Chase Mining : Red Fox completes preliminary Copper Creek field assessment

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ASX RELEASE

15 February 2022

Red Fox completes preliminary Copper Creek field assessment

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%.

Red Fox has announced assay results from a soil sampling programme completed late 2021 in the Copper Creek EPM 26024 in the Georgetown district of northeast Queensland.

Highlights:

• Up to 656ppm Copper and 743ppm Zinc in soil samples
• Copper soil anomaly defined over 2.2 kilometre, extending historical anomaly
• Zinc and rare earth anomaly defined to the east of copper anomaly, extending over 2.5 kilometre
• Prospect occurs within a strong copper anomaly in streams occurring over 10km of strike length
• EPM covers Etheridge Formation (host units of the Kaiser Bill copper deposit) and a major intersection of structures in north Queensland, being the intersection of the Burdekin River fault (BRF) and the Lynd Mylonite Zone (LMZ)
• Anomaly lies immediately adjacent (stratigraphically) to an enhanced magnetic zone within a probable banded iron formation and is hosted by carbonate and sodic altered metasedimentary gneiss
• Red Fox plans to follow up these encouraging results with further sampling and mapping

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

14 February 2022

Red Fox completes preliminary field assessment Copper Creek - EPM 26024

Red Fox is pleased to announce results from a soil sampling program completed late 2021 in the Copper Creek EPM 26024 in the Georgetown district of northeast Queensland.

Highlights:

• Up to 656ppm Cu and 743ppm Zn in soil samples
• Copper soil anomaly defined over 2.2 kilometre, extending historical anomaly
• Zinc and rare earth anomaly defined to the east of copper anomaly, extending over 2.5 kilometre
• Prospect occurs within a strong copper anomaly in streams occurring over 10km of strike length
• EPM covers Etheridge Formation (host units of the Kaiser Bill copper deposit) and a major intersection of structures in north Queensland, being the intersection of the Burdekin River fault (BRF) and the Lynd Mylonite Zone (LMZ)
• Anomaly lies immediately adjacent (stratigraphically) to an enhanced magnetic zone within a probable banded iron formation and is hosted by carbonate and sodic altered metasedimentary gneiss
• Red Fox plans to follow up these encouraging results with further sampling and mapping

LMZ

BRF

Figure 1: Location of EPM 26024 showing structural elements over RTP magnetics

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

Figure 2: Location of EPM 26024 showing other significant mineral deposits and tectonic framework

EPM 26024 is located at the juncture of the Etheridge (Palaeo-Proterozoic), Thalanga (Early Palaeozoic) and Broken River (Palaeozoic) Provinces in north Queensland (Figure 2). The area is characterised by the intersection of two major regional fault systems which delineate these provinces, the northeast trending Burdekin River Fault (BRF) which separates the Etheridge Province from the Broken River Province in the south, and the north-northeast trending Lynd Mylonite Zone (LMZ) which separates the Etheridge Province from the Thalanga Province to the east. The Lynd Mylonite Zone acts as a splay off the Burdekin River Fault in the southern part of the tenement (Figure 1).

The significant Kaiser Bill copper deposit, with a resource of 16M tonnes @ 0.85% Cu, 0.1g/t Au, 7g/t Ag, lies 90km NNW of EPM 26024.

Comparison of the Kaiser Bill deposit shows that the Copper Creek setting is remarkably similar in the stratigraphic sequence (both in Einasleigh Metamorphics) and structural characteristics. Kaiser Bill is considered to be an IOCG (Iron Oxide Copper Gold) deposit and can be compared with the similar Greenmount deposit in the Mt Isa Eastern Succession.

Historical stream sediment sampling has identified a number of large copper and zinc anomalies that have had little on-ground follow up. The Copper Creek Prospect lies within a strong copper anomaly in streams occurring over 10km of strike length. The mineralised zone is described as a mylonite and exhibits quartz veining and gossan at outcrop and is parallel to the Lynd Mylonite Zone.

Detailed geological mapping within the tenement is limited, with the exception of the Copper Creek prospect. This prospect was originally identified by Glengarry, who completed soil sampling and defined a >100ppm Cu anomaly with a strike length of greater than 1,200m. Glengarry reported malachite stained

RED FOX RESOURCES PTY LTD

PAGE 2

Copper Creek Field Program Results

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EXPLORATION · INNOVATION · DISCOVERY

quartz veining within surrounding carbonate +/- sodic altered metasedimentary gneiss in outcrop within the copper anomalous area. Rock chip samples by Glengarry returned up to 3.29% Cu, 432ppm Zn, 19ppm Ag, and 0.32g/t Au.

Red Fox soil sampling grid

Figure 3: Copper in historical stream samples, EPM 26024, showing area of soil sampling (grey box)

Soil Sampling

Previous work consisted of a small ridge and spur soil sampling program by Glengarry and a single line of soil samples adjacent to the stream anomaly (targeting zinc in streams) by BHP Minerals. Whilst these programs identified anomalies, they did not define the limits and extent of the anomalous area.

RED FOX RESOURCES PTY LTD

PAGE 3

Copper Creek Field Program Results

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EXPLORATION · INNOVATION · DISCOVERY

Red Fox collected 236 soil samples at 50m spacing along 12 lines, spaced 200m apart (approx. area 2.2km x 1km) to better define the Glengarry anomaly and to detail and extend the zone. Samples were collected at -80 mesh for multi-element analysis by handheld XRF.

Figure 4: Copper in soils, Copper Creek Prospect, EPM 26024, over radiometrics (potassium)

Results from the sampling have further defined the copper anomalous zone with values up to 656ppm Cu. The main zone of anomalism extends over 1 kilometre and appears to be coincident with a depleted potassium zone, as defined by radiometrics (Figure 4). Anomalous copper is continuous over at least 2.2km and the anomaly appears to be open to the north and south and larger than anticipated by the Red Fox soil grid.

The soil grid will be extended in follow up sampling.

RED FOX RESOURCES PTY LTD

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Copper Creek Field Program Results