Santana Minerals Limited announced further significant results from the 100% owned Bendigo-Ophir Project. Drilling from September 2021 has primarily focused on extending mineralisation down-plunge at RAS where mineralisation within the RAS shoot consistently occurs over a vertical interval of 40-80 metres. Concentration of 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 and 51.2 g/t Au in MDD025R. 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. Metallurgical gravity-leach testwork gold recoveries to 99% reflect the largely non-refractory nature of the Bendigo-Ophir gold project.

Three DD rigs are now operating 24/7 with a total of 8,402 metres completed since January 2022. A total of 17,600 metres have now been drilled since the Company commenced the current programme in November 2020. Presently, drilling is primarily focused on the new northern extension at RAS, southern infill at RAS and at the CIT deposit.

Assays recently received for seven RAS drillholes include MDD029, MDD033 (balance of hole), MDD034 (re- drilled by MDD034R), MDD036 (partial), MDD037, MDD039 (partial) and MDD041 (partial). MDD033 assays are the balance of the hole below the previously reported aggregate 7.7m @ 1.49 g/t gold. MDD034 assays are from an abandoned hole redrilled by MDD34R.

Partial assays are from the upper part of the RSSZ in drillholes MDD036, MDD039 and MDD041 with assays pending for the lower RSSZ sections. All assays are from the northern 360 metres of RAS on three east-west drill sections. Two drillholes (MDD037 & MDD041) are in the axis, two on the eastern fringe (MDD029 & MDD036) and three on the western fringe (MDD033, MDD034 and MDD039).

All drillholes are down-plunge from the September 2021 MRE. Gold distribution metal unit (MU) contours of RAS drill intercepts show mineralisation confined to a >300 metre NNE trending corridor (defined by 5 MU) with a continuous core of >40 MU intercepts that extend the length of the 1,320 metre down-plunge assayed extent. A further 120 metres (to 1,440 metres down-plunge) is identified from visual mineralisation with visible gold (VG) logged in MDD044 drilled to the north where assays are pending.

All significant intercepts received to date from the 17 holes drilled within the mineralized zone down-plunge from the September 2021 MRE. The assays extend this zone 740 metres in an NNE direction oblique to the drill sections. The average width of the zone is approximately 300 metres (sectional widths 200 to 370 metres) with margins appearing to be defined in the west by drillholes MDD012, MDD017 and MDD039 in the west; drillholes MDD029 and MDD036 in the east.

The average aggregate thickness and grade of mineralization within the zone is 21.2 metres @ 2.91 g/t Au. The gold grade anddimensions of the extended zone have the potential to add significantly to the overall mineral resources which will be updated by the end of this quarter. RSSZ mineralisation was intersected in all CIT extension drillholes over thicknesses between 7 and 35 metres.

VG was logged in MDD035 and MDD040 in two intervals (ASX announcement on 11th May 2022) associated with laminated veinlets and arsenopyrite. The hanging wall zone of the RSSZ at CIT has generally been thinner than thicknesses encountered at RAS and assays from the first three drillholes confirm down-plunge continuation of the CIT style of mineralisation. Drilling is in-progress at Shepherds Creek on section N5018680 a further 180 metres down-plunge from MDD032 & MDD035 section N5018500.

Stage 3 testwork, following on from earlier gravity-leach tests that showed 90% largely non-refractory recoverable gold, recorded gold recoveries to 99%. Further preliminary results have been received for the programme designed by KCAA consultants and undertaken at ALS Metallurgical Laboratory Perth to further understand the non-refractory /refractory distribution of the RAS mineralisation. Six composited samples, representative RAS drillholes within the centre of the RAS shoot, were subjected to standard Metallurgical laboratory gravity-cyanide leach test work to establish total recoverable gold responses.

Results show: Gold head grades ranged between 1.4 g/t and 7.9 g/t Au; 94% to 99% overall gold recovery for four samples (RAS-1, RAS-4, RAS-5, RAS-6); 64% to 80% overall gold recovery for two samples (RAS-2, RAS-3). Intensive leach tests on residues with lower gold recoveries is ongoing to determine the reason and establish methods to improve, with mineralogical work and Photon Assaying underway to complete Stage 3 testwork. RAS new mineralisation now extends more than 1,400m down-plunge from outcrop (860 metres beyond the September 2021 MRE) and remains open.

At Macraes Mine, 90 km southeast, the Frasers Underground shoot (FRUG) extends 2,400m down plunge. Early results from CIT drilling extend known mineralisation 120 metres north beyond the CIT 2021 MRE. Extension and infill DD drilling is continuing at CIT and RAS deposits with reconnaissance holes also scheduled to test the down plunge extensions of SHR deposit (the largest surface footprint of the 3 main deposits).

An MRE upgrade has commenced at RAS with finalisation awaiting further assays to define extents. Further Stage 3 follow-on gravity & leach metallurgical testwork results show 94% to 99% gold recovery in samples with 64-80% in 2 others. Work is continuing to establish improved recovery methods in latter ore-types.

RAS new northern mineralisation has flagged the higher-grade potential down plunge at all other prospects (which remain relatively undrilled) along the inferred 30km length of the RSSZ with the project area. The RSSZ is emerging as a potential multi-million-ounce system similar to the world class Macraes deposit (10Moz).