Godolphin Resources : Lewis Ponds Soil Re-Interpretation Completed

25 November 2021

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LEWIS PONDS SOIL RE-INTERPRETATION COMPLETED

• Re-interpretationof Lewis Ponds soil geochemical data confirms significant gold and multi- element anomalism similar to the nearby two-million-ounce McPhillamys Gold Deposit
• The McPhillamys Gold Deposit is one of Australia's largest, under development open- pittable resources situated 20km south east along the Godolphin Fault Zone
• Infill and extension soil sampling proposed at Lewis Ponds to delineate gold and copper mineralisation to the northwest and south of the existing resource
• Williams Prospect soils program ongoing with over 70 samples pending results

Godolphin Resources Limited (ASX:GRL) ("Godolphin" or the "Company") is pleased to provide an update on exploration initiatives across several key projects in NSW. The Company has completed the re-interpretation of soil sampling results from a recent program at its Lewis Ponds Project. The initiative has identified significant gold mineralisation with coincident copper, molybdenum, barium, bismuth, tellurium and lead anomalism south of the main mineral resource. This is a similar geochemical signature to the neighbouring, two-million-ounce McPhillamys Gold Deposit.

Progress continues on the soil sampling program at the Williams prospect. The Williams prospect is located along strike on a northwest-southeast structural trend, the same trend as Lewis Ponds, within EL5583. Williams displays multi-element anomalies (Au+As,Zn,Pb, Ag+Cu) in rock chip and soil geochemistry. An infill soil sampling program is underway to assist in defining gold anomalism and aid in drill hole designs.

Managing Director, Jeneta Owens said: "The re-interpretation of our most recent multi-element soil sampling program at the Lewis Ponds Project has been a tremendous success. Not only does it significantly increase our understanding of the area, but we have also identified similar geochemical signatures to the two-million-ounce McPhillamy's Gold Deposit. This is very encouraging and bodes well for planned exploration activities, aimed at the increasing the potential of the Lewis Ponds mineralisation.

"We will continue to provide ongoing updates on exploration initiatives and assay results as they are received over the coming months."

Lewis Ponds Soils Re-Interpretation

The Lewis Ponds Project hosts extensive historic gold and base metal workings and has an Inferred Mineral Resource Estimate (MRE) of 6.2Mt @ 2.0g/t gold, 80g/t silver, 2.7% zinc, 1.6% lead & 0.2% copper*. It remains a high priority project for Godolphin.

Historic soil sampling across the Lewis Ponds Prospect has only targeted base metal mineralisation. No assays for precious metals exist in the historic dataset apart from limited rock chip assays. Until recently the geochemical extent of surface gold and silver mineralisation was relatively unknown, despite significant amounts of precious metals occurring within the Lewis Ponds mineral resource and along strike at other known prospects.

• Refer to ASX announcement of 02 February 2021

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

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During 2020, Godolphin conducted a 100m x 50m soil sampling program across the strike of the Lewis Ponds mineralisation to test for gold (Au) and silver (Ag) alongside other previously unassayed elements. The results of that program identified Au and Ag across a 1,300m strike length from the main shaft area to south of the Toms Mine with significant assays of Au to 6.2g/t and Ag to 26.1g/t**.

Re-interpretation of these results by the Company has identified zones of Au mineralisation coincident with anomalous copper-barium-bismuth-molybdenum-lead-tellurium(Cu-Ba-Bi-Mo-Pb-Te) to the south of the resource. Despite further testing being required, geochemical comparisons can be made with the two- million-ounce McPhillamys Gold Deposit located approximately 20km southeast along the Godolphin Fault Zone, within a similar geological setting. The McPhillamys Gold Deposit is one of Australia's largest undeveloped open-pittable gold resources.

Recent results highlight anomalous zones of coincident gold, copper, barium, bismuth, molybdenum, lead and tellurium and also indicate the occurrence of these minerals south of the known resource. The existence of this mineralisation has been historically termed the Footwall Copper Zone (Agnew et.al, 2005). However, the recent re-interpretation of geochemical data shows that the mineralised footprint is significant, given the McPhillamys Gold Deposit contains a similar surface mineral assemblage associated with the gold mineralisation.

The typical surface geochemistry at McPhillamys is shown in Figure 1. It is important to note that the deposit was initially identified as a weak single point >6ppb Regoleach gold anomaly with follow-up work delineating a coherent >100ppb gold anomaly with coincident As-Mo-Pb-Bi-Cu across the McPhillamys hill with a 650 m x 200 m extent (French et.al, 2015, Mines and Wines Publication).

Figure 1. Aqua regia soil/auger contours for Au and multi-elements across the McPhillamys Gold Deposit (taken from French et.al, 2015 Mines and Wines Conference paper).

• Refer to ASX announcement of 15 September 2020

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At Lewis Ponds, +16ppb gold in soil anomalism extends from the Main Shaft in the north to 2.3km south as delineated by the recent soils program (Figure 2). Gold values peak just south of the Toms Mine where copper, bismuth, molybdenum and lead increase in anomalism. Molybdenum, barium and bismuth are all coincident with the footwall copper zone (Figures 3 & 4). Lead anomalism (Figure 5) appears to be restricted to the hanging wall sequence in a typical spatial zonation pattern from the Footwall Copper Zone. This also occurs at the McPhillamys deposit, where lead appears to be zoned around the gold and copper ore zone as shown in the contours for lead and gold (Figure 1).

The recent findings at Lewis Ponds have provided Godolphin with a much greater understanding of the geological setting. The Company has devised a number of initiatives, which will focus on extending the gold mineralisation to the northwest via a close spaced surface sampling program (Figure 2) as well as defining the anomalous Cu-Ba-Bi-Mo-Pb zone to the south with targeted soils and rock chip sampling and detailed geological mapping. Minimal drilling has occurred in the Footwall Copper Zone which is highly encouraging for future work, which could potentially extend the known mineralisation.

Figure 2. Au (>16ppb) and Ag (>1ppm) soil contours at Lewis Ponds. The Williams prospect is located off-map a further 5.5 km southeast along the Godolphin Fault Zone structure.

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Figure 3. As (>50ppm) and Ba (>1000ppm), Cu (>100ppm) and Mo (1ppm) soil contours at Lewis Ponds.

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Figure 4. Pb (>500ppm) and Te (>0.20ppm) Bi (>3ppm) soils contours at Lewis Ponds.

Williams Prospect Soils Program Update

Soil sampling is ongoing across the Williams Prospect, targeting trends in the southeast of the Lewis Ponds Project. The current program comprises 200 sample points. To date, approximately 70 samples have been collected, dried, sieved and sent to the laboratory for assay. Results are expected in Q1 2022.

References

French, T., Duerden, P., Bigelow, J., Simmons, H., and Flitcroft, P. The McPhillamys Gold Deposit, Kings Plains, NSW. Discovery History and Geology of the McPhillamys Gold Deposit, Lachlan Fold belt, NSW - 2015 Mines and Wines Conference.

Agnew, MW., Large, RR., Bull, SW., Lewis Ponds, a hybrid carbonate and volcanic-hosted polymetallic massive sulphide deposit, New South Wales, Australia. Mineralium Deposita (2005) 39: 822-844

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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 godolpinresources.com.au or contact:

Jeneta Owens Managing Director [phone] [e-mail]

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

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