Santana Minerals Limited (ASX: SMI) ('Santana' or 'the Company') is pleased to announce the first results from diamond drilling (DD) undertaken between November 2020 and January 2021 from 100% owned Bendigo-Ophir Project ('the Project').

Commenting on the diamond drill results Executive Director Dick Keevers said: 'We are delighted to report the first diamond drilling results, where three large PQ diameter diamond drill holes, one each at the CIT, RAS and SHR/SRE prospects were completed, to cover four kilometres of the NW - SE strike length of the target zone. These very first diamond drill holes at the Bendigo - Ophir gold project, have given further positive insights into the style, continuity and grade of the gold mineralisation. These intersections over substantial widths, have reinforced our objective to define a large resource of open pittable and heap leachable gold mineralisation. New sighter indicative metallurgical test work will begin as soon as possible, using this drill core, to measure the heap leach characteristics of the gold. We look forward to reporting further encouraging progress in the period ahead'.

Diamond Drilling (DD) Results

This DD programme was designed primarily for structural interpretation from oriented core to determine controls for the broad RSSZ (shear hosted) mineralized zones. The DD core is the first to be recovered from the project area as previous legacy exploration programmes dating back to 1986 utilised reverse circulation (RC) drilling. To date, the understanding of ore controls is based on limited structures evident at minor workings as mineralized outcrop is largely masked by hillside slump debris, alluvium and extensive windblown silt deposits.

The first three DD holes (MDD001-MDD003) sited at CIT, RAS and SRE prospects were drilled between November 2020 and January 2021 and span 4km of RSSZ strike and 220m of surface RL range. Laboratory gold results (fire assay FAA505) from 259 metres of DD core reveal both significant gold mineralization at the three prospects, and a relationship to both shear and stockwork vein mineralization styles.

MDD001 - Come-in-Time (CIT)

RSSZ mineralization was intersected immediately below the Thomson's Gorge Fault (TGF) at 62m where a zone of 11m @ 0.86g/t Au (min 0.25g/t cut-off) is associated with both arsenopyrite rich shear / breccia and quartz stockwork veins.

MDD002 - Rise & Shine (RAS)

This diamond drillhole, collared in RSSZ footwall schist (approximately 15 metres below the TGF) intersected a broad 18m zone @ 1.97 g/t Au from 65m. The highest gold grades (2m @14g/t from 81m [1m @16.19g/t & 1m @ 11.80g/t]) are at the base of the 18m zone associated with high angle quartz veins and brecciation. This MDD002 intercept appears to link mineralization in adjacent previous RC drillholes of 5m @ 5.03g/t Au (MRC044 in 2019), and 12m @ 2.53g/t Au (RCB37 in 2006). The grade continuity at depth (80-98m below the TGF) is a feature of RAS stacked ore zones and these intercepts are likely extensions of ore mined a further 160-180m SE along strike in 1940's Eureka workings.

MDD003 - Shreks East (SRE)

Outside current JORC Inferred resources, drillhole MDD003 has intersected 19m @ 0.75g/t Au from 64m, a significant width of RSSZ mineralization immediately below the TGF with a basal zone of 8m @ 1.22g/t Au from 75m. The upper zone is dominated by shears and the lower zone, high-angle veining / faulting (including 1m @ 5.70g/t Au) a feature common with MDD001 (CIT) and MDD002 (RAS) intercepts.

Key takeaways and Forward DD Programme

Important mineralization controls are emerging from a growing inventory of DD oriented core and the RSSZ potential has been enhanced with outstanding assays in both extensions to (RAS deep footwall) and new areas beyond the known deposits (SRE). The initial 500m DD programme has been extended and is advancing in tandem with RC drilling which has been focusing on extensions to existing resources where new assays are pending. At least 7 km of Dunstan Range RSSZ mineralization along strike (below barren TZ3 schist and the TGF) is largely untested between the known deposits and DD oriented core in these areas will be invaluable in guiding resource extension drilling.

Structural interpretation of core is ongoing, and the additional oriented DD core will also assist mineralization modelling for both early resource upgrades and material for recommencement of metallurgical test work.

Contact:

Richard Keevers

Tel: +61 408 873 353

Email: rkeevers@westnet.com.au

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