High Grade Gold Intersected at Quarry Lode Drilling Revised

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ABN 13 633 779 950

Registered Office

Unit 13, 11-19 William Street

Orange NSW 2800 Australia

Telephone [phone]

[e-mail]

10 November 2021

ASX Announcement for Immediate Release

Re: Godolphin Resources Limited (ASX: GRL) ("Company") market announcement released 9 November 2021 titled "High Grade Gold Intersected at Quarry Lode Drilling" (Market Announcement)

It has come to the Company's attention that the Market Announcement released recently on 9 November 2021 omitted to disclose a reference to 3.6% Zn from 35m.

On page 1, "…GLPRC010: 1m @ 0.75g/t Au, 154g/t Ag, 2.3% Pb and 3.6%..." should be "…GLPRC010: 1m

• 0.75g/t Au, 154g/t Ag, 2.3% Pb and 3.6% Zn from 35m…". A corrected Market Announcement is attached.

This market announcement has been authorised for release 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]

For personal use only

9th November 2021

HIGH GRADE GOLD INTERSECTED AT QUARRY LODE DRILLING

• Zones of gold, silver and base metal mineralisation intersected in four Reverse Circulation percussion (RC) drill holes from the Quarry Lode, Lewis Ponds Project
• Significant intercepts include;

• • GLPRC008: 8m @ 1.07g/t Au from 70m including 1m @ 6.5g/t Au, 172g/t Ag and 1.38% Pb
  • GLPRC008: 8m @ 1.1% Zn from 70m including 1m @ 2.8% Zn
  • GLPRC009: 3m @ 1.82g/t Au from 72m including 1m @ 4.09g/t Au, 1m @ 0.52% Pb and 1.0% Zn from 50m, 1m @ 0.9% Pb and 1.0% Zn from 54m.
  • GLPRC010: 1m @ 0.75g/t Au, 154g/t Ag, 2.3% Pb and 3.6% Zn from 35m
  • GLPRC011: 4m @ 0.84g/t Au from 52m including 1m @ 1.75g/t Au and 1m @ 1.0% Zn from 52m
• Drilling underway at the Gundagai Project with five RC drill holes completed at the Emu and Mantons prospects - additional six holes to be drilled shortly
• Exploration Licence Application ELA6352 submitted to Department of Regional NSW further strengthening the Company's land position in the prospective southern Lachlan Fold Belt

Godolphin Resources Limited (ASX:GRL) ("Godolphin" or the "Company") is pleased to advise it has received assay results from the recent Quarry Lode Reverse Circulation (RC) percussion drilling program at the Lewis Ponds Project and updates for the current drill program underway at the Gundagai Project. The Company has also submitted a new Exploration Licence Application (ELA6352) to bolster its tenement portfolio and foothold across the highly prospective Gilmore Fault zone in the southern Lachlan Fold Belt (LFB).

Managing Director, Jeneta Owens commented: "The assay results from the Quarry Lode drilling at our Lewis Ponds Project demonstrate the potential to expand the current mineral resource. Mineralisation remains open to the north-west plus up and down dip, providing several opportunities for the Company to capitalise over the coming months.

"Our team mobilised to the Gundagai project and have to date completed 5 of the 11 holes of the planned RC drill program. We look forward to providing further updates regarding the completion of this drill campaign and assay results as they are received."

The Lewis Ponds Project is a high priority project, due to the extensive historic gold and base metal workings at Lewis Ponds, and the current Inferred Mineral Resource Estimate (MRE) of 6.2Mt @ 2.0g/t gold, 80g/t silver, 2.7% zinc, 1.6% lead & 0.2% copper1.

• Refer to ASX announcement of 02 February 2021

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

Quarry Lode Drilling

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Assay results for the four RC holes testing the Quarry Lode mineralisation near surface and to the north west of the current MRE at Lewis Ponds have been received, with all four holes intersecting gold, silver and base metal mineralisation. Narrow, higher grade gold mineralisation is associated with silver, lead and zinc mineralisation confirming the high zinc and lead pXRF readings taken in the field during drilling. Table 1 overleaf provides a summary of the intercept highlights from the program.

The RC drilling program intersected sulphides in all holes, with occurrences of chalcopyrite and sphalerite observed in the drill chips. Narrow zones of stringer veins containing lead and zinc sulphides and gold mineralisation also occurred across all four holes drilled in the program.

*Values used to calculate AuEqg/t

AuEqg/t = Aug/t + (Agg/t*0.02) + (Zn%*0.75) + (Pb%*0.45) + (Cu%*1.83)

Based on USD=0.73AUD and a 6-month average of the price for each commodity from January 2021 to end of June 2021. www.kitco.com

Figure 1. Plan view of the Quarry Lode drill program plotted on aerial imagery, results and interpreted mineralisation projected to surface.

Godolphin Resources

pg. 2

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HoleID	From	To	Interval (m)	Au g/t	Ag ppm	Pb %	Pb ppm Zn %		Zn ppm	Au Eq g/t
GLPRC008	14	15	1	0.12	38.2	0.57	5680		0.96	9580	1.99
	59	60	1	0.08	29.3	0.34	3380		1.06	10610	2.04
	66	67	1	0.66	32.1	0.50	5030		1.37	13700	2.68
	70	78	8	1.07	42.6	0.49	4868		1.09	10880	3.07
incl.	70	71	1	6.5	172	1.38	13800		0.28	2800	12.85
GLPRC009	50	51	1	0.07	22	0.52	5240		1.02	10200	1.60
	54	55	1	0.07	25.2	0.91	9130		1.01	10100	2.03
	66	73	7	0.65	22.74	0.37	3708		0.78	7798	1.95
incl.	69	70	1	0.08	36.2	0.75	7450		1.47	14700	2.37
and	72	73	1	4.09	12	0.14	1410		0.33	3260	4.71
GLPRC010	35	37	1	0.43	93.9	1.42	14240		2.36	23600	4.93
incl.	35	36		0.75	154	2.31	23100		3.55	35500	7.80
GLPRC011	1	2	1	0.09	39.8	0.687	6870		1.42	14200	2.29
	52	53	1	1.75	32.4	0.594	5940		1.01	10100	2.23161

Table 1. Summary of drill result highlights from the quarry drilling program.

Gold and base metal mineralisation appears to be steeply east dipping zones of stringer veins within highly a deformed marble and siltstone rock package which is open to the northwest along strike as well as up and down dip. Recent results, coupled with open mineralisation highlight the outstanding opportunity to increase the size, particularly along the western edge, of the current Lewis Ponds MRE. Figure 1 outlines recent drilling, highlighting potential mineralised zones which are open to the northwest. Cross sections shown in Figures 2, 3 & 4 are orthogonal to north due to the strike trend of the mineralisation and highlight the recent results downhole with combined lead and zinc percentages and gold equivalent in grams per tonne.

Figure 2. Cross sections of GLPRC008 and GLPRC009, facing north west with 50m clipping, highlighting high-grade AuEq intercepts in both holes and interpreted mineralised zone.

Godolphin Resources

pg. 3

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Figure 3. GLRP010 & GLRP011 oblique section facing north west with 100m clipping, highlighting AuEq intercepts and interpreted Au mineralised zones.

Interpretation

The drilling results confirm the mineralisation continues to the northwest and encouragingly, the Quarry Lode mineralisation is open along strike with the higher grades and thicker mineralised intervals intersected in GLPRC008 and GLRPC009. Assay results show that the gold is associated with base metal mineralisation within the siltstones. Sulphide stringers within strongly deformed siltstones appear to be controlling the mineralisation in the Quarry Lode. Follow up drilling will likely to be diamond drill core to test mineralisation extents both up and down dip of the current drilling.

No gold only mineralisation (being an orogenic style) is apparent in the current drilling. Gold and base metal mineralisation does not appear to be associated with zones of fine-grained pyrite in the Quarry Lode, indicating the gold should be amenable to treatment using a conventional flotation flowsheet as envisaged for the broader Lewis Ponds MRE.

Godolphin Resources

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