Godolphin Resources : Drill Program Intersects Extensive Sulphide Mineralisation

8 February 2022

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Diamond Drill Program Intersects Extensive Sulphide Mineralisation at Surprise Hill North and Big Ben gold Prospects

• 700m, two-hole diamond drill program completed at the 100%-owned Gundagai South Gold Project
• Drilling targeted highly anomalous gold in soils and rock chips at the Surprise Hill North and Big Ben gold prospects
• Extensive disseminated, stringer and vein-hosted sulphide mineralisation intersected within strongly deformed and altered interbedded siltstones and arenites at Surprise Hill North
• Mineralised quartz veins were also intersected at the Big Ben Prospect
• Intersections highlight potential for extensive hydrothermal systems
• Logging, cutting and sampling of HQ diamond core underway with assays expected Q2 CY2022

Godolphin Resources Limited (ASX:GRL) ("Godolphin" or the "Company") is pleased to advise that it has completed a two-hole 700m Diamond Drilling ("DD") program at its 100%-owned Gundagai South Gold Project, focused on the Surprise Hill North and Big Ben prospects located on EL8061. Drilling intersected extensive disseminated pyrite, stringer and vein-hosted sulphide mineralisation at both prospects (Image 1). Alteration of the host rock by an assemblage of chlorite-silica-sericite-albite highlights the potential for an extensive hydrothermal system, particularly at the Surprise Hill North Prospect.

Image 1: Disseminated and stringer pyrite mineralisation in brecciated siltstone unit at 86m, GSDD001

Managing Director Ms Jeneta Owens said: "It is truly exciting to have put the first core drill hole into the Surprise Hill North prospect and complete the hole at Big Ben with such promising outcomes. Following unprecedented rainfall late last year, the Company made the strategic operational decision to switch to diamond drilling which has allowed these holes to be drilled to planned depth and provide us with a much greater indication of the potential at Gundagai. We look forward to providing updates as the assay results are received over the coming months."

Gundagai South Gold Project

The Gundagai South Gold Project is centred around the Gundagai township and located in the southern area of the Lachlan Fold Belt. The area has a longstanding and successful history of high-grade gold mining. Godolphin's tenements host several historic gold and base metals workings, situated within a belt of basaltic, volcaniclastic and meta-sedimentary rocks intruded by porphyritic quartz-feldspar dykes and sills.

	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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The Company's two-hole diamond drill exploration program covered a total of approximately 700m. The program included an initial 500m hole at the Surprise Hill North Prospect and a 200m hole at Big Ben.

Drilling at Surprise Hill North (GSDD001), was designed to test a series of mapped porphyritic quartz-feldspar dykes coincident with a +95ppb gold-in-soils anomaly and including highly anomalous silver, arsenic, bismuth, selenium and tellurium values (Refer ASX:GRL announcement: 17 February 2020). Initial plans at Surprise Hill North included a two-hole reverse circulation percussion (RC) program, however, an extended period of wet weather resulted in higher than normal groundwater levels which dictated that diamond drilling had to be utilised.

Image 2: Drill hole locations and mapped porphyritic quartz-feldspar dykes and sills at Surprise Hill North

and Big Ben Prospects, EL8061

Diamond drill hole GSDD001 at Surprise Hill North intersected strong coarse-grained disseminated and stringer pyrite mineralisation (>5%) associated with pervasive chlorite-sericite alteration in a brecciated siltstone host rock from 80m (Image 1). Well developed sulphide mineralisation is predominately within a strongly deformed interbedded siltstone and arenite rock package. Multiple porphyritic quartz-feldspar intrusive sills were intersected and the sills may have acted as a heat source to drive localised hydrothermal

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alteration, as chlorite and sericite alteration increases in proximity to the sills. Weak to moderate fine grained disseminated pyrite mineralisation occurs throughout the entire hole to 495m. Sulphides comprising pyrrhotite, pyrite and chalcopyrite (a copper-iron sulphide mineral) were intersected at 205m in a narrow quartz vein (Image 3).

Image 3: Quartz vein-hosted pyrrhotite and chalcopyrite mineralisation hosted in chlorite-sericite altered

arenite, 205m, GSDD001

At the Big Ben Prospect (GSDD002), exploration initiatives were designed to test sheeted gold-bearing quartz veins within porphyritic quartz-feldspar intrusive dykes and sills. Drill hole GSDD002 intersected variably sericite and chlorite altered and quartz veined arenites and volcanic sandstones. Disseminated pyrite mineralisation also occurs throughout the entire hole which was drilled to 204m. Small intersections of vein- hosted pyrite mineralisation, with an intense sericite alteration halo, occurs at intervals throughout the hole (Image 4). Mapped porphyritic quartz-feldspar intrusive sills which were previously thought to contain gold- bearing quartz veins were not intersected in this hole but were encountered in an adjacent RC hole, GSRC001, in late 2021. Assay results for this RC hole are still pending.

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Image 4: Vein-hosted pyrite mineralisation with an intense sericite alteration halo from GSDD002 95m. The sericite is the light brown coloration in the core and is a common alteration mineral developed in gold mineralised systems.

The preliminary observational results from the drilling at both prospects suggests that both holes, particularly GSDD001, intersected several discrete zones of strong hydrothermal alteration that appear to be coincident with an increase in pyrite mineralisation, highlighting the potential for extensive hydrothermal mineralising systems.

Geological logging, cutting and sampling of the drill holes has commenced with assay results expected in Q2 CY2022. A number of samples across both holes will be selected for petrological studies to determine lithologies, alteration assemblages and mineralisation styles and relationships.

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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]

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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.

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