Santana Minerals Limited (ASX: SMI) ('Santana' or 'the Company') is pleased to announce significant gold assay results from December 2020 reverse-circulation (RC) percussion drilling at its 100% owned Bendigo-Ophir Project ('the Project').

Commenting on the drill results to date for the current CIT work programme Executive Director Dick Keevers said: 'We are delighted to be able to report such an encouraging start to our maiden drill campaign at ComeIn-Time since acquiring MGL and the Bendigo-Ophir Project. As we had hoped this programme suggests there is strong potential to materially extend the resource size and increase the grade profile of the existing Come-in-Time inferred resource which represents just one of the multiple prospects we have to drill along the Rise and Shine Shear Zone. With further assays pending and with drilling currently underway at Shreks East we look forward to reporting on further encouraging progress in the weeks ahead'

The Bendigo-Ophir Project is located on the South Island of New Zealand within the Central Otago Goldfields approximately 90 kilometres northwest of Oceana Gold's Macraes Gold Mine. The Project contains a JORC Inferred Resource of 252K ounces gold (uncut), which the Company interprets has the potential to be developed into a low cost per ounce heap leach operation, supplied from a bulk tonnage open pit mine.

The resources occur in 3 deposits that are inferred to plunge in a northerly direction within the RSSZ. The Company has embarked on an exploration programme with the immediate objective of increasing the existing resources by drill testing the down plunge extensions of known mineralisation.

Reverse circulation (RC) drilling commenced on the RRSZ at CIT on 3rd December 2020. Previously reported field pXRF arsenic levels over wide thicknesses (ASX Announcement on 21st December 2020) heralded potential for significant gold mineralisation which has now been confirmed by receipt of the laboratory fire assay (FAA505) results presented below. These results are from 7 RC drillholes (889 metres) drilled at CIT during December 2020. RC & DD drilling is ongoing with further results due in March

The mineralised intercepts all occur immediately below the hanging wall of the RSSZ that dips at approximately 25 degrees to the north east. The location of these new drill holes and the average Au grade and width of the intercepts using a 0.25g/t Au cut-off, are indicative of a future improvement in the resource grade and tonnes because these drill hole grades are significantly higher than the current CIT resource grade. The results have extended the CIT mineralisation approximately 250 metres down plunge in a zone that is 100 to 200 metres wide and are expected to materially increase CIT resources once modelling has been completed.

The current drill programme of 3500 metres RC drilling and 500-1000 metres of diamond drilling is planned for completion in March this year. It will test continuity of mineralization another 200 metres down plunge from the drill results reported herein as well extensions of mineralization at RAS, Shreks and Shreks East with the objective of fast-tracking an increase in the inferred resources before infill drilling. A database and resource upgrade are planned to follow completion of this initial drilling phase.

The RSSZ remains highly prospective both as extensions and beyond the known deposits. The shear zone has been traced over at least 7 kilometres, but outcrop is largely confined to the known prospects with most of the shear zone masked by loess (glacial wind-blown dust) and talus deposits derived from up slope.

The RSSZ Is a late metamorphic shear zone within TZ4 schists near the boundary with overlying TZ3 schists. The TZ3 and TZ4 schists are separated by the unmineralized Thompson Gorge Fault (TGF), which is a late cataclastic fault developed more or less at or immediately above the hanging-wall of the RSSZ. Mineralisation is concentrated towards the hanging wall shear zone, but by analogy with Macraes mineralisation which is in a similar structural setting, mineralisation can be expected to pinch and swell as indicated by the drill results to date.

Progress

To date the current RC programme completed 1,409 RC metres (13 holes) and 363 DD metres (3 holes). The diamond holes are located at CIT, RAS and Shreks East. Assay results are pending for 2 DD drill holes. Samples from the remaining RC and diamond holes completed to date are being prepared for despatch after logging of oriented diamond core and systematic field pXRF analyses of all drill holes.

Contact:

Richard Keevers

Tel: +61 408 873 353

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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