Santa Fe Minerals Ltd. advised Reverse Circulation (RC) drilling has concluded on its Watsons Well Vanadium-Titanium-Iron target. SFM also reports the delayed ultrafine soil sampling program has now been completed on the Mt Murray base metal project. A total of 10 Reverse Circulation holes were drilled for 1,492m to test the thicker central area of the 7km long Watsons Well high magnetic zone where previous rock chip samples returned 1.2% to 1.3% V2O5, 13% to 15% TiO2 and 50% to 52% Fe from massive magnetite layers.

(SFM Exploration Update 5th April 2022). Two sections of drill-holes were completed 400m apart with all holes angled at -60 degrees to the east. Drill holes were spaced at a nominal 80m and completed to set depths of 149m or 150m.

All ten drillholes intersected broad zones of strong magnetite which is associated with the vanadium, titanium and iron mineralization. Strong magnetite downhole intervals range from 1 to 2m through to 35m with multiple zones in each drillhole. All samples have been delivered to the Laboratory and analytical results are expected within 12 weeks.

The 7km long Watsons Well magnetic high zone was first identified in the 1960s and 1970s. It was interpreted as a possible feeder dyke to the Windimurra igneous complex and subsequently explored for nickel - copper - PGE mineralization by various companies, including WMC. Programs of broad spaced soil and lag sampling identified nickel, copper, and PGE values consistent with the interpreted underlying rock types.

There were no standout targets, and no additional work was completed. Mapping in 2015 identified magnetite cumulate layers in anorthosite associated with broad areas of anomalous Vanadium 3000ppm to 6870ppm, (Perring 2015) supporting an alternative interpretation that the Watsons Well magnetic high zone is a faulted offset of the Shepherds Discordant Zone that hosts the large Windimurra Vanadium deposit located 70km to the north of Watsons Well. SFM complete addition close spaced lag sampling and rock chip sampling over the central part of the Watsons Well zone returning V2O5 grades up to 1.64% (SFM Exploration Update 14/11/2018).

Subsequent mapping and rock chip sampling identified massive magnetite cumulate layers over 5km of the 7km strike with high grades of 1.18% to 1.33% V2O5, 9.97% to 15.2% TiO2 and 44.12% to 52.74% Fe. (SFM Exploration Update 5th April 2022). The massive magnetite layers range up to about 1m thick and appear in outcrop to be semi continuous along strike and similar in appearance to the mineralised zones at the Windimurra vanaduium deposit (Ivanic, 2019).

The Mt Murray project covers a 9km north south trending zone of poly metallic copper-lead- zinc-silver-gold mineralisation adjacent to a 4.2km x 1.2km magnetic high zone considered to represent a mafic-ultramafic intrusive package prospective for nickel-copper-PGE mineralisation similar to the recently discovered tier one Julimar Ni-Cu-PGE deposit (Chalice Mining Ltd). SFM has now completed the Ultrafine soil sampling program originally planned for the June quarter (SFM ASX Exploration Update 4th April 2022). The sampling was delayed due to unseasonal wet weather and the availability of a field sampling team.

A total of 1,221 samples were collected every 50m along 200m and 400m space lines. All samples will be processed by Labwest using their Ultrafine (UFF) fraction technique. An orientation sampling program comparing conventional -1mm soil sampling with the UFF method completed by SFM at Mt Murray early in 2022 concluded: Analytical quality of the UFF -2 micron was significantly better than the -1mm results.

UFF samples returned higher absolute concentrations when compared with the -1mm samples. Lithological and regolith controls are subtle in the UFF samples and better resolved than the -1mm samples. The UFF sample results are expected to be reported within 12 weeks.