Mr. Pierre Leveille reports

DEEP-SOUTH INTERSECTED 64 METRES OF 0.61% CUEQ, INCLUDING 16 METRES OF 0.79% CUEQ FROM 26 METRES DEEP FROM THE 2021 DRILLING PROGRAM UNDISCLOSED RESULTS

Deep-South Resources Inc. has provided the third batch of assay results from its drilling program interrupted in June, 2021, at its Haib copper project in southern Namibia. The program was interrupted when the Ministry of Mines and Energy of Namibia had denied the renewal of the Haib copper licence EPL 3140. Results from 12 drill holes have been received after the renewal denial of the licence. As the licence has been renewed on July, 2023, the company can now disclose the results. It has completed its quality assurance/quality control on the first six drill holes. The QA/QC on the remaining results is under way and they will be disclosed within seven days. A total of 22 holes were drilled and 19 were sent for assaying. The remaining three samples will be prepared and eventually sent for assaying.

Results highlights

• HM27: 0.48 per cent copper equivalent (CuEq) over 14 metres from surface;
• HM28: 0.61 per cent CuEq over 64 metres, including 16 metres at 0.79 per cent CuEq and 14 metres at 0.71 per cent CuEq;
• HM29: 0.56 per cent CuEq over 18 metres;
• HM30: 0.37 per cent CuEq over 50 metres, including four metres at 1.09 per cent CuEq;
• HM31: 0.40 per cent CuEq over 10 metres;
• HM31R: 0.53 per cent CuEq over 12 metres and 0.45 per cent CuEq over 22 metres.

Pierre Leveille, president and chief executive officer of Deep-South, stated that: "We are extremely enthusiastic by the results from the drill program.

"Previous drilling programs point to the presence of higher copper grade zones, probably associated with near vertical structures (shears and faults) within the broader mineralized areas of the project.

"The use of vertical drilling in the past potentially missed those structures resulting in an underestimation of the overall grade. Our drilling program is focusing to redress this through the use of inclined holes to identify and delineate these structures and test the association with higher Cu grade zones.

"These results seem to support this updated interpretation, showing substantial intersections at Cu grades considered high for Haib. Additionally the presence of molybdenum has been confirmed with high Mo grades obtained in association with structures and alterations."

The six holes for which assay results are reported here cover about 1,193.59 metres and cover all four of the target areas.

All holes were positioned to better delineate the previously identified higher grade portions of the Haib copper project and to test the extension of grade between these targets. Significant intersections are in the attached table.

Borehole locations

HM27 was drilled northward from the river in the pit 4 target area, to identify the northward limit of the surface mineralization.

HM28 was drilled toward the southwest in the pit 3 target area to determine the western limit of the high-grade mineralization.

HM29 was positioned between the pit 1 and pit 2 target areas and drilled approximately eastward to test the extension of over 0.3 per cent Cu mineralization between the pit 1 and pit 2 target areas.

HM30 and HM31/HM31R were drilled for the same reasons as well as to provide limits to the 0.3 per cent Cu contour in the east of the pit 2 target. HM31 had to be abandoned at 104.54 metres and was redrilled with HM31R, following a one m shift in the collar position.

Discussion of pertinent results

HM27

This shows relatively high-grade mineralization (0.47 per cent Cu) from surface to about 14 m down the hole, correlating with significant malachite staining seen on a small hillock to the north of the borehole. These, combined with results previously reported for HM02 and HM03 located east of HM27, point to higher grade mineralization being associated with at least two near vertical structures with widths over 40 m.

HM28

This hole was drilled through the high-grade mineralization in the pit 3 area returning 64 m at 0.61 per cent CuEq (0.60 per cent Cu) including 16 m at 0.79 per cent CuEq. This high-grade mineralization was shown to be about 40 m closer to surface than expected.

HM29

This had been placed to test the extension of mineralization between the pit 1 and pit 2 target areas. Cu grades in HM29 are maintained at over 0.3 per cent from surface for approximately 100 m below topography demonstrating that the over 0.3 per cent mineralization extends over 150 m between pit 1 and pit 2.

HM30

Grades returned for HM30 were lower than expected. This resulted in the interpreted position of the 0.3 per cent Cu contour being shifted laterally westward by about 40 m with an associated drop in the tonnage of material above this grade.

HM31R

The results show that not only was this hole drilled wholly within the 0.3 per cent Cu contour as expected, but that the existing 0.4 per cent Cu contour extends laterally for about 50 m more than expected.

Drilling program update

Twenty-two holes were completed in 2021 and by the time the licence renewal was declined in June, 2021, samples for 19 holes had been submitted to the laboratory. Results for eight holes were disclosed by June, 2021, a further six holes are disclosed here, while the remaining six will be disclosed upon completion of their QA/QC. The program was planned for 10,000 metres, of which 4,800 metres was completed in 2021. The remaining 5,200 metres will be completed as soon as the site preparation is one. At 1.8 billion years (Archean), the Haib copper deposit is one of the oldest deposits in the world. Over time, it has seen several transformations including shearing and faulting events that have further concentrated Cu and Mo.

The specific focus of this drilling campaign is to further delineate and grow the higher-grade area(s) of the Haib deposit uncovered by Deep-South in 2019 and 2020 with the ultimate goal of establishing a measured resource over that higher-grade section of the deposit.

Quality control

All drill cores were logged, photographed and cut in half with a diamond saw. Half of the cores were bagged and sent to ALS Laboratories Ltd. in Johannesburg, South Africa, for analysis (SANAS accredited testing laboratory, No. T0387), while the other half was quartered with one-quarter archived and stored on site for verification and reference purposes while the other quarter will be used for metallurgical test work. Thirty-three elements are analyzed by induced coupled plasma (ICP) utilizing a four-acid digestion and gold is assayed using a 30-gram fire assay method. Duplicate samples, blanks and certified standards are included with every batch and are actively used to ensure proper quality assurance and quality control.

About the Haib copper project

The Haib copper deposit is a large copper/molybdenum deposit situated 40 kilometres from the southern boundary of Namibia. The licence covers 370 square kilometres (37,000 hectares). Over the years the project has seen 70,000 metres of drilling, several metallurgical test work programs, geophysical surveys, geological mapping, mine modelling and even a feasibility study in 1996. Deep-South holds all the historical data.

Please note that:

Mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral resource estimates do not account for minability, selectivity, mining loss and dilution. These mineral resource estimates are based on indicated mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. However, there is no certainty that these indicated mineral resources will be converted to measured categories through further drilling, or into mineral reserves, once economic considerations are applied. There is no certainty that the preliminary economic assessment will be realized.

Qualified person

Dean Richards, PrSciNat, MGSSA -- BSc (honours), geology, is the qualified person for the Haib project as defined by National Instrument 43-101 and has approved the technical disclosure contained in this news release.

About Deep-South Resources Inc.

Deep-South Resources is a mineral exploration and development company. Deep-South's growth strategy is to focus on the exploration and development of quality assets in significant mineralized trends and in proximity to infrastructure in stable countries. The company holds the Haib copper project in Namibia and holds an interest in three exploration licences in the copper belt in Zambia. In using and assessing environmentally friendly technologies in the development of its copper projects, Deep-South embraces the green revolution.

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