Mandrake Resources : Strong Conductor Identified by Downhole EM

Date: 31 March 2022

ASX Code: MAN

Strong Conductor Identified by

Capital Structure

Ordinary Shares: 487,038,070 Unlisted Options: 65,461,850 (3c exercise)

Downhole EM

Current Share Price: 5.7c Market Capitalisation: $28M Debt: Nil

Highlights

Directors Lloyd Flint Non-Executive Chairman Company Secretary

• • Down hole electromagnetic survey at MNEWRC004 identifies off-hole EM plate with strong conductance of 8,750 siemens

  James Allchurch Managing Director

• • Encouraging assay results received for MNEWRC004 include:

  Roger Fitzhardinge Non-Executive Director

  • • 4m @ 0.37% Ni and 229ppm Cu from 82m; and

  • • 1m @ 0.33% Ni and 368ppm Cu from 69m

  Contact Details

  First Floor

  10 Outram Street West Perth WA 6005 Australia

• • Strong EM conductor can be tested with a 150m deep drill hole, multiple ultramafic intrusions remain untested across the tenure

  Tel: [phone] mandrakeresources.com.au

• • Mandrake to shift corporate and exploration focus to the recently acquired Delfin Copper Project

• • Mandrake fully funded with approx $16.2M in cash

Mandrake Resources Limited (ASX: MAN) (Mandrake or the Company) advises that assay results have been received for reverse circulation drill hole MNEWRC004 which targeted electromagnetic (EM) conductor plate C at the Newleyine PGE-nickel-copper prospect.

EM conductor plate C was modelled using data collected during the fixed loop EM (FLEM) survey conducted in 2020. MNEWRC004 intersected the modelled position of EM conductor plate C however the hole did not intersect conductive material that would likely explain the presence of the plate.

A subsequent downhole EM survey (DHEM) revised and refined the precise three-dimensional location of the main conductor, identified as sitting immediately above and to the south-east of MNEWRC004.

The single off-hole conductor identified by DHEM was modelled using late time EM data and is a ~80 x 20m strongly conductive plate (8,750 Siemens). The conductive plate is 125m below ground surface.

MNEWRC004 was assessed by portable XRF (pXRF), with five samples submitted for laboratory analysis based on lithology and pXRF nickel and copper values.

Mandrake Resources Limited I ACN: 006 569 124

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MNEWRC004 contained trace sulphides and returned assay results of 4m @ 0.37% Ni, 229ppm Cu and 42.5ppb Pt+Pd from 82m; as well as 1m @ 0.33% Ni, 368ppm Cu and 40ppb Pt+Pd from 69m. Both intervals comprised an ultramafic serpentinite-dunite.

All assay results are provided in Table 1.

Figure 1 - Newleyine prospect showing FLEM EM conductors (A, B and C) and drill results

Next Steps

The Company's immediate focus is on the evaluating and exploring the Delfin Copper Project in Chile.

Notwithstanding, Mandrake will also be continuing investigations into the virgin ultramafic bodies located at Tolarno North and Tolarno South as well as further assessing the newly identified highly conductive plate proximal to MNEWRC004.

This announcement has been authorized by the board of directors of Mandrake.

About Mandrake Resources

Mandrake is a junior exploration company established with the purpose of exploring and developing gold, nickel, copper and PGE opportunities. The Company recently acquired the Delfin Copper Project located in Chile which contains numerous high grade historical copper hits such as 86m @ 4.83% Cu from 121m (DD-4); including 27m @ 7.1% Cu from 134m and 3m @ 14.4% Cu from 164m.

The Company also controls 100% of a 140km2 exploration licence prospective for PGE-Ni-Cu in the exciting Jimperding Metamorphic Belt, 70km NE of Perth as well as a mineral exploration project located in the prolific Pine Creek Orogen of the Northern Territory prospective for gold, silver and base metals.

For further information visitwww.mandrakeresources.com.au

Figure 2 - Regional aeromagnetics - Jimperding Project

Competent Persons Statement

The technical information in this announcement complies with the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code) and has been compiled and assessed under the supervision of Mr James Allchurch, Managing Director of Mandrake Resources. Mr Allchurch is a Member of the Australian Institute of Geoscientists. He has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the JORC Code. Mr Allchurch consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears.

Table 1: Drill Hole Details

Hole_ID	East*	North*	Azimuth (deg)	Dip (deg)	RL (m)	Total Depth (m)
MNEWRC004	463729	6500426	203	65	178	249

* - Coordinates are in GDA94 MGA Zone 50

Table 2: Assay Results

Sample ID	From	To	Ni (ppm)	Cu (ppm)	Pt (ppb)	Pd (ppb)
69-70	69	70	3,320	368	10	30
82-83	82	83	3,230	175	15	30
83-84	83	84	3,730	240	10	25
84-85	84	85	3,370	211	15	30
85-86	85	86	4,460	291	10	35

<> - Below laboratory limit of reporting

Mandrake Resources Limited I ACN: 006 569 124

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personal use only

JORC Code, 2012 Edition - Table 1 report template

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

Criteria	JORC Code explanation	Commentary
Sampling techniques • Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. • RC samples were collected from a rig mounted cyclone at one-metre intervals, placed in a green plastic bag and arranged on the ground in rows of 20. • Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. • Rock chips were collected by taking a scoop of material from the green plastic bags, then sieved, washed and placed in prelabeled chip trays. • Aspects of the determination of mineralisation that are Material to the Public Report. • Downhole Electromagnetic (DHEM) surveys were designed and managed by Southern Geoscience Consultants (SGC). DHEM data were acquired by SGC Niche Acquisition with the following survey parameters: • In cases where 'industry standard' work has been done this would be relatively simple (eg 'reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay'). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information. • Transmitter loops (x3): 200m x 200-300m • Current: 50-60A • 1 Hz base frequency • Transmitter: DRTX • Receiver: SMARTem24 • Probe: DigiAtlantis 3-component fluxgate • Min. 2 repeatable readings / 32-64 stack

Mandrake Resources Limited I ACN: 006 569 124

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First Floor, 10 Outram Street West Perth WA