Mr. Pierre Leveille reports

DEEP-SOUTH INTERSECTS 50 METRES OF 0.63% CUEQ, INCLUDING 16 METRES OF 0.80% CUEQ AND 4 METRES OF 2.57% CUEQ FROM THE 2021 DRILLING PROGRAM UNDISCLOSED RESULTS

Deep-South Resources Inc. has released the fourth 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 13 drill holes have been received in full after the renewal denial of the licence, with partial results received for one drill hole. The first six drill holes were previously reported. Following the completion of QA/QC (quality assurance/quality control), the results for the remaining seven holes are disclosed here.

Pierre Leveille, president and chief executive officer of Deep-South, stated: "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 molydenum has been confirmed with high Mo grades obtained in association with structures and alterations."

The seven holes for which assay results are reported here cover approximately 1,360.92 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. Assay results of significant intersections are tabulated in the attached table.

Borehole locations

HM05 was drilled northeastward in the Pit 2 target area to determine the southwestern limit of the 0.3 per cent Cu contour.

HM11 was drilled toward the southwest in the Pit 3 target area to determine the northern limit of the high-grade (over 0.4 per cent Cu) mineralization previously identified here.

HM12 was drilled northward in Pit 3 to better delineate the southern limit of the high-grade mineralization identified here by reducing the drill hole spacing.

HM13 was positioned in Pit 3 and drilled approximately northward. The mineralization in Pit 3 is believed to terminate against an east-west-trending, near-vertical shear zone in the north and HM13 was planned to test this.

HM14 was placed between the Pit 4 and Pit 2 areas. Cu mineralization in Pit 4 is believed to be associated with east-west-oriented, near-vertical structures and this borehole was positioned to test this model and the potential extension of higher grades between the two target areas.

HM22 was drilled vertically in Pit 1 to delineate the southern limit of the higher-grade mineralization here. Additionally, the hole was drilled to over 400 m from surface to test the depth to which this mineralization extends.

HM26 was drilled in the northwest of the Pit 4 target area to test the presence of near-surface mineralization, as well as the northern limit of this mineralization.

Discussion of pertinent results

HM05

The results of this hole showed Cu grades to be low grade (typically less than 0.25 per cent) in this part of the Pit 2 area. However, Mo grades are high, especially within the top 100 m from surface (18 m at 0.041 per cent Mo, 16 m at 0.042 per cent Mo and six m at 0.126 per cent Mo). Low Cu grades associated with high Mo grades have been observed in boreholes to the west and east of HM05 and are probably associated with an approximately east-west-trending unidentified structure.

HM11

Results from this hole showed good correlation with the existing model resulting in no changes to the 0.3 per cent and 0.4 per cent Cu contours. Unfortunately, the hole had to be stopped when operations were forced to cease while still within high grade mineralization (last sample 0.75 per cent Cu).

HM12

Only the first 96 m of this hole had been submitted for assaying before operations ceased. Results show a significant southwards lateral (approximately 50 m) shift of the high-grade mineralization here, with the last two samples returning the highest (2.55 per cent) and third highest (2.15 per cent) Cu grades seen at Haib.

HM13

Despite the first eight m of this hole returning a composite grade of over 0.3 per cent Cu, the Cu grades drop to 0.2 per cent for the next 40 m before dropping further to less than 0.1 per cent for the remainder of the hole. The less than 0.1 per cent Cu portion correlates with a wide zone of highly sheared veining logged in the core and is probably the large east-west vertical shear zone previously identified to the north of Pit 3. Mo grades are low over the first 40 m but within the shear zone, they are typically below detection limits.

HM14

Results for this hole showed the presence of an approximately 45 m wide, near vertical, over 0.3 per cent Cu zone which had been missed by the vertical historical drilling. This zone correlates well with borehole HM27 drilled approximately 200 m to the west of HM14, where two near-vertical, east-west-oriented zones were identified. Over all, results show the Pit 4 mineralization probably extends eastward to Pit 2.

HM22

For the first 80 m from surface, Cu grades in this hole are low averaging about 0.1 per cent while Mo remains at the detection limit. From 80 m to 230 m, Cu grades are closer to the 0.3-per-cent level with some intersections exceeding 0.5 per cent. From 272 m, Cu grades increase significantly averaging 0.63 per cent copper equivalent (CuEq) (0.57 per cent Cu) over 50 m along with elevated Mo grades. Another 24-metre zone is intersected from 346 m averaging 0.69 per cent CuEq (0.68 per cent Cu) but with Mo at the detection limits. As no mineralization had been identified here by previous drilling, the results of HM22 represent a significant improvement in tonnage and grade in the southern portion of Pit 1.

HM26

Results for this hole point to a relatively wide (approximately 100 m) zone of east-west oriented, near-vertical structures with Cu grades over 0.35 per cent. The results correlate well with those of boreholes HM14 and HM27 (previously reported) supporting the idea that mineralization within the Pit 4 area is contained within multiple east-west-trending, near-vertical structures extending to the Pit 2 area.

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 in May and June, 2021, six holes were recently disclosed while the remaining six holes are disclosed here. The program was planned for 10,000 metres, of which 4,800 metres were completed in 2021. The remaining 5,200 metres will be completed as part of the development program to be resume as soon as possible. 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. 33 elements are analyzed by Induced Coupled Plasma (ICP) utilizing a 4-acid digestion and gold is assayed using a 30g 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.

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.

We seek Safe Harbor.