Equus Mining Limited ('Equus' or 'Company') (ASX: EQE) is pleased to announce further high-grade gold and silver drill results from a newly defined large scale feeder host fault structure extending below the 1.4km long historic Taitao Pit.

These new results are located approximately 40m to the south of the previously announced high grade results of 4.14m @ 17.9 g/t AuEq1 (11.0 g/t Au, 520.0 g/t Ag) 2. These results report to a zone that was previously interpreted as a localised low-grade stockwork zone that was not included in the underground resource component of the maiden December 2020 Taitao Inferred Mineral Resource estimate of 302koz AuEq3.

Damien Koerber, Chief Operating Officer, Equus Mining Commented: 'These further high-grade results serve to demonstrate good continuity of the large, newly defined host structure and its capacity to host exceptional gold and silver mineralisation, as part of a newly interpreted, potential highgrade extension to the JORC Inferred resource at Taitao of 302koz gold equivalent. The underexplored nature and potential large scale of this new exploration target is driving the focus of current drilling below and to the east of the Taitao Pit, and the 2020 Inferred Mineral Resource, along an approximate 500m long portion towards the operational 0.5Mta flotation plant'

Hole CBD083 intersected numerous mineralized structures that correspond primarily to veins and breccias that developed as splays in the upper hangingwall relative to the main fault-breccia complex target. Current drilling is focused along a +500m long portion of the host fault complex broadly extending from hole CBD082 south towards the operational plant infrastructure. Drilling is designed to test the down dip extension of the structure at depth, east of the Taitao Pit, and below the underground resource component of the 2020 Inferred Mineral Resource3.

REPORTING OF HISTORIC RESULTS FROM CERRO BAYO PROJECT

The above historical results include exploration results collected between approximately 1995-2013. The mining and exploration activity was undertaken up until approximately 2009 by Coeur d'Alene Mines Corporation (now Coeur Mining or 'Coeur') and Mandalay Resources from 2010 to 2017. As per ASX requirements, Equus notes that a minor portion of the drill results dating prior to 2005 are not reported in accordance with the National Instrument 43.101 or JORC Code 2012; a competent person has not done sufficient work to disclose the corresponding exploration results in accordance with the JORC Code 2012; it is possible that following further evaluation and/or exploration work that the confidence in the prior reported exploration results may be reduced when reported under the JORC Code 2012; that nothing has come to the attention of Equus that questions the accuracy or reliability of the former owner's exploration results, but Equus is in the process of independently validating the former owner's exploration results and therefore is not to be regarded as reporting, adopting or endorsing those results. The levels of gold and silver reported, from past drilling activity, is a key factor in guiding Equus's exploration strategy. The previous drilling activity, which produced these results, comprised of multiple diamond drill holes and analysis of diamond drill core which underwent rigorous quality control and check assaying protocols, providing Equus with confidence that the results are reliable, relevant and an accurate representation of the available data and studies undertaken by previous exploration activity

Contact:

John Braham

Tel: +61 400 852 245

Email: jbraham@equusmining.com

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