MANMC = $29 Million (@ 6c)SOI = 482 MillionCash = $16...

MAN

MC = $29 Million (@ 6c)
SOI = 482 Million
Cash = $16 Million

Binding term sheet executed for the acquisition of 100% of the high-grade Delfin Copper Project in Chile
• Staged and conditional consideration with minimal upfront cash/shares - $1M cash and 80M shares in the Company.
• Outstanding opportunity to establish high-grade JORC complaint Resource with multiple spectacular historical drilling intersections that include:
• 86m @ 4.83% Cu from 121m (DD-4) including:
- 27m @ 7.1% Cu from 134m; and
- 3m @ 14.4% Cu from 164m
• 89m @ 3.2% Cu from 122m (SD-89)
• 34m @ 3.01% Cu from 18m (SD-27)
• 69m @ 1.90% Cu from 44m (SD-49)

• Large 84km2 tenure position with existing infrastructure and year- round access for exploration in the world’s most prolific copper producing region that includes BHP/Rio Tinto’s Escondida (11.2Bt @ 0.8% Cu) and Codelco’s Chuquicamata (10.5Bt @ 0.6% Cu)

• Outstanding greenfields exploration upside with 90% of historic drilling concentrated in a 300 x 100m area with little previous application of modern exploration techniques
• Multiple high grade shallow targets - exploration commencing Q2



Historical drilling highlights the prospectivity with spectacular drilling intercepts of high-grade copper mineralisation.Mandrake intends to undertake an active exploration program commencing early Q2 2022 which will include the re-interpretation of existing geophysical data, assessment of recently submitted rock chip samples (assays pending) and drilling.

“Historic exploration has identified several different zones of spectacular high-grade copper mineralisation including 86m at 4.83% Cu from 121m in DD-04. We see a clear opportunity to apply modern exploration and interpretation techniques to understand these zones and look to grow them ahead of a maiden JORC resource.“Delfin boasts a historical database underpinned by over 15,000m of diamond and RC drilling that has immense potential for expansion given the broad spacing of high- grade intercepts and the fact that only 20% of drilling exceeded 140m depth.

Historical work at the Delfin 1 prospect demonstrated the prospectivity of the region by encountering spectacular drilling intercepts of high-grade copper mineralisation at shallow depths.



Further opportunity at Delfin exists at depth with 80% of the historical drilling being shallower than the average penetration depth of only 140m. The Delfin Project also has significant potential for deeper copper porphyry mineralization given the genesis of copper mineralization at Delfin has not yet been determined.

Importantly, the Delfin 2 and Cami 9 greenfields prospects (Figure 2) represent immediate follow up targets which show similar structural settings to Delfin 1, with rock chip samples up to 10.17% Cu (Cami 9) and 3.26% Cu (Delfin 2).



Moving forward, Mandrake’s corporate and strategic focus will be on the Delfin Project where we will have boots on the ground in the coming weeks, together with follow up exploration at the Jimperding PGE-Ni-Cu Project.

A regional scale NE-SW structural corridor appears to play a key role in controlling magmatism and mineralisation. This structural corridor is at least 150m wide and extends for at least 2 kilometres.

A second high-grade occurrence within the regional corridor located approximately 300m to the southwest of holes DD-4 and SD-89 also shows a strong NW-SE fault control and thus may also be influenced by steeply-plunging fault intersections. It is likely that other NW-SE and E-W fault-related high-grade copper zones are located along strike within the regional structural corridor outside of the immediate Delfin 1 area.