Godolphin Resources : Turrawonga Prospect Age Dating Confirms Equivalence

ASX ANNOUNCEMENT

24 February 2022

For personal use only

Age Dating Turrawonga Prospect at Copper Hill East

Confirms Equivalence with Cadia, Copper Hill and Boda Porphyries

• Uranium-Lead(U-Pb) age dating of porphyritic intrusive rocks from the Turrawonga Prospect on the Copper Hill East Project shows the same age as porphyry intrusions at the world-class Cadia Copper-Gold Mine, the Copper Hill Deposit and the Boda Copper-Gold Project, all within the Molong Volcanic Belt
• Confirmation that Turrawonga is part of the Molong Volcanic Belt mineralising event
• Sample age determined based on zircon U-Pb geochronology from drill hole CHERCD012 is 450.1Ma (±7.3Ma)
• Sample age determined based on apatite U-Pb geochronology from drill hole CHERCD013 is 464Ma (±12.5Ma)
• Petrographic studies confirmed multiple intrusive phases, a calc-silicate altered diorite and an orange to pink albite-chlorite-sericite-hematite altered micro-monzonite
• Provides additional insight into the Turrawonga Prospect and Copper Hill East Project ahead of further exploration initiatives

Godolphin Resources Limited (ASX:GRL) ("Godolphin" or the "Company") is pleased to advise that recent petrographic work and age dating data confirms an Ordovician age for the porphyry intrusions at the Turrawonga Prospect, located on GRL's 100%-owned Copper Hill East Project, within EL8556. Further, the data has confirmed that the porphyritic intrusive rocks from Turrawonga show the same age as those at the world-class Cadia Copper-Gold Mine, the Copper Hill Copper Deposit and the Boda Copper-Gold Project, which are all situated within the Molong Volcanic Belt. The Turrawonga intrusion was emplaced during the same crustal evolution event that generated the Cadia gold-copper porphyry system. This recognition is a key incentive for systematic exploration of the Turrawonga system to "vector in" on the target potassic alteration core, where more intense copper mineralisation should occur.

Four reverse circulation (RC) drill holes and two diamond tails were completed at the Turrawonga Prospect in 2020, with two holes returning significant results of 32m @ 0.29g/t gold & 0.13% (CHERC012) and 30 metres @ 0.64g/t gold

• 0.04% (CHERC013) (Refer ASX releases 20 October 2020 & 21 December 2020). The holes intersected multiple intrusive rocks and volcanic breccias, some with low intensity propylitic alteration assemblages of albite, actinolite, chlorite, sericite, which were subsequently tested to determine the age of the rocks.

Image 1: Albite-chlorite-sericite-hematite altered micro-monzonite porphyry with crustiform banded quartz-

carbonate chlorite with minor bornite and chalcopyrite from 471.4m in drill hole CHERCD013

Managing Director Ms Jeneta Owens said: "This recent age dating and petrographic analysis is incredibly important and will assist us in better understanding the Turrawonga Prospect and the Copper Hill East Project as a whole. These findings provide us with an exceptional insight into the potential of the project, as we progress exploration efforts in the most logical and scientifically backed manner. We look forward to providing updates as to the progress in the coming months."

	A: Unit 13, 11-19 William Street, Orange NSW 2800
	P: [phone]
ASX Code: GRL	E: [e-mail]
ABN: 13 633 779 950	www.godolphinresources.com.au

ASX ANNOUNCEMENT

For personal use only

Copper Hill East Project - Turrawonga Prospect

Different porphyritic intrusions within the two diamond-tailed drill holes completed in 2020 on EL8556, Copper Hill East, were selected and sent to the Centre for Ore Deposits and Earth Sciences (CODES) at the University of Tasmania (UTAS) for U-Pb zircon, apatite or titanite age dating. Both holes were drilled within the Turrawonga Prospect area of the Copper Hill East exploration licence (Figure 2). Samples were chosen from drill holes CHERCD012 and CHERCD013. Although no zircons were recovered in the sample sent from CHERCD013, apatite and titanite from that sample was dated instead and produced the same ages (within error) as the zircon-based ages for sample CHERCD012. The sample age determined based on zircon U-Pb geochronology from CHERCD012 is 450.1Ma (±7.3Ma), and apatite U-Pb geochronology from CHERCD013 is 464Ma (±12.5Ma) and based on titanite U-Pb geochronology from CHERCD013 is 454Ma (±13.3Ma).

Prior petrographic analysis of these rocks by Mason Geoscience in November 2021 had confirmed multiple intrusions at Turrawonga. The rock that hosts minor copper minerals is described as an orange to pink albite-chlorite-sericite- hematite altered micro-monzonite porphyry with crustiform quartz veins within CHERCD013. It was noted in thin- section to also contained fine-grained bornite and chalcopyrite. The low temperature of formation is supported by the mineralogical quartz banding inwards from the vein margins, defined by early massive microcrystalline quartz, overgrown by crustiform quartz ± sulphides, and later central fillings of calcite.

Figure 2: EL 8556 showing the location of Turrawonga within the CHE tenement and locations of other

large porphyry Cu-Au projects and mining operations within the Molong Volcanic Belt.

These results are significant as it shows the intrusive rocks at Turrawonga fall within a compatible age range to large porphyry deposits along strike, both north and south in the Molong Volcanic Belt, within the Lachlan Fold Belt. This indicates that the emplacement of the intrusions at Turrawonga have potential for large tonnage porphyry style mineralisation and strongly supports systematic focused exploration using the Cadia/Boda model.

Godolphin Resources

pg. 2

ASX ANNOUNCEMENT

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This market announcement has been authorised for release to the market by the Board of Godolphin Resources Limited.

For further information regarding Godolphin, please visit https://godolphinresources.com.au/or contact:

Jeneta Owens

Managing Director [phone] [e-mail]

Released through: Henry Jordan, Six Degrees Investor Relations, [phone]

About Godolphin Resources

Godolphin Resources (ASX: GRL) is an ASX listed resources company, with 100% controlled Australian-based projects in the Lachlan Fold Belt ("LFB") NSW, a world-classgold-copper province. Currently the Company's tenements cover 3,200km2 of highly prospective ground focussed on the Lachlan Transverse Zone, one of the key structures which controlled the formation of copper and gold deposits within the LFB. Additional prospectivity attributes of GRL tenure include the McPhillamy's gold hosting Godolphin Fault and the Boda gold-copper hosting Molong Volcanic Belt.

Godolphin is exploring for structurally hosted, epithermal gold and base-metal deposits and large, gold- copper Cadia style porphyry deposits and is pleased to announce a re-focus of exploration efforts for unlocking the potential of its East Lachlan tenement holdings, including increasing the mineral resource of its advanced Lewis Ponds Project. Reinvigoration of the exploration efforts across the tenement package is the key to discovery and represents a transformational stage for the Company and its shareholders.

COMPLIANCE STATEMENT The information in this report that relates to Exploration Targets, Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Ms Jeneta Owens, a Competent Person who is a Member of the Australian Institute of Geoscientists. Ms Owens is the Managing Director and full-time employee of Godolphin Resources Limited. Ms Owens has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Ms Owens consents to the inclusion in the report of the matters based on her information in the form and context in which it appears.

Information in this announcement is extracted from reports lodged as market announcements referred to above and available on the Company's website www.godolphinresources.com.au.

The Company confirms that it is not aware of any new information that materially affects the information included in the original market announcements and that all material assumptions and technical parameters underpinning the estimates in the relevant market announcements continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Persons' findings are presented have not been materially modified from the original market announcements.

Godolphin Resources

pg. 3

ASX ANNOUNCEMENT

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Appendix 1 - JORC Code, 2012 Edition, Table 1 report

Section 1 Sampling Techniques and Data (Criteria in this section applies to all succeeding sections)

Criteria	JORC Code explanation					Commentary
Sampling techniques	• Nature and quality of sampling		Sampling method Description
	(eg cut channels, random chips,		Petrography - samples were selected based on visual observations of GRL geologists to represent the suite of rock types and alteration styles from the diamond
	or specific	specialised	industry
		drilling completed previously.
	standard measurement tools
	appropriate	to	the		minerals		Age Dating - samples were selectively sampled from the intrusive rocks logged by GRL geologists.
	under	investigation,	such	as		Previous Diamond Drilling:
	down hole gamma sondes, or
	handheld XRF instruments, etc).		•	All holes were sampled on a geological interval basis.
	These examples should not be
			o	Each interval was geologically logged, and sample intervals determined using geological contacts.
	taken as limiting the broad
			o	Each sample was cut in half, with one half sent for assay analysis and the other stored for future use.
	meaning of sampling.
	• Include	reference	to	measures		•	Some intervals was scanned with a Niton XRF scanner and the data recorded. NOTE: The XRF scanner does not record gold values and the data collected was not
	taken	to	ensure		sample			used for reporting purposes, but rather to inform the geologist of potential increase of trace element values.
	representivity	and		the		•	All intervals were logged and recorded in GRL's standard templates and saved in the company database. Data includes: from and to measurements, colour,
	appropriate	calibration	of	any
			lithology, magnetic susceptibility, structures etc. Visible mineralisation content was logged as well as alteration and weathering.
	measurement tools or systems
	used.

• Aspects of the determination of mineralisation that are Material to the Public Report.

	A: Unit 13, 11-19 William Street, Orange NSW 2800
	P: [phone]
ASX Code: GRL	E: [e-mail]
ABN: 13 633 779 950	www.godolphinresources.com.au

ASX ANNOUNCEMENT

Criteria

JORC Code explanation

Commentary

Drilling techniques

•

Drill

type

(eg core, reverse

•

Orientated diamond drilling (DD) with NQ core size using a triple tube and hole dip of 60° was used during this drilling program.

circulation, open-hole hammer,

rotary air blast, auger, Bangka,

sonic, etc) and details.

only

Drill sample recovery

•

Method

of

recording

and

•

Drill core recovery was determined by comparing the drilled length of each interval with the physical core in the tray. The drill depth and drill run length data is

assessing core and chip sample

recorded on the core blocks by the drilling company and checked by GRM geologists.

recoveries

and

results

•

Overall estimated recovery was high.

assessed.

Logging

• Whether core and chip samples

•

The drill core was logged by a GRL Geologist. The log includes detailed datasets for: Lithology, Alteration, Mineralisation, Veins, Structure, Geotechnical logs,

have

been

geologically

and

magnetic susceptibility and XRF.

geotechnically logged to a level

•

The data is logged by a qualified geologist and is suitable for use in any future geological modelling, resource estimation, mining and/or metallurgical studies.

of detail to support appropriate

Mineral

Resource

estimation,

use

mining studies and metallurgical

studies.

Sub-sampling

• For all sample types, the nature,

•

Sample intervals were marked by the geologist using the lithology as guide. Sample lengths are not equal, but an average length of 1.5m was obtained for this

techniques and

quality and

appropriateness of

program. The NQ core was split using a core saw and one half of each sample interval sent for assay analysis.

sample preparation

the

sample

preparation

•

QAQC was employed. A standard, blank or duplicate sample was inserted into the sample stream at regular intervals and also at specific intervals based on the

technique.

geologists discretion. Standards were quantified industry standards. Sample sizes are appropriate for the nature of mineralisation.

Quality of assay data

• The nature, quality and

Diamond Drilling:

personal

and laboratory tests

appropriateness of the assaying

•

All GRL samples were submitted to Bureau Veritas laboratories in Adelaide.

and laboratory procedures used

•

The samples were sorted, wet weighed, dried then weighed again. Primary preparation involved crushing and splitting the sample with a riffle splitter where

and

whether

the

technique is

considered partial or total.

necessary to obtain a sub-fraction which was pulverised in a vibrating pulveriser. All coarse residues have been retained.

• Nature of quality control

•

The samples have been analysed by firing a 50 g (approx) portion of the sample. Lower sample weights may be employed for samples with very high sulphide and

procedures

adopted

(eg

metal contents. This is the classical fire assay process and will give total separation of Gold, Platinum and Palladium in the sample. Au, Pd, Pt have been determined

standards,

blanks,

duplicates,

by Inductively Coupled Plasma (ICP) Optical Emission Spectrometry.

external laboratory checks) and

•

The lab routinely inserts analytical blanks, standards and duplicates into the client sample batches for laboratory QAQC performance monitoring.

whether

acceptable

levels

of

•

GRL inserted QAQC samples into the sample stream as mentioned above.

accuracy (ie lack of bias) and

precision

have

been

.

established.

Verification of

•

The

verification

of

significant

Diamond Drilling

sampling and

intersections

by

either

•

The lab routinely inserts analytical blanks, standards and duplicates into the client sample batches for laboratory QAQC performance monitoring.

assaying

independent

or

alternative

•

GRL inserted QAQC samples as mentioned above

company personnel.

• Documentation of primary data,

Godolphin Resources

pg. 5

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