Mindax : New Gold Targets Identified by Geophysical Survey

Telephone:	[phone]	geological domains that potentially can be controls on
Email:	[e-mail]	gold mineralisation and further discovery

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ASX Code: MDX

ABN: 28 106 866 442

Principal Address and Registered Office

Level 1, Suite 3

17 Ord Street

West Perth WA 6005

NEW GOLD TARGETS IDENTIFIED BY GEOPHYSICAL SURVEY AT MEEKATHARRA NORTH

HIGHLIGHTS:

• • Detailed processing and structural interpretation has been completed for a high-resolution sub-audio magnetic (SAM) ground geophysical survey over the project area and produced several new targets

• • SAM data has highlighted structural trends and

Investor Enquiries	•	Designed to complement the existing project
Mr Benjamin Chow AO	database, including high-grade results from previous
Chair
drilling
•	Five year extension of term granted over E51/1705

Telephone: Email:

[phone]

Mindax Limited (ASX: MDX) (Company) is pleased to report that it has completed processing and interpretation for a sub-audio magnetic survey (SAM) at its Meekatharra Gold Project located approximately 40km north of Meekatharra, in the northern part of the Murchison Greenstone Belt of Western Australia.

The SAM ground survey was previously completed in 2015 and has now been processed by Southern Geoscience Consultants (SGC). SGC has interpreted the new data and in combination with additional geological and drilling information has produced new geophysical targets, Figure 1.

The SAM geophysical survey has provided high-resolution mapping of the buried structures on the project area, which are potentially the controls on gold mineralisation. This information has provided a structural framework of the project area and combined with existing drilling results has identified several target areas.

TheDepartment of Mines, Industry Regulation and Safetyrecently granted a five year extension of term over E51/1705. The extension has been granted without increasing annual expenditure requirements.

The Company completed an exploration drilling campaign in 2021 (refer ASX release 28 June 2021), which focussed on the northern end of the tenement and tested several historical geophysical priority targets. Some of those targets are located along the southern structural corridors extrapolated from the Andy Well Gold Mine, located within 2km from the project area and within proximity to historic drilling. This previous work returned significant gold intercepts. The 2021 exploration programme confirmed the presence of gold mineralisation that support the previous geophysical interpretation.

SAM Geophysical Survey

SAM is a geophysical technique using electrical current that is channelled between two widely spaced electrodes located along strike. The current will be channelled along zones of lower resistivity in this direction as these form paths of least resistance. Conductive or low resistivity zones are often related to a fault or contact, or a lithological unit that is more susceptible to weathering. The project area is deeply weathered and or covered by substantial transported overburden overlying the bedrock. The technique can potentially provide a richer structural understanding of ore rock domains and most importantly detect and map conductive signatures that represent structural trends. The SAM survey was undertaken over two large blocks, Figure 2 of the project, however SGC has provided an interpretation over the entire project area, by combining the SAM data with the open file magnetics data.

Figure 1 SAM Geological Interpretation with targets

Figure 2 SAM surveyed area showing survey lines and thick black line is the electrical current line.

The SAM geophysical survey has provided high-resolution mapping of the structures of the project area, which are the controls on gold mineralisation. This information has provided a structural framework and increased the Company's confidence in its geological and structural understanding of E51/1705.

The SAM survey has identified eighteen target areas. Five high priority (priority 1 red) targets, Figure 3 with anomalous gold intersected in drilling have been identified. These targets occur around faults in the north of the tenement, which is where previous drilling has been concentrated.

A further additional five high priority (priority 2 orange), Figure 3 targets have been identified and predominately focussed on faults along strike from anomalous gold intersected in drilling and in the same stratigraphic setting as Andy Well. These targets provide geophysical confidence as the Priority 1 targets but have no known mineralisation from drilling, however, there has been limited drill testing.

Figure 3 SAM lithological interpretation with target and historic drill collar locations

The southern interpreted geological corridor is potentially the same stratigraphic setting when extrapolated from the Andy Well project. This provides the opportunity for this area to be considered for future exploration. The Company is currently assessing all information gained from the SAM survey in order to interpret the geological prospectivity of the project.

This announcement has been authorised for release by Benjamin Chow AO, Chairman.

End of Announcement

For further information contact:

Benjamin Chow AO

Chairman

Mindax Limited Telephone: [phone]

Competent Person's Statement:

The information in this report that relates to Exploration Results is based on information compiled by Mr John Vinar who is a member of the Australasian Institute of Mining and Metallurgy, with more than 5 years' experience in the field of activity being reported on.

Mr Vinar is a consultant to the Company and has sufficient experience which is relevant to the style of mineralisation and type of deposit and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr Vinar consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.