Chase Mining : RED FOX RETURNS SIGNIFICANT BUTCHERS BORE GOLD RESULTS

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ASX RELEASE

30 May 2022

RED FOX RETURNS SIGNIFICANT BUTCHERS BORE GOLD RESULTS

Chase Mining Corporation Limited (ASX: CML, "Chase Mining" or "Company") provides the following update on Red Fox Resources Pty Limited ("Red Fox"), in which Chase Mining holds 40%.

• Gold values up to 17g/t Au in rock chip samples, numerous results over 1g/t Au
• Gold associated with anomalous cobalt, bismuth, molybdenum and tungsten
• Rock chips show mineralised system at least 3km long
• Soil anomaly further refined over 1km strike with values up to 1.05g/t Au in soils

Red Fox today announced that it has received some significant gold results from a sampling and mapping program at the GW Gossan prospect, completed March 2022 at Butchers Bore EPM 26397. Red Fox has been concentrating its work in this EPM on the GW Gossan prospect since returning good sampling results from activities in late 2021 in the area. The EPM is located in the Cloncurry district of northwest Queensland.

Attached is a copy of the Red Fox announcement, which can also be found on their website together with further information on the company at http://www.redfoxresources.net.au/

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

For further information, please contact:

Leon Pretorius

Chairman and CEO

Mobile: [phone]

Email:[e-mail]

CHASE MINING CORPORATION LIMITED

ABN 12 118 788 846

Level 8, 46 Edward Street, Brisbane QLD 4000 PO Box

15505, City East QLD 4002 0439 310 818 | 0419 702 616 https://www.chasemining.com.au

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EXPLORATION

INNOVATION

DISCOVERY

30 May 2022

Red Fox returns significant gold results at GW Gossan - Butchers Bore EPM 26397

• Gold values up to 17g/t Au in rock chip samples, numerous results over 1g/t Au
• Gold associated with anomalous cobalt, bismuth, molybdenum and tungsten
• Rock chips show mineralised system at least 3km long
• Soil anomaly further refined over 1km strike with values up to 1.05g/t Au in soils

Red Fox is pleased to announce that it has received some significant gold results from a sampling and mapping program at the GW Gossan prospect, completed March 2022 at Butchers Bore EPM 26397. Red Fox has been concentrating its work in this EPM on the GW Gossan prospect since returning good sampling results from activities in late 2021 in the area. The EPM is located in the Cloncurry district of northwest Queensland.

Highlights of the program:

• Gold values up to 17g/t Au in rock chip samples, numerous results over 1g/t Au
• Gold associated with anomalous cobalt, bismuth, molybdenum and tungsten
• Rock chip sampling has shown that the mineralised vein system has now been extended to the southeast and west over a strike of 3km
• Anomalous rock chips at the eastern end (possibly still open further east) returned 17.1g/t Au and 10.5g/t Au which included high cobalt values to 370ppm Co, bismuth to 83ppm Bi and tungsten to 500ppm W
• Anomalous rock chips south of the Duck Creek Fault returned 10.25g/t Au and 7.27g/t Au associated with high cobalt to 1090ppm Co, bismuth to 267ppm Bi, molybdenum to 51ppm Mo and tungsten to 930ppm W
• Rock chips from the GW structure - main vein 3.86g/t Au and 1.43g/t Au (reported previously) with high cobalt to 973ppm Co
• West end 6.0g/t Au with high cobalt to 120ppm Co, tungsten to 800ppm W
• Soil anomaly further refined with values up to 1.05g/t Au in soils
• Soil anomalies define a complex folded and faulted zone with an apparent strike length of 1km anomalies associated with zone of mafic volcanics/intrusives

The recent work program consisted of infill soil sampling, extension soil sampling, geological mapping and rock chip sampling.

125 soil samples were taken from sample sites, with one sample at -80# (180um) for gold and multi- element analysis taken (see Figure 3 and 4). The previous soil survey had combined the use of BCL soils and -80# soils however results were found to be comparable and the -80# soils have a much quicker turnaround, so the BCL technique was discontinued.

29 additional rock chip samples were also collected, mainly selected on veining and alteration characteristics and covered a much larger area than the soil lines (see Table 1 of anomalous results).

RED FOX RESOURCES PTY LTD	P.O. Box 217 Paddington QLD 4064
Phone: [phone]	Email:[e-mail]	A.C.N. 612 611 408

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EXPLORATION · INNOVATION · DISCOVERY

Cloncurry

• GW Gossan

EPM 26397

Figure 1: Location of Butchers Bore project.

Figure 2: GW Gossan Prospect - mapped geology showing gold results from rock chip sampling.

RED FOX RESOURCES PTY LTD

PAGE 2

Butchers Bore Field Program Results - May 2022

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EXPLORATION · INNOVATION · DISCOVERY

Mapping and sampling has extended the east-west striking structural zone (named the GW structure) to the east and west and also defined a probable flexure centred around the Duck Creek Fault. The structure is characterised by variable quartz, ± calcite, ± haematite veining, brecciation and alteration with high gold values and moderate copper values. The zone is poorly outcropping but appears to be from 1 to 3m wide.

This zone is sub-parallel to the strike of the lithologies and occurs in an area which is strongly affected by faulting and dolerite intrusion. Lithologies present are feldspathic and fine grained quartzose sandstones and quartzites of the Mitakoodi Formation (Plnq), fine grained psammitic and pelitic phyllites and calcareous sandstones of the Timberoo Member (Plnt) and possible metabasalts of the Cone Creek Metabasalt (Plnc). The Timberoo Member and Cone Creek Metabasalt units are preferentially intruded by later dolerites.

Veining along the GW Structure consists of quartz, calcite and haematite veins, gossanous in part (see Plate2) with variable goethite. Quartz is made up of transparent silica veins, buck quartz veins, large areas of open space veining (see Plate 1 and 3) and massive carbonate (calcite) veins in the central part of the prospect. The veins show evidence of multiple events of quartz veining (see Plates 1 and 3), fracture and brecciation (Plate 1) and reactivation along the structures (see Plate 3).

The veins are sub-parallel to the dominant foliation (D2) being east-west and east-north-east trends across the zone west of the Duck Creek Fault. To the east of the Duck Creek Fault the veins trend south-east, changing back to east-south-east further to the east, away from the fault. This represents a flexure or fold in the lithologies and veining about the fault with an increased frequency of veining close to the fault.

Plate 1: Western vein outcrop (LHS), complex brecciated quartz (top right); sample BTBR0067 returned 6.04g/t Au

(bottom right).

RED FOX RESOURCES PTY LTD

PAGE 3

Butchers Bore Field Program Results - May 2022

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EXPLORATION · INNOVATION · DISCOVERY

Table 1: Anomalous Rock Chip Samples - GW Gossan Prospect

(Results in ppm unless specified, samples BTBR0017 to BTBR0038 reported previously)

Sample	MGAE	MGAN	Au	As	Bi	Co	Cu	Fe %	Mo	W
BTBR0017	429031	7698539	0.01	6	<2	4	1770	0.69	1	<10
BTBR0018	429031	7698539	3.43	867	4	526	28800	20.00	7	<10
BTBR0021	429237	7698883	0.78	17	11	244	271000	22.60	4	230
BTBR0022	429237	7698883	0.05	<5	<2	8	4020	1.38	1	10
BTBR0023	429344	7698493	0.02	15	<2	587	1240	9.00	4	20
BTBR0027	428514	7698464	1.61	18	<2	542	35	11.00	2	<10
BTBR0028	428514	7698464	3.86	33	<2	973	9	13.05	9	<10
BTBR0029	428602	7698475	0.94	<5	2	54	19	4.50	<1	10
BTBR0030	428656	7698470	1.43	9	9	235	18	6.97	2	10
BTBR0033	429175	7698630	0.03	<5	<2	5	1130	1.10	1	<10
BTBR0038	428668	7698473	0.80	12	<2	312	8	8.87	1	<10
BTBR0045	429230	7698196	0.11	811	14	181	1500	54.00	4	<10
BTBR0047	428263	7698540	0.08	28	9	37	1775	28.80	9	<10
BTBR0051	429102	7698251	7.27	52	267	276	11	14.95	19	930
BTBR0052	429102	7698251	2.72	25	30	725	12	15.60	44	70
BTBR0053	429102	7698251	10.25	68	211	1090	4	28.40	51	130
BTBR0057	429069	7697947	0.11	4780	17	333	2630	49.10	1	<10
BTBR0058	429167	7698130	9.48	155	202	611	128	24.60	6	60
BTBR0059	429069	7697947	0.08	1730	3	444	1025	20.90	1	<10
BTBR0061	429270	7698108	0.57	11	6	54	2	4.90	13	70
BTBR0067	427401	7698340	6.04	18	7	120	46	7.16	1	800
BTBR0070	429959	7697912	0.56	38	9	69	21	25.20	11	160
BTBR0071	429960	7697909	17.10	30	83	370	1	39.80	6	270
BTBR0072	429910	7697909	10.45	36	74	285	<1	46.40	2	500

Better gold values appear associated with elevated iron oxide and manganese oxides and haematite silica goethite alteration. Milky quartz and buck quartz varieties including some quartz-haematite and quartz calcite biotite chlorite veins can be un-mineralised and are probably earlier events.

Importantly, the current program has identified a metal association of gold with anomalous cobalt and tungsten and in parts anomalous copper, bismuth, molybdenum and arsenic (see Table 1). Although no granitic intrusives are known in the vicinity this metal association is typical of intrusion related gold (IRG) systems.

Soil Sampling Results

Results of the soil sampling program are presented in Figures 3 (gold) and 4 (copper). The 2022 program has not changed the pattern of gold distribution significantly from the previous report however significant addition of detail has occurred including much higher values returned for the central part of the GW Structure immediately adjacent to the mapped vein (0.79g/t Au and 1.05g/t Au). In addition, a broader distribution of anomalous results has been defined, south of the Duck Creek Fault with indications that this zone strikes to the southeast following the veins.

RED FOX RESOURCES PTY LTD

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Butchers Bore Field Program Results - May 2022