Godolphin Resources Limited advised it has received high grade assay results from recent rock chips that were collected during field programs at the Company's 100%-owned Cyclops and Goodrich Prospects (Prospects) on the Yeoval Project in NSW. The Company has also completed a high-resolution ground magnetic geophysical survey over three prospect areas on the Yeoval Project in order assist with definition of drill targets. Rock chip sampling of historic workings at Goodrich, and a wide area at the Cyclops Prospect, were recently undertaken to determine the tenor of copper, gold and molybdenum and other metals associated with mineralisation and structural trends in the metal-rich Naringla Granodiorite.

The assay results highlight the abundance of copper and, in particular, molybdenum mineralisation that occurs at the Goodrich Prospect. Historically, molybdenum was never processed at the Goodrich Mine, with copper and gold being the major ores extracted. The assays from the Cyclops Prospect confirm the significant copper mineralisation that occurs around the wide spaced old workings that targeted magnetite-chlorite- albite-quartz altered granodiorite host rock.

Both Prospects and the Yeoval East Prospect, have recently had high resolution ground magnetics surveys completed across the areas of interest to enable further exploration planned in the coming months. A 50m x 50m soil sampling program was recently completed at Yeoval East. A similar spaced program is being planned for the Goodrich Prospect over areas that have no previous surface geochemistry.

This soil program covers an area where copper mineralisation was intersected at depth by historic drilling, south of a small open pit, but has not yet been followed up. Program overview and results of geophysical survey and rock chip assay results: Cyclops Prospect Recent reconnaissance rock chip sampling of historic copper and gold workings at the Cyclops Prospect returned high grade copper results as well as highly anomalous gold, silver, molybdenum and zinc. Rock chip samples GRR0370 and GRR0371 were samples taken from mullock material associated with historic surface workings and returned the highest copper values of 3.87% and 4.51% respectively. Both areas have little or no historic drilling and represent outstanding drill targets.

A ground magnetic survey has recently been completed across the Cyclops Prospect area. The survey was designed to achieve a 25m line spacing to provide high resolution magnetic data. This data combined with the recent rock chip results and previous historic drilling will enable the Company to plan follow-up drilling, which will be supported by the NSW New Frontiers Drilling Grant funding that was awarded to GRL.

Goodrich Prospect: At the Goodrich Prospect, reconnaissance rock chip sampling has been completed across the historic Goodrich mine area as well surface geological mapping of the area to the south of the historic mine. Rock chip sample GRR0368, taken from mullock material, returned very high molybdenum as well as lead and copper. GRR0366 returned 1.54% copper and 0.15g/t gold which is encouraging for future exploration in the area, as previous work focussed only on the copper at Goodrich.

The recent ground magnetic survey identified several strong NW trending structures associated with magnetic lows as well subtle NE trending structures. These cross-cutting structures are a prime structural target and common to accumulation of mineralisation in the Lachlan Fold Belt. A soil sampling program is being planned over areas that have not had surface geochemistry programs in the past, and to infill historic soils coverage across the prospect.

The information gained from this work will inform drill plans at Goodrich. Yeoval Prospect: A ground magnetics survey was also completed at the Yeoval East Prospect, which was initially identified by CRAE in the 1990s. Recent surface geological mapping at the prospect identified visible copper sulphides in outcropping variably sericite-chlorite-magnetite-albite altered granodiorite host rock.

The ground magnetic data identified several large NW trending negatively magnetised structures as well as north trending structures. The Yeoval East Prospect is highlighted by a semicircular feature of subdued magnetic response. A reduced magnetic response can be associated with magnetite destructive alteration zones associated with porphyry Cu-Au mineralisation, such as occurs at the nearby Northparkes porphyry Cu-Au deposit.

Recently, a 50m x 50m program of soil samples taken across the prospect area was completed with the aim of determining the extent of any anomalous surface geochemistry directly associated with copper mineralisation or identifying porphyry alterations systems. Assay results from this program are expected in April 2023.