppb gold anomaly at the Woods Prospect and a number of other very low order anomalies associated with the regional structure, however no significant anomaly was identified (see Figure 4).

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: Rock Chip Sample Results from Lyndon Project

		Gold	Gold
Easting	Northing	Grade g/t	Grade	Location
		(ppm)	ppb
314,113	7,403,884	0.2	160	Southern Pit
314,113	7,403,915	1.5	1,490	Lode A
314,110	7,403,915	1.1	1,070	Lode A
314,112	7,403,911	36.5	36,470	Lode B
314,112	7,403,907	0.1	60	Lode C
314194	7,403,846	17.6	17,560	Waste Dump

Lyndon

Osbourne Well

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

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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Historical Workings

(50x20m)

33ppb Au

200m	Waste Dump

30ppb Au

36ppb Au

Figure 2: Lyndon Project Auger Sampling and Bettina Prospect Auger Sample Anomaly

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		1.5 g/t Au
1.1 g/t Au

36.4 g/t Au

0.1 g/t Au

0.2 g/t Au

17.6 g/t Au

Waste Dump

Figure 3: Bettina Prospect Rock Chip Sample Locations and Results (yellow& red stars and labels) with Auger Locations and Grades