Mandrake Resources Limited has received initial reverse circulation (RC) results following drilling at the 100%-owned Berinka Pine Creek Gold-Copper Project in the Northern Territory. Mandrake drilled a total of 11 holes for 1,131m which comprised 1,047m of RC drilling plus an 84m diamond tail of NQ2 core at FBRD014. RC sampling primarily comprised 4m composites, the results of which have been received and incorporated into this release.

Individual meter samples over anomalous intervals have been identified and submitted to the laboratory for analysis with results to be released in the coming weeks. Results of the individual meter samples will provide further information as to mineralization style and distribution of grade. Diamond core from FBRD014 has been sampled and submitted to the laboratory for analysis.

Results expected in the coming weeks. FBRC013 was drilled at Terry's Gap to test along strike from mineralization intersected during the 2020 RC drilling campaign. Several zones of strong alteration and veining were intersected, particularly from 152-168m, mostly related to what appear to be rafts of sheared gabbro within the Ti-tree Granophyre host rock.

The interval 164-168m assayed 3.29 g/t Au. Strong oxide gold-copper mineralization was intersected near the top of the hole from 4- 12m, returning 8m @ 1.91 g/t Au and 0.32% Cu (including 4m @ 3.2 g/t Au and 0.32% Cu from 8m), associated with weathered quartz veining and silica alteration. Drilling to date has defined gold mineralization over a strike length of greater than 2km between Vegetation Anomaly and Terry's Prospect.

Most of this area is under cover and there is insufficient drilling to enable a complete understanding of the extent of higher grade zones or their controlling structures FBRC015 and FBRC016 at Vegetation Anomaly encountered strong sericite-carbonate- sulphide alteration with anomalism up to 0.2 g/t Au and 0.14% Cu. FBRD014 intersected an intense zone of carbonate crackle veining and brecciation from 88m to 110m in the diamond tail. Patchy disseminated chalcopyrite (1-5%) was observed between 94 and 110m1 mostly associated with zones of intense brecciation and carbonate-sericite-silica-sulphide alteration.

A zone of oxide mineralization was intersected in the RC pre-collar between 12 and 16m which assayed 0.78 g/t Au. Following receipt of results for the outstanding individual RC meter samples and diamond core, Mandrake will design an exploration programme to better define gold mineralization along Terry's trend. Three drill holes, FBRD014, FBRC015 and FBRC016, were drilled at the Vegetation Anomaly to follow up Au-Cu mineralization identified during Mandrake's drilling campaign in 2020.

Interestingly, broad zones of platinum (Pt) and palladium (Pd) anomalism were intersected for the first time in the Sandy Creek Complex gabbro host rock in both FBRC014 and FBRC015. These zones assayed up to 4m @ 42 ppb Pt and 29 ppb Pd (71 ppb Pt + Pd) from 32m depth within a broader 32m wide zone averaging 43 ppb Pt + Pd. The highly anomalous PGE interval of gabbro was associated with distinctly elevated Mg-Ni geochemistry.

This potentially indicates that the Sandy Creek Complex is more fractionated than previously thought, which has markedly increased the Ni-PGE prospectivity of the mafic body. Mandrake will now wait on the additional individual meter assay results before formulating a programme to examine the Ni-PGE potential of the Sandy Creek Complex. 21 rock-chip samples were collected during geological traversing throughout the tenement.

The traverses focused on areas with anomalous stream, soil and rock-chip geochemistry as well as areas with geological potential for a range of mineralization types that had not been adequately followed up by previous explorers.