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

Resource extension drilling since September 2021 has resulted in a large increase in the overall global RSSZ MRE to 1.9Moz @ 1.8g/t Au (top-cut, 0.5g/t lower cut-off).

Drilling is continuing to expand the resource potential beyond this new 1.9Moz MRE platform and results such as those from MDD051 and MDD054 at RAS add considerable momentum to potential RAS resource growth

Commenting on the results Executive Director Dick Keevers said: 'Confirmation of the extremely high-grade gold assays over two 1m intervals in diamond drill hole MDD054 adds a new dimension to this 'sweet spot' in the SE part of the RAS gold deposit. Clearly this area is capable of recording outstanding, high-grade gold assays but prudence compels that these assays be cut back because our judgement is that such high-grade gold is unlikely to occur over a wide area. More drilling and geostatistical analysis will ultimately determine the impact on the grade and contained ounces of gold in the mineral resources in this area.'

MDD054 and MDD051 intercepts have an 80 metre NNE-SSW separation and form a significant high-grade zone at RAS Ridge on the eastern margin of the RAS shoot, adding considerable grade and thickness above those of the recent RAS MRE. Furthermore, MDD051 remains open to the east where assays are pending for MDD061 and MDD064 and extension drilling of MDD067 is in progress. This zone of higher-grade mineralisation defined by the 80 m.mg/t (MU) isopach, trends NNW across the axis of the shoot and combined with clustering of higher-grade holes down plunge, suggests potential for an en-echelon series of northerly trending high-grade zones separated by lower grade zones going down the axis of the RAS shoot. Northerly trending higher-grade zones (>40 MU) separated by low-grade zones is evident in published information about the Macraes Frasers Shoot, extending from Frasers Pit (FROP) through to Frasers underground zones (FRUG1 and FRUG2) with similar dimensions to RAS shoot. These structural similarities have significant implications for guiding extension drilling down plunge at Shreks and at other exploration targets.

Key Conclusions & Forward Programme

The exceptional MDD054 'jewellery box' mineralisation together with the impressive MDD051 intercept are building on a high-grade zone in the south-east sector of the RAS shoot. These twin results bolster the 2022 MRE domains and grade in this area with further eastern extensions possible for the RAS shoot which already extends 1,500m down-plunge from outcrop and remains open to the north. Extension diamond drilling is continuing at the RAS deposit and once the limits of mineralisation are defined a series of drillholes are planned at the southern shallower RAS Ridge Area for optimisation of future in-fill drilling. Reconnaissance drillholes are also in progress to test the down plunge extensions of the SHR deposit (the largest surface footprint of the 3 main deposits). Drilling will be accelerated in September with the addition of an RC rig to further advance on recent drilling results that have added continuing weight to the RSSZ multi-million-ounce system potential.

Contact:

Tel: +61 408 873 353

Email: rkeevers@westnet.com.au

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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