Golden Deeps : High-Grade 12.49% V2O5 in Abenab Open Pit Channel Samples

ASX ANNOUNCEMENT

8 October 2019

ASX code: GED

High-Grade (12.49% V2O5) Vanadium in Abenab Open Pit Channel Samples

• Channel sampling along the south wall of the historic Abenab Open Pit returns multiple high- grade vanadium pentoxide intersections:

• 1. 7m @ 2.72% V2O5, 7.09%Pb, 4.0% Zn in ABPCS001
  2. • Incl. Highest grade 1m interval @ 12.49% V2O5, 29.9% Pb, 10.56% Zn o 5m @ 2.54% V2O5, 6.27%Pb, 2.08% Zn in ABPCS005
• Channel sampling adds to very encouraging results from recent RC holes ABRC019 and ABRC020 which were stepped out from the south wall of the existing Abenab open pit
• New zone of vanadium mineralisation supports an open pit cutback, providing additional resources for the near term development of the Abenab Project
• Further drilling planned to delineate the extent of the mineralisation and generate an Inferred Mineral Resource

Golden Deeps Limited ("Golden Deeps" or "Company") the ASX listed company (ASX: GED) targeting near term, low capital and operating cost vanadium production, is pleased to provide the latest assay results from channel sampling recently carried out in the historic Abenab open pit at the Company's Abenab Vanadium, Lead and Zinc Project located in North Eastern Namibia.

The Company cut and sampled five channels along horizontal benches on the south wall of the historic Abenab open pit (Figure 1). The best intersections include:

ABPCS001	7m	@ 2.72% V2O5, 7.09% Pb, 4.0% Zn from 29m
	Incl. 1m @ 12.49% V2O5, 29.9% Pb, 10.56% Zn from 32m
ABPCS005	5m	@ 2.54% V2O5, 6.27%Pb, 2.08% Zn from 12m

The channel sampling was conducted to follow up recent very encouraging results from reverse circulation (RC) holes ABRC019 and ABRC020 that intersected high-grade vanadium in the south wall of the pit.

ABRC0191	2m	@ 1.76% V2O5, 4.38% Pb, 1.42% Zn from 8m
	2m	@ 1.8% V2O5, 5.07% Pb, 2.53% Zn from 64m
ABRC0201	6m	@ 0.63% V2O5, 1.53% Pb, 0.58% Zn from 48m
	3m	@ 0.92% V2O5, 2.7% Pb, 0.44% Zn from 77m

Incl. 1m @ 1.81% V2O5, 4.61% Pb, 3.62% Zn from 79m (end of hole)

1 Refer to GED:ASX announcement dated 9 September 2019 and titled 'Drilling Intersects Previously Unidentified Extension'. The Company is not aware of any new information or data that materially effects the information included in this announcement.

Golden Deeps Limited

1st Floor, 8 Parliament Place, West Perth, WA 6005

PO Box 1618, West Perth, WA 6872

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Geological mapping along benches in the pit has revealed several zones of brecciated limestone with calcite fracture fill and descloizite, a lead-zinc vanadate (Figure 2). The descloizite occurs as black veneers on the margins of clasts in the breccia and resembles the ore that was mined historically from the Abenab pit and underground workings.

GED Chairman Michael Minosora stated "These high-grade results from the channel sampling further build on the very encouraging results from our recent shallow RC drilling on the southern margins of the pit. The vanadium mineralisation extends near to the surface at a depth that could be extracted via a pit cutback, providing a potential new source of vanadium mineralisation for the Company's planned processing plant.

To follow on from this, we will now carry out additional RC drilling to delineate the extent of the vanadium mineralised breccia in the south wall of the pit and to support an initial JORC compliant mineral resource."

Figure 1: Location of channel samples in south wall of the historic Abenab open pit with best intersections.

Golden Deeps Limited

1st Floor, 8 Parliament Place, West Perth, WA 6005

PO Box 1618, West Perth, WA 6872

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Figure 2: Brecciated limestone with calcite-descloizite fracture fill in the south wall of the Abenab pit

Next Steps

The Company plans to conduct additional RC drilling on the margins of the pit to delineate the extent of the vanadium mineralised breccia in the south wall of the pit. The drilling will be designed to support an initial JORC compliant mineral resource and allow mining studies on the potential for a pit cut-back. Any resource generated could be added to the existing surface stockpiles and tails that are subject to a mineral processing joint venture with Generous Metals Company Limited.

***ENDS***

For further information, please refer to the Company's website or contact:

Michael Minosora	Investor Relations
Chairman	Victoria Humphries
Golden Deeps Limited	P: [phone]
P: [phone]	E: [e-mail]
E: [e-mail]

Golden Deeps Limited

1st Floor, 8 Parliament Place, West Perth, WA 6005

PO Box 1618, West Perth, WA 6872

Page | 3

Caution Regarding Forward-Looking Information

This document contains forward-looking statements concerning Golden Deeps. Forward-looking statements are not statements of historical fact and actual events and results may differ materially from those described in the forward looking statements as a result of a variety of risks, uncertainties and other factors. Forward-looking statements are inherently subject to business, economic, competitive, political and social uncertainties and contingencies. Many factors could cause the Company's actual results to differ materially from those expressed or implied in any forward-looking information provided by the Company, or on behalf of, the Company. Such factors include, among other things, risks relating to additional funding requirements, metal prices, exploration, development and operating risks, competition, production risks, regulatory restrictions, including environmental regulation and liability and potential title disputes.

Forward looking statements in this document are based on the company's beliefs, opinions and estimates of Golden Deeps Ltd as of the dates the forward looking statements are made, and no obligation is assumed to update forward looking statements if these beliefs, opinions and estimates should change or to reflect other future developments.

Competent Person Statement

The information in this announcement that relates to Exploration Targets, Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Mr Martin Bennett. Mr Bennett is a consultant to Golden Deeps Limited and is a member of the Australian Institute of Geoscientists. Mr Bennett 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'. Mr Bennett consents to the inclusion in the report of the matters based on their information in the form and context in which it appears.

Golden Deeps Limited

1st Floor, 8 Parliament Place, West Perth, WA 6005

PO Box 1618, West Perth, WA 6872

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APPENDIX 1

Abenab Open Pit Channel Sampling

Channel Sample Details

	Start	Start			End	End
Channel ID	Easting	Northing	RL	Length	Easting	Northing	RL
ABPCS001	194479	7864372	1282	45	194512	7864398	1270
ABPCS002	194513	7864399	1272	4	194516	7864401	1273
ABPCS003	194474	7864372	1283	17	194458	7864375	1283
ABPCS004	194508	7864397	1269	21	194490	7864393	1257
ABPCS005	194525	7864396	1285	26	194507	7864377	1284

APPENDIX 2

Abenab Open Pit Channel Sample Results

Intersections over 0.2% vanadium pentoxide

Hole_ID	From	To	Intercept V2O5	PB %	Zn %	Cu %
ABPCS001	5	6	1m @ 0.37 %	0.88	0.28	0.01
ABPCS001	10	23	13m @ 0.73 %	2.16	1.46	0.06
ABPCS001	29	36	7m @ 2.72 %	7.09	4	0.12
ABPCS001	39	44	5m @ 1.49 %	4.25	2.38	0.07
ABPCS002	1	4	3m @ 1.06 %	2.94	1.27	0.05
ABPCS003	5	8	3m @ 0.44 %	1.24	0.42	0.02
ABPCS004	0	9	9m @ 0.54 %	1.7	1.74	0.05
ABPCS004	11	13	2m @ 1.19 %	3.17	2.61	0.07
ABPCS004	16	21	5m @ 1.30 %	3.58	1.71	0.07
ABPCS005	12	17	5m @ 2.54 %	6.27	2.08	0.07
ABPCS005	21	24	3m @ 1.10 %	3.17	2.24	0.07

APPENDIX 3

Abenab Open Pit Channel Sample Results

						V2O5
Hole_ID	From	To	Cu %	Pb %	Zn %	%
ABPCS001	0	1	0.01	0.01	0.03	0.02
ABPCS001	1	2	0.00	0.08	0.07	0.02
ABPCS001	2	3	0.00	0.01	0.02	0.00
ABPCS001	3	4	0.00	0.01	0.01	0.01
ABPCS001	4	5	0.00	0.10	0.05	0.04
ABPCS001	5	6	0.01	0.88	0.28	0.37
ABPCS001	6	7	0.00	0.07	0.04	0.02
ABPCS001	7	8	0.00	0.05	0.02	0.01
ABPCS001	8	9	0.01	0.30	0.15	0.09
Golden Deeps Limited	1st Floor, 8 Parliament Place, West Perth, WA 6005	PO Box 1618, West Perth, WA 6872	Page | 5