Chase Mining Corporation Limited

Chase Mining Corporation Limited (Chase Mining or the Company) (ASX: CML) is an Australian-based mineral exploration and development company with projects in Queensland, Northern Territory and New South Wales, in Australia.

As a general statement, COVID related travel and other restrictions have delayed progress across all the Company’s projects. Further delays for commencement of drilling and hampering surface exploration has been the early onset of an extreme wet season in Eastern Australia since late November 2021 and which is ongoing. However, the weather pattern is predicted to change by mid-June 2022.

• In Queensland Australia:

1. The Company made a strategic investment of A$600,000 to become a 40% shareholder in Red Fox Resources Pty Limited in late 2020 (ASX Announcement 3 November 2020). Red Fox is a private Queensland focused advanced exploration Company that holds seven wholly owned granted tenements (EPMs) covering 900 square km in two highly mineralised districts: Mt Isa / Cloncurry and Georgetown. The tenements contain a pipeline of targets for discovery of Ernest Henry style IOCG Cu-Au; Tick Hill style high grade Au; and, large Century and Broken Hill style Zn-Pb-Ag deposits.

    

   Why the decision by CML to invest in Red Fox Resources? It has a highly accredited Board and experienced technical team, with a track record of discoveries. All its projects are either drill-ready or require a small amount of low-cost groundwork to advance to drilling. This means the potential to rapidly increase value without CML spending years on early-stage exploration.Red Fox has a constant news flow via its website and its announcements are also released to via the ASX by CML.

   Further information and progress reports on Red Fox and its activities can be found on its website: http://www.redfoxresources.net.au

2. In line with CML’s strategy of acquiring highly prospective tenements on favourable terms within a single jurisdiction, it entered into an earn-in and joint venture agreement with unlisted Australian junior explorer Auburn Resources Limited(ASX Announcement 27 October 2021) whereby it can acquire up to 90% of the district-scale Hawkwood project area with Ni Cu Co Au PGE potential. The tenement holding consists of 13 granted EPMs covering approximately 1,680km² located approximately 55km west of Mundubbera in central south-eastern Queensland 350km north-west of Brisbane.
3. The Company has itself recently commenced applying for Exploration Permits (EPMs) in the search for REE Cu Ni and PGEs. To date, four EPM Applications covering an area of approximately 1,200km² have successfully been lodged (ASX Announcements 19 January 2022 and 18 May 2022.

• In the Northern Territory Australia:

The Company has itself recently commenced applying for Exploration Licences (ELs) is its own right in the search for REE and base metals. To date, five contiguous EL Applications covering an area of approximately 3,270km² have successfully been lodged (ASX Announcements 2 February 2022 and 26 May 2022).

• In New South Wales Australia, the Company has an advanced Topaz-Tungsten project 60km SSW of Tenterfield where it is focused on the recovery of Tungsten and Topaz concentrate from a large deposit of outcropping silexite, which is nominally 80% quartz and 20% topaz plus variable levels of tungsten (wolframite and ferberite) mineralisation. Metallurgical testwork and the resultant process flowsheet shows that crushing of silexite to minus 1mm followed by water (or air) based gravity separation and concentration processes followed by magnetic clean-up results in excellent recovery of both Tungsten and Topaz saleable products.

Topaz is an alumina silicate mineral that given its hardness can be used in abrasive applications, especially in high-pressure water cutting and as a raw material for castable refractory and ceramic production. It can also be used to produce castable mullite and to produce mullite fibre for use in the specialist metals / ceramic composite markets. The latter has been the subject of a recently concluded 4-year research project at the UNSW which resulted in several proof-of-concept trajectory applications, including for instance in the production of military vehicle and personnel armour, friction (brake) pads and catalytic converters.

The Company is looking for a strategic industry partner to progress and commercialise the production of mullite fibre from the topaz.

DETAIL INFORMATION ON ALL THE ABOVE PROJECTS ARE UNDER THE PROJECTS TAB

• • New project opportunities.

CML continues to review several complimentary projects that would be a strategic fit for the Company and would add substantial value for shareholders.

One such project is the advanced stage McIntosh graphite project in WA which is presently being assessed by the Company (ASX announcement 15 June 2022). Shareholders, investors, and other interested parties are encouraged to read the announcement and contact management with any queries.