Santana Minerals : Rise & Shine Mineralisation Expands North

RISE & SHINE (RAS) MINERALISATION EXPANDS NORTH WITH MDD044 INTERCEPT

• Some of the strongest gold mineralisation in the project area to date has been intersected in MDD044 extending mineralization at RAS 900 metres down plunge from the 2021 RAS Mineral Resource Estimate (MRE).

only	o MDD044 (RAS EW section N5018140):
▪ 42.1m @ 5.1 g/t Au (aggregate) between 356m and 404m (partial assays) including:
use		▪ 20.1m @ 9.0 g/t Au from 356m with:
	• 12.0, 16.3, 17.0, 34.0, 38.8, 58.6 g/t Au over 1-metre intervals and:
	▪ 22.0m @ 1.5 g/t Au from 382m (56.8m of deeper assays pending)
	• MDD044 is oriented north down-plunge to test mineralisation north of Shepherds Creek and 160
	metres north of MDD031 (21.2m @ 4.4 g/t Au from 281m). Mineralisation has an aggregate true
	thickness of approximately 32 metres.
	• Silicified zones with multiple visible gold (VG) occurrences have been logged between 153 and
	202 metres in MDD051 (assays pending) located up plunge 100m east of MDD009.
	• Mineralization in the RAS shoot now extends approximately 1,500 metres down plunge in an
	envelope 200-300m wide. An update of inferred resources is pending.
	• Assays have been received from the balance of MDD034R at RAS with no significant
	mineralization beyond the previously reported aggregate drill width of 13m @ 2.9 g/t between
	202m and 227m (including 5m @ 6.5 g/t Au).
	• Partial results have been received for two further holes drilled at Come-in-Time (CIT) 1 km NW
personal	of RAS. Significant drill intercepts at a 0.5 g/t Au cut-off:
o MDD040 (CIT EW section N5018320):
Shine Shear Zone (RSSZ).
	▪	2m @ 8.2 g/t Au from 151m (partial assays)
	o MDD043 (CIT EW section N5018270):
	▪ 2m @ 0.7 g/t Au from 125m (partial assays)
	• Drilling is ongoing with three diamond drill (DD) rigs testing mineralisation that remains open
	at all 4 drill-tested deposits (RAS, CIT, Shreks (SHR) and Shreks East (SRE)) along the Rise and

2 June 2022 Santana Minerals Limited (ASX: SMI) ("Santana" or "the Company") is pleased to announce further significant results from the 100% owned Bendigo-OphirProject ("the Project").

Drilling from September 2021 has primarily focused on extending mineralisation down-plunge at RAS where
For	th

mineralisation within the RAS shoot consistently occurs over a vertical interval of 40-80 metres. Concentration f gold is in the 10-20-metre-thick hanging wall shear (HWS), with common grades of 1-10 g/t Au. Mineralisation is also in higher-grade stockwork within and below the HWS, as in MDD016 with bonanza grades to 57.5 g/t Au (ASX announcement 23rd December 2021) and 51.2 g/t Au in MDD025R (ASX announcement 3rd March 2021).

A new resource estimate incorporating the RAS drill results reported over the last 9 months is being undertaken which is expected to significantly upgrade the 643Koz Inferred Gold Resource (MRE) in the four Rise and Shine Shear Zone (RSSZ) Deposits reported to JORC Code 2012 (ASX announcement on 28 September 2021).

Commenting on the results Executive Director Dick Keevers said:

"A very good result to have our gold assays confirm the likely mining grade in our most northerly down plunge diamond drill hole, MDD044 at RAS. This RAS gold-rich shoot "Keeps on giving" down plunge in an exciting resource building way."

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

Figure 1 RSSZ Deposits / Resource Halos / Gold Metal Units (MU) & Current Drilling

RSSZ Deposits - Extension Drilling

Four RSSZ deposits, CIT, RAS, SHR and SRE extend 4 kilometres NW-SE along strike and contain the current 643Koz inferred gold resources (Figure 1). All deposits remain open at depth.

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personalThree DD rigs are now operating 24/7 and a total of 9,260 metres have been completed since January 2022 (Table 1). A total of 18,100 metres have now been drilled in 94 holes (33 reverse circulation [RC], 61 diamond

core [DD]) since the Company commenced the current programme in November 2020.

Presently, drilling is primarily focused on the new northern extension at RAS (Figures 1, 2, 3 & 4), south-east extension and infill at RAS (Figure 5) and at the CIT deposit (Figures 1, 6 & 7).

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Figure 2 RAS Deposit - Dunstan Range (View south)

Table 1: 2022 Drillhole co-ordinates, downhole survey detail and Status

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Latest Drill Assay Results from RAS

Assays have been received for two RAS drillholes, MDD034R (balance of hole) and MDD044 (partial), (Figures 3, 4, Tables 1 & 2, Appendix 1 RAS).

onlyNorthernmost RAS drillhole MDD044 has delivered a significant result (Table 2, Appendix 1 RAS) that was flagged when multiple intervals of visible gold (VG) were logged (ASX announcement on 11th May 2022).

MDD044 has an aggregate intercept of 42.1 metres @ 5.07 g/t Au between 356 and 404 metres which includes:

• 20.1 metres @ 9.04 g/t Au from 356 metres with:

• 1. 12.0, 16.3, 17.0, 34.0, 38.8, 58.6 g/t Au over six 1-metre intervals and
• 22.0 metres @ 1.45 g/t Au from 382 metres

This intercept is the northernmost at RAS, and with the hole drilled down-plunge to test mineralisation north of Shepherds Creek (Figures 3 & 4), the true intercept width is ~32 metres, approximately 10 metres less than the

usedownhole intercept of 42.1 metres.

MDD044 lies 160 m north of MDD031 (21.2m @ 4.4 g/t Au from 281m), (ASX announcements on 20th April and 11th May 2022) and 260 metres north of MDD041 (16.0m @ 5.63 g/t Au from 233m), (ASX announcement on 25th May 2022) both recent impressive intercepts.

These three holes in the northern sector of RAS were drilled to different azimuths due to drill pad constraints, and these consistent significant intercepts suggest that the mineralised structures are substantial and are associated with broad semi-continuous mineralisation within the ~300-metre-wide>20-metre-thick slab of

silicified HWS in the larger low-angle RSSZ that now extends 1,500 metres down-plunge from outcrop. personalTotal hole gold content in 10 drillholes in the down-plunge axis at RAS exceed 80 MU (metre*gold gram metal

units) from MDD009 (34.5m @ 3.7 g/t Au) in the south to MDD044 in the north (Figure 3). These drillholes also have the highest gold MU content from all drilling to date in the overall project area.

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Figure 3 RAS Resource Extension Drilling - New Results / Gold Distribution

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Table 2: RAS new mineralised drill intercepts

onlyuse personalFor Figure 4 RAS Down-plunge Section (new assays, geology & extension envelope)

All significant intercepts received to date from the 18 holes drilled within the mineralized zone down-plunge from the September 2021 MRE are summarised in Table 3. The intercepts, in most instances, are aggregate downhole thicknesses which will be slightly less than true, due to the inclination of the holes relative to the intersection of the low-angle (`25°NNE) mineralised zone. The exception is MDD044 which is drilled down- plunge, where the true thickness is ~32 metres, which is ~10 metres less than the aggregate downhole 42.1 metres.

The drillhole grades are composited to carry 4 metres of internal dilution at zero grade and no top-cut has been applied to higher gold grades.

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