Godolphin Resources : Two New Tenements and Assays from Gundagai North

17 March 2022

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Godolphin significantly strengthens landholding with two new

tenements and reports assays from Gundagai North

• Two new ELs in Lachlan Fold Belt granted - new project area totals 160km2
• EL9370 is ~ 23km SSW of Crookwell and along strike from Sky Metals' highly prospective Hume Au project to the west
• EL9371 is circa 40km NE of Queanbeyan and is 17km west of the Woodlawn mining lease
• Exploration plans are established for both new areas with work plans in place for six years for both tenements
• Results from the seven-hole reverse circulation (RC) program at Emu and Manton's Prospects, Gundagai North
• Assays returned highly anomalous gold values confirming narrow intervals of gold mineralisation at both Emu and Mantons Prospects
• Gold mineralisation at both prospects within siliceous dacite to rhyodacite volcanics containing narrow veins or 'quartz leaders' containing coarse pyrite and SiO2-Sericite-Chlorite alteration
• Ongoing regional exploration at Gundagai North including soil sampling, rock chipping and mapping at the nearby Burra and Oaks Mine Prospect areas

Godolphin Resources Limited (ASX: GRL) ("Godolphin" or the "Company") is pleased to advise that it has been granted two Exploration Licences ("EL") by the NSW Government, Department of Mining, Exploration and Geoscience. Both ELs are located in the Eastern Lachlan Orogen and significantly contribute to Godolphin's landholding within NSW (Figure 1). Further, the Company wishes to provide shareholders with an update on assay results for the eight-hole Reverse Circulation ("RC") drill program at its 100%-owned Gundagai North Gold Project (EL8586).

Managing Director Ms Jeneta Owens said: "We are very pleased to have been granted these two ELs, which are strategically located amongst existing working projects and display similar structural setting and stratigraphies to the Sky Metals' Hume gold project. In particular EL9371, being in close proximity to Woodlawn mine, shows promising potential for being in highly prospective ground. We have undertaken a review of all data associated with the new ELs and developed a staged exploration approach to unlock value for our shareholders.

The most recent results from our drilling program at Gundagai North are also encouraging. The most recent results confirms the presence of gold at these prospects and we have already commenced further work at Gundagai North, to the east of this drilling.

This is a location we identified during the previous historical data review and have commenced geological mapping and a soil sampling program to define drill targets. We look forward to providing updates as the assay results are received over 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

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Figure 1: Location of Godolphin's newly granted tenements in relation to existing Godolphin landholdings and Joint

Ventures (JV).

New tenements broaden landholding in NSW

Godolphin advises that it has been granted two Exploration Licences ("EL") by the NSW Government, Department of Mining, Exploration and Geoscience. The ELs include EL9370 and EL9371, which are strategically located amongst the Company's existing projects.

In particular, EL9370 displays similar stratigraphies and structural position to the Sky Metals' Hume gold project (Figure 2). EL9371, being in close proximity to Woodlawn mine (Figure 1), shows promising potential as prospective ground for both VMS and skarn style mineralisation.

Godolphin has been granted a six-year exploration lease for both tenements which allows sufficient time to explore all extents of EL9370 and EL9371 for mineral deposit occurrences.

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EL9370 - Gurrundah

EL9370, named the Gurrundah project, has seen very little historic exploration activity. Historic exploration is concentrated to the east and south of the tenement.

In the surrounding area, metallic prospects are predominantly described as gold and copper-rich structurally controlled hydrothermal deposits, including the high-grade Hume gold prospect located on the neighbouring EL7954 (ASX: SKY, Sky Metals 26/10/2020 & 2/3/2021). Appearing structurally less complex than the neighbouring EL7954, the tenement does lie within the north-south trending Cullerin fault zone and contains some of the same Silurian lithological units within the Lachlan Orogen as the Hume Prospect (Figure2). The TMI_RTP geophysical surveys shows a similar response to the highly prospective Hume gold prospect.

The research completed to date suggests that the stratigraphy and structures reflect a McPhillamys-style deposit and could contain a possible extension of the same stratigraphy and structural controls as the nearby Sky Metals Hume Gold Prospect.

Figure 2: Left to right - Location of EL9370 and EL9371 in relation to the Woodlawn mine and the Hume gold prospect; Lachlan Orogen mapped lithological units showing the similarity in geology to EL7954; State wide magnetic imagery showing similarity in TMI_RTP values

Godolphin has developed a six-year work plan, which is based on: 1. Research: historical data collation and interpretation

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1. Ground reconnaissance: establish a sound understanding of the geological environment, previous workings and the terrain
2. Soil sampling: testing extension of anomalies from the neighbouring EL
3. Designing any drill holes to test identified targets from the above works

EL9371 - Kingsburgh

EL9371, named the Kingsburgh project, is located 17km west of the Woodlawn mining lease (S(C&PL)20) (Figure2) and is split across two areas. The larger of the tenement areas included in EL9371 wraps around the western edge of Lake George with the Lake George Fault running almost north-south through the middle of the tenement (of which the Cullerin Fault appears to be a splay) separating the Silurian (East) and Ordovician (West) Shales and Sandstones.

Apart from the similarities in stratigraphy and geophysical signature from Sky Metals' Hume Gold Prospect, skarn alteration has been reported at the Zn-Pb+Ag(+/-Cu) Clare and Clare South Prospects in the far south of EL9371. All historic exploration is concentrated in the north and south of the tenement area.

In the northern portion of EL9371, there is potential for orogenic gold that is associated with the north-south trending faults that traverse through the tenement.

The six-year work plan is based on:

1. Research: historical data collation and interpretation
2. Ground reconnaissance: establish a sound understanding of the geological environment, previous workings and the terrain
3. Soil sampling: testing extension of anomalies from the neighbouring EL
4. Designing and drilling: drill holes to test identified targets developed from the above works

Reverse Circulation drilling intersects highly anomalous gold at Gundagai North:

Godolphin has also received assay results for the seven-hole RC program at its 100%-owned Gundagai North Gold Project (EL8586). Narrow zones of highly anomalous gold mineralisation up to 1.76g/t was intersected during the program which was designed to test historic workings situated along narrow quartz veins along with recent anomalous surface geochemistry (refer: ASX: GRL announcement 16 September 2021).

A summary of the results is as follows:

• GNRC002 - 14m @ 0.10g/t Au from 18m including 2m @ 0.5g/t Au
• GNRC003 - 2m @ 0.14g/t Au 80m and 2m @ 0.16g/t from 104m
• GNRC007 - 8m @ 0.32g/t Au from 62m including 2m @ 0.8g/t Au from 66m and 2m @ 0.41g/t Au from 100m and 2m @ 0.25g/t Au from 134m and 2m @ 0.50g/t Au from 140m and 2m @ 0.22g/t Au from 190m.
• GNRC008 - 2m @ 1.76g/t Au from 14m and 2m @ 0.14g/tm Au from 46m

RC drilling at the Emu prospect was centred on the historic Emu mine area comprising two separate lines of workings sunk on narrow quartz veins within a siliceous dacite unit. Intense silica and sericite occur as vein halo type alteration suggesting gold mineralisation is confined to the quartz veins and not disseminated in the surrounding wall rock dacite. At the Mantons prospect, RC drilling targeted historic shallow workings and mapped veins within siliceous dacite and rhyodacites. The gold mineralisation was intersected within

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multiple narrow quartz vein intervals containing coarse grained pyrite mineralisation and strong chlorite- sericite alteration.

Following the latest drilling results, regional exploration is scheduled to continue at the nearby Burra and Oaks Mine Prospects where a 400m x 100m soil sampling, rock chip and mapping program will test historic gold workings and favourable Silurian and potentially Ordovician geology between two major structures, the Gundagai and Cootamundra Faults.

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