Godolphin Resources Limited announced that it has commenced a detailed ground magnetic survey at its 100%-owned Yeoval and Goodrich Copper-Gold Prospects, respectively situated to the north and south of the Yeoval township in central west NSW. The program of closely spaced high resolution ground magnetics is being undertaken at the Cyclops and Yeoval East Prospects on EL 8538 and the Goodrich Prospect on EL9243. All Prospects contain significant copper, molybdenum and gold mineralisation, identified by Godolphin through recent exploration and historic mining in the late 1800's. Closely spaced ground magnetic surveys have not been completed on any of the Yeoval Prospects since the 1990's, while the Cyclops Prospect has never been surveyed with modern geophysical equipment.

Data will be utilised to identify potential drill targets at each Prospect, for planned drill programs in the near future. Proposed target areas and historic exploration: The three survey areas, Cyclops, Yeoval East and Goodrich Prospects, have been chosen due to the structural regime of historic copper mines located within the northwest trending shear zones in the area and copper mineralisation identified in historic and modern drilling. There is a lack of modern ground geophysical data despite results from drilling showing a clear association of magnetite with the copper sulphide mineralisation.

The survey areas have been designed to test linear zones of shearing and faulting within the Naringla Granodiorite, which have historically been explored for copper and gold with the known mineralisation typically associated with intense magnetite-chlorite alteration. The ground magnetic technique is particularly useful in detecting magnetic minerals, such as magnetite and pyrrhotite, both near surface and at depth, which are often associated with economic mineralisation, such as copper and gold. The acquisition of the magnetic data at each of the Prospects will allow target generation for future drill hole planning in the coming months.

Cyclops Prospect: No modern ground geophysical surveys have ever been completed at the Cyclops Prospect. The Prospect was drilled by Godolphin in 2022 with excellent results obtained from drill hole GYDD001: 18m @ 0.52% Cu from 118m, including: 8m @ 1.01% Cu from 118m; 4m @ 1.75% Cu from 122m. Multiple zones of high-grade copper mineralisation were intersected in the drill hole at shallow depths.

Due to the nature of the massive magnetite associated with the high-grade copper mineralisation intersected in drill hole GYD0001, a magnetic survey has the potential to identify similar zones across the area and map extensions to the mineralisation intersected. Follow-up exploration work at the Prospect is a priority for Godolphin and the commencement of the high-resolution ground magnetics survey will provide Godolphin with potential drill targets for future exploration work. Yeoval East Prospect: The Yeoval East Prospect is located approximately 1km to the east of the Yeoval Prospect, which has an existing JORC 2012 Mineral Resource Estimate of 12.8Mt at 0.38% copper, 0.14g/t gold, 2.2g/t silver & 120ppm molybdenum as a porphyry-style system.

Yeoval East was discovered as a narrow +400ppm copper in soil anomaly. Six widely spaced RC drill holes were completed across the area in 1994, however, due to the spacing, the drilling did not adequately test the Prospect. Drillhole RC94Y42 was designed to test a mineralised and altered Naringla Granodiorite outcrop and returned a best copper interval of 21m @ 0.34% Cu and 0.04g/t Au from 30m.

Godolphin is confident that the current ground magnetic survey will provide a sharper focus to the mineralised structures identified in regional aeromagnetic data and historic geological mapping, due to the higher quality of the data. Goodrich Prospect: High grade copper and molybdenum mineralisation is associated with zones of shearing and faulting with abundant magnetite. Follow-up drilling by previous explorers in the 1990's intersected further copper mineralisation that has not been fully followed up.

Copper grades from drill hole GRDD001 at the Goodrich Prospect include; 200m @ 0.14% Cu from 2.7m, including: 49m @ 0.40% Cu from 153m; 2m @ 1.1% Cu from 183m.