Santana Minerals Limited (ASX: SMI) ('Santana' or 'the Company') is pleased to announce further results from the 100% owned Bendigo-Ophir Project ('the Project') where resource extension drilling is currently focusing on RSSZ deposits with existing Inferred resources of 252Koz.

These new RAS DD drill assay results for MDD009 follow recent RC drill assays (ASX announcement on 1st July 2021), earlier announcements on down-plunge intercepts at Come-in-Time (CIT), (ASX announcement on 2 nd February 2021), and DD assay results (ASX announcement on 23rd March 2021), followed by significant down-plunge RSSZ mineralization in MDD007.

Commenting on drillhole MDD009 results Executive Director Dick Keevers said: 'While the full assay results for the deeper part of MDD009 are not available, the compelling assay results so far, which are reported here, have confirmed that our drilling in the down plunge extension of the RAS prospect, has opened up scope for both major extensions of the gold mineralisation and highly promising increases in the tenor and intensity of the mineralisation. The results in MDD009 complement those reported from MDD007, 105m to the NE, and when combined with the logged but not yet assayed mineralisation in MDD010 and 011, lays open a whole new improved potential for gold resources at RAS.'

RAS Drillhole MDD009 Results

DD drillhole MDD009 in the newly identified northern sector of the RAS deposit along the RSSZ was drilled in June, a component of the drilling programme that commenced in November 2020 to extend the existing inferred mineral resource estimates (MRE- to JORC Code 2012). The current programme of DD drilling is ongoing and together with reverse circulation (RC) drilling has completed a total of 2,105 DD metres (11 holes) and 3,417 RC metres (33 holes) to date

RAS DD drilling was planned to continue north down-plunge from the earlier significant MDD007 mineralised intercepts (ASX announcements on 22nd April 2021 and 28th April 2021) however unseasonal wet weather rendered the access track north unsafe. DD drilling is presently testing mineralization extents west and east of the newly modelled 0.25g/t / 0.50 g/t Au halos where MDD009 is collared 100 metres south of the MDD007 / MDD008 drill section.

RSSZ mineralisation at RAS, with thicknesses generally >120 metres, has now been intersected large distances (>350 metres) north of the existing MRE and is open laterally, east of inferred Mark's Fault and down-plunge.

The upper zone, widespread throughout all the RSSZ deposits, is typified by thick (20-40 metres) lower grade (+/-1g/t Au) gold mineralisation, in shear dominated schists, immediately below a regional low-angle fault, (Thomsons Gorge Fault -TGF). At RAS, the lower mineralised zone is a consistent feature emerging from current drilling in an apparent stacked relationship to upper mineralised zones. There is a vertical separation of 80-100 metres below the upper zone generally containing multiple phase narrow

Key Conclusions

The gold mineralisation intersected in MDD009 (and that previously in MDD007) are significant in both their thickness and grade, reinforcing earlier flags of the emergence of a major mineralised system, with considerable down plunge potential beyond the existing MRE (to JORC Code 2012). Previous exploration tested shallow peripheral areas of the main prospects and the recognition at RAS of a deep continuous high-grade mineralised zone associated with fracture fill veins builds on this exciting new component to the old goldfield.

Forward Programme

DD drilling is ongoing and accumulation of mineralised pierce points is to be maintained at RAS (and at other prospects where required) with new results to dictate forward drilling requirements. All RC drilling results are now to hand, and these together with available DD assays allow resource modelling to advance, with the new 2021 MRE (to 2012 JORC code) expected to be reported in late July early August. Metallurgical work is continuing with 60-day column leach test-work on representative samples of drill core from CIT, RAS and Shreks-East (SRE) prospects. This work will be supplemented by mineralogical work to tie in understanding of mineral species for gold extraction, mineralising events and structural controls.

This announcement has been authorised for release to the ASX by the Board.

Contact:

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), an 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 north-east. The RSSZ is currently interpreted to have upper shear hosted gold mineralization (HWS) 10-40 metres in width above quartz vein and stockwork related gold mineralization extending >120 metres below the HWS 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 with the NZ database updated and resource modelling having commenced an upgrade of the Bendigo-Ophir Mineral Resource Estimate (MRE to 2012 JORC code) is expected July/ August.

A copy of such announcement is available to view on the Santana Minerals Limited website www.santanaminerals.com. The reports were issued in accordance with the 2012 Edition of the JORC Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements. The Company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcements.

Current Disclosure - Competent Persons Statement

The information in this report that relates to Exploration Results is based on information compiled by Mr Richard Keevers, a Competent Person who is a Fellow of The Australasian Institute of Mining and Metallurgy. Mr Keevers is a Director of Santana Minerals Limited and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which is being undertaken 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 Keevers consents to the inclusion in this report of the matters based on his information in the form and context in which it appears. The Company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified.

Forward Looking Statements

Forward-looking statements in this announcement include, but are not limited to, statements with respect to Santana's 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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