Mamba Exploration : Mineralisation defined over 500 metres at Calyerup Creek

ASX ANNOUNCEMENT

28 April 2022

Mineralisation defined over + 500 metres of strike at Calyerup Creek Gold Project

KEY HIGHLIGHTS

• • Final assay results from the initial RC drilling at Calyerup Creek have demonstrated significant mineralisation including:

  • o 6m @ 1.0 g/t gold from 2m in 22CCRC022

  • o 5m @ 0.8 g/t gold from 7m in 22CCRC019

  • o 7m @ 0.7 g/t gold from 17m in 22CCRC019

  • o 12m @ 0.7 g/t gold from surface in 22CCRC023

• • Mineralisation extends for over 500m east-to-west and remains open in all directions and at depth

• • Environmental surveys completed over the area confirm that the area is not affected by dieback, paving the way for additional drilling

• • A programme of works (PoW) for an additional 110 holes approved by DMIRS

• • Heritage Survey scheduled to be completed in late May / early June

Mamba Exploration Limited (ACN 644 571 826) ('Mamba', 'M24' or the 'Company') is pleased to announce that the follow-up drilling at the Calyerup Creek Project in the Great Southern of Western Australia has intersected shallow high-grade gold mineralisation (see Figure 1). All results have been received from the initial RC drill programme at Calyerup Creek.

The drilling has identified significant mineralisation on each drill line across the southern gold trend identified from soil sampling. The final results have extended the mineralisation from 350 metres as reported on 2nd March, to over 500m along strike and to a maximum vertical depth of around 35m.

The mineralisation remains open along strike and at depth.

Seven holes drilled to the west of the initial drilling on the southern gold trend intersected significant (+0.5 g/t gold) mineralisation, with results including 6m @ 1.0 g/t gold from 2m in 22CCRC022; 12m @ 0.7 g/t gold from surface in 22CCRC023, 7m @ 0.7 g/t gold from 17mand 1m @ 1.1 g/t gold from 10m in 22CCRC019 and 5m @ 0.8 g/t gold from 7m in 22CCRC021 (see Figures 2-6 and Table 1 for the full list of significant intersections and Table 2 for drill hole information).

Managing Director, Mike Dunbar said,

"It is pleasing to report that shallow and significant widths of gold mineralisation have been intersected on each of the drill lines completed across the southern gold trend. To intersect significant mineralisation in the initial drilling over a strike length of more than 500m and to a maximum vertical depth of 35m is an excellent start to exploration in the region. The mineralisation remains open in all directions. Now that mineralisation has been confirmed over a substantial strike length, the next round of RC drilling has been planned to extend the mineralisation at depth and further along strike.

Preparation for the drilling is well advanced with a PoW approved by DMIRS and environmental surveys confirming there are no impediments to drilling. A heritage survey has been commissioned and should be completed in late May or early June, allowing drilling as soon as the winter rains abate.

While access to our southern projects is limited during winter, our exploration efforts will shift to the Copper Flats Project in the Kimberley and the Ashburton Gold Project."

In addition to RC drilling completed on the southern gold trend, first pass very shallow drilling on the northern trend has also been completed. Anomalous zones (+ 0.1 g/t gold) of mineralisation were intersected in initial composite samples (See Table 1). Resampling of the anomalous zones is being undertaken, however, given the current assay turnaround of around 8-12 weeks, the resampling results are not expected for some time. This delay will not impact the follow-up drilling as access to the project is now limited due to the onset of the winter rains in the Great Southern of Western Australia slightly earlier than normal.

Importantly, the PoW that was submitted to DMIRS for additional drilling to be undertaken has been approved, allowing an additional 110 RC or diamond holes to be drilled within a four-year period. Additionally, environmental surveys have been undertaken over the project. These surveys have concluded that the area does not host species of flora that are susceptible to Phytophthora Dieback, which reduces the need for ongoing surveys.

The Company has also been advised by the Department of Biodiversity, Conservation and Attractions (DBCA), that they are planning to undertake a series of prescribed fuel reduction burns over the entire project in the coming month. While the prescribed burns are undertaken, access tothe project will be restricted, so it is unlikely that follow-up drilling will be undertaken until late Q3 or early Q4 this year.

Table 1: Significant RC Drill Intersections

Hole ID	Easting	Northing	RL	Dip	Azimuth	Depth	Prospect
22CCRC015	691710	6241485	220	-60	170	8	Hole Failed - redrilled by hole 18
22CCRC016	691714	6241465	220	-60	170	26	Southern Workings - West
22CCRC017	691716	6241444	220	-60	170	39	Southern Workings - West
22CCRC018	691710	6241479	220	-60	170	26	Southern Workings - West
22CCRC019	691665	6241539	220	-60	180	28	Southern Workings - West
22CCRC020	691665	6241528	220	-60	180	24	Southern Workings - West
22CCRC021	691664	6241519	220	-60	180	28	Southern Workings - West
22CCRC022	691617	6241558	220	-60	185	28	Southern Workings - West
22CCRC023	691623	6241539	220	-60	182	27	Southern Workings - West
22CCRC024	691615	6241526	220	-60	186	22	Southern Workings - West
22CCRC025	691661	6241845	220	-60	180	21	Northern Trend
22CCRC026	691659	6241858	220	-60	180	20	Northern Trend
22CCRC027	691659	6241867	220	-60	180	20	Northern Trend

Hole ID	From	To	Interval	Grade g/t Gold	Grade x M	Notes
22CCRC016	7	9	2	0.7	1.5	Southern Trend
22CCRC018	19	22	3	0.8	2.5	Southern Trend
22CCRC019	10	11	1	1.1	1.1	Southern Trend
22CCRC019	17	24	7	0.7	4.6	Southern Trend
22CCRC021	7	12	5	0.8	3.8	Southern Trend
22CCRC022	2	8	6	1.0	5.8	Southern Trend
22CCRC023	0	12	12	0.7	7.9	Southern Trend
22CCRC029	0	2	2	0.5	1.0	Southern Trend
22CCRC025	4	8	4	0.18	0.7	Northern Trend
22CCRC025	19	20	1	0.14	0.1	Northern Trend
22CCRC032	16	18	2	0.13	0.3	Northern Trend
22CCRC033	0	4	4	0.33	1.3	Northern Trend
22CCRC046	0	4	4	0.14	0.6	Northern Trend

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

Hole ID	Easting	Northing	RL	Dip	Azimuth	Depth	Prospect
22CCRC028	691659	6241880	220	-60	180	18	Northern Trend
22CCRC029	691664	6241508	220	-60	180	24	Southern Workings - West
22CCRC030	691663	6241502	220	-60	180	22	Southern Workings - West
22CCRC031	691490	6241756	220	-60	190	20	Northern Trend
22CCRC032	691493	6241773	220	-60	190	18	Northern Trend
22CCRC033	691498	6241784	220	-60	190	16	Northern Trend
22CCRC034	691500	6241794	220	-60	190	22	Northern Trend
22CCRC035	691502	6241801	220	-60	190	16	Northern Trend
22CCRC036	691504	6241815	220	-60	190	16	Northern Trend
22CCRC037	691504	6241823	220	-60	190	16	Northern Trend
22CCRC038	691439	6241802	220	-60	200	8	Northern Trend
22CCRC039	691443	6241813	220	-60	200	8	Northern Trend
22CCRC040	691447	6241823	220	-60	200	8	Northern Trend
22CCRC041	691450	6241833	220	-60	200	20	Northern Trend
22CCRC042	691396	6241872	220	-60	210	8	Northern Trend
22CCRC043	691401	6241878	220	-60	200	20	Northern Trend
22CCRC044	691404	6241890	220	-60	200	20	Northern Trend
22CCRC045	691454	6241842	220	-60	200	20	Northern Trend
22CCRC046	691263	6241980	220	-60	180	20	Northern Trend
22CCRC047	691262	6241990	220	-60	180	20	Northern Trend
22CCRC048	691265	6242003	220	-60	180	20	Northern Trend

Note: Co-ordinates are MGA Zone 50

Figure 2

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

Figure 2: Calyerup Creek RC Drilling Locations (2022 new holes - white, 2022 previously reported holes - orange, 2021 holes - blue)