Godolphin Resources Limited announced that the company has been awarded a co-funding drilling grant under the New Frontiers Exploration program from the Government of New South Wales as part of the NSW Government's Critical Minerals and High-Tech Metals Strategy to promote mineral exploration investment in NSW. The Company has been awarded a drilling grant for a total of up to $100,000 to undertake drilling at the Cyclops Prospect on the Company's 100%-owned Yeoval Tenement in central west NSW (EL8538). The funding was granted under round five of the New Frontiers Exploration grants program managed by the NSW Department of Mining, Exploration and Geoscience.

It will cover half of the down-hole drill metre costs. Cyclops is located approximately 4km north of the Yeoval township. Sulphide mineralisation at the Cyclops Prospect consists of chalcopyrite-pyrite-pyrrhotite ± bornite-molybdenum.

Mineralisation is within magnetite-chlorite-quartz lodes associated with discreet shear or fault-related zones. Stringer sulphides and semi-massive sulphide zones are well developed in these lodes. Alteration at the prospect is typically stronger when proximal to the shear zones where strong to intense albitisation and chloritization of the host granodiorite has developed.

GYDD001, drilled by GRL in April 2022, intersected multiple zones of shear-hosted high-grade copper mineralisation with coincident gold, silver and molybdenum mineralisation. Mineralisation remains open along strike as well as up and down dip of the interpreted mineralised lodes. A soil sampling program adjacent to the Cyclops Prospect has identified anomalous copper immediately west of GYDD001.