Santana Minerals Limited (ASX: SMI) ('Santana' or 'the Company') is pleased to announce ongoing drilling results from 100% owned Bendigo-Ophir Project ('the Project').

The Company embarked on an aggressive 4,500-metre resource extension drilling programme of reverse circulation (RC) and diamond core (DD) holes in November 2020 targeting down-plunge mineralization from existing 252Koz JORC inferred resources (ASX announcement on 3rd November 2020).

The RC programme has been completed and new results continue to flow from areas beyond the early downplunge intercepts at CIT (ASX announcement on 2nd February 2021). New structural, lithological and assay data from DD drillholes (ASX announcement on 23rd March 2021) has encouraged large incremental step out drilling that continues to unmask new down-plunge mineralization distant from existing resources.

Commenting on the drilling to date Executive Director Dick Keevers said: 'Our maiden drill programme has defined extensions to the 252,000 ounces of inferred gold resources (JORC compliant) and more gold assays are awaited to better assess. A pleasant surprise was a much thicker mineralised stockwork zone at the northern, down-plunge extension of RAS, where 170m of core in DD hole MDD007 has repeated zones of intense mineralised stockwork better developed than previously encountered in the whole goldfield. Gold assays are required to determine the value of this mineralization where core logging has recorded visible gold in a structurally controlled stockwork zone apparently part of a thickened shoot of mineralisation.'

Drilling Status

Current drilling commenced at CIT Prospect in November 2020 with MDD001, the first DD drillhole ever collared within the Project Area. The DD programme is delivering PQ oriented core which is utilized for metallurgical, structural, lithological and assay purposes, with results guiding follow-on drilling.

Forward Programme

The gold assays pending from RAS will determine immediate follow-on drilling targets and requirements. Resource modelling, an extended LiDAR programme and initial metallurgical work are continuing.

Contact:

Richard Keevers

Tel: +61 408 873 353

About Santana Minerals Limited Bendigo-Ophir Project

The Bendigo-Ophir Project is located on the South Island of New Zealand within the Central Otago Goldfields. The Project is located 90 kilometres northwest of Oceana Gold Ltd (OGC) Macraes Gold Mine. The Project contains a JORC Inferred Resource of 252K ounces gold (uncut), estimate based on drill results to 2018 which the Company interprets has the potential to be expanded and developed into a low cost per ounce heap leach operation, with ore from bulk tonnage open pits.

The Bendigo-Ophir resources occur in 3 deposits that are inferred to extend in a northerly direction within the RSSZ which hosts gold mineralization over a recognised strike length of >20km. The RSSZ occurs at the contact with TZ3 and TZ4 schist units separated by a regional fault (Thomsons Gorge Fault-TGF) and dips at a low angle (25-degree) to the northeast. The RSSZ is currently interpreted to have upper shear hosted gold mineralization 10-40 metres in width above quartz vein and stockwork related gold mineralization extending >100 metres below the upper shear which is largely untested down-plunge and at depth.

The Company embarked on diamond drilling (DD) and reverse circulation (RC) drilling programmes in November 2020 with the immediate objective to increase the existing resources by drill testing the down plunge extensions of known mineralisation. The Company is focusing on advanced precious metals opportunities in New Zealand and Mexico and a database update with resource modelling has commenced with a view to progressively upgrade the Bendigo-Ophir JORC resources for a new estimate by mid-year.

Forward Looking Statements

Forward-looking statements in this announcement include, but are not limited to, statements with respect to Santana's future plans, strategy, activities, events or developments the Company believes, expects or anticipates will or may occur. By their very nature, forward-looking statements require Santana to make assumptions that may not materialize or that may not be accurate. Although Santana believes that the expectations reflected in the forward-looking statements in this announcement are reasonable, no assurance can be given that these expectations will prove to have been correct, as actual results and future events could differ materially from those anticipated in the forward-looking statements. Accordingly, viewers are cautioned not to place undue reliance on forward-looking statements. Santana does not undertake to update publicly or to revise any of the included forward-looking statements, except as may be required under applicable securities laws.

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