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SANTANA MINERALS LIMITED OPERATIONAL UPDATE QUARTERLY REPORT PERIOD ENDING 30 SEPTEMBER 2021 During the September quarter exploration activities remained concentrated on the advancement of the Company's 100 % owned Bendigo - Ophir Project ( " the Project ” ) in Central Otago , New Zealand . The quarter was highlighted by a material upgrade to the Project's JORC Inferred Resource from 252k oz to 643koz which is currently contained across 4 prospects running NW to SE along the Rise & Shine Shear Zone ( RSSZ ) . The revised Mineral Resource Estimate ( MRE ) represents : ■ A 155 % increase in contained gold at a 25 % higher grade over the 2019 MRE . Includes 537,000 ounces gold at an uncut grade of 1.6 g / t Au ( at 0.5 g / t Au lower cut - off grade ) . Incorporates all drilling to MDD010 at Rise & Shine ( RAS ) deposit . The revised MRE , reported according to JORC 2012 guidelines , has increased to : 19.8Mt for 643Koz @ 1.0g / t Au ( lower cut - off 0.25g / t Au , no top - cut grade ) or 10.4Mt for 537Koz @ 1.6g / t Au ( lower cut - off grade 0.5g / t Au , no top - cut grade ) The revised MRE excludes significant mineralised intercepts in RAS drillholes MDD011 to MDD014 which were received after closing off the MRE database including : " MDD011 Aggregate drill width 18.0m @ 1.49 g / t Au between 147 and 212 metres MDD013 Aggregate drill width 42.7m @ 1.77 g / t Au between 152 and 255 metres MDD014 Drill width 21.7 metres @ 5.68 g / t gold from 174 metres RAS is the largest RSSZ Resource containing an Inferred Resource of 287,000 ounces of gold @ 1.4g / t Au ( at 0.25g / t Au lower cut - off grade ) where ongoing drilling to the north has seen significant high - grade mineralisation intersected down - plunge beyond the new 2021 resource grade shells ( ASX announcement on 23 September 2021 ) . Resource extension drilling has also been ongoing since November 2020 across 3 other RSSZ deposits ; Come - in - Time ( CIT ) , Shreks ( SHR ) and Shreks - East ( SRE ) , the details of which are outlined in this report . Commenting on the Bendigo - Ophir's materially expanded and continually growing MRE , Executive Director Dick Keevers said : " It is very pleasing to see the substantial increase in Inferred Gold Resources , along with the increase in average grade at the 0.25g / t Au cut - off to 1.0 g / t Au , compared with the previous 2019 MRE estimation . Perhaps even more pleasing is when we applied a 0.5 g / t Au cut - off , we still have substantially increased the Inferred Resource ounces of gold , now at an average grade of 1.6 g / t Au , which may give us greater flexibility when it comes to possible mining studies and processing options . The presence of abundant free gold in the fresh sulphide mineralisation is of great significance also because it leaves open a heap leach processing option for some or all the mineralisation and / or the process of gold recovery by gravity and CIP / CIL for higher - grade mineralisation . We have excellent high - grade Au mineralisation with visible free gold in our drilling at RAS , but its extent and continuity for mining over the RAS deposit at the high grades encountered , can only be determined by further drilling " . Santana Minerals Limited ABN 37 161 946 989 Level 15 , 344 Queen Street , Brisbane QLD 4000 Tel : +61 7 3221 7501 GPO Box 1305 , Brisbane QLD 4000 Web : www.santanaminerals.com