Golden Deeps : Extensive New Area of Tailings Identified at Abenab

ASX ANNOUNCEMENT

14 October 2019

ASX code: GED

Extensive New Area of Tailings Containing High Levels

of Vanadium, Lead & Zinc Identified at Abenab

• Broad area of vanadium, lead and zinc bearing tailings identified at Abenab Project, providing further impetus to support project development
• Tailings covers an area of 1,250m by 250m to a depth of up to 1m
• Tailings contain up to 1.61% V2O5, 4.33% Pb and 3.23% Zn
• Further new areas of high grade tailings identified for sampling providing further upside potential

Golden Deeps Limited ("Golden Deeps" or "the Company") ASX: GED which is targeting near term, low capital and operating cost vanadium production, is pleased to announce assay results from sampling of additional areas of mine tails at the Company's flagship Abenab Vanadium, Lead and Zinc Project located in North Eastern Namibia.

A handheld powered auger drill was used to sample a broad area of unconstrained tailings within a shallow valley extending to the northeast of the existing Abenab mine site (Figure 1-2).

The tailings are 0.25m to 0.5m thick, increasing to over 1m in the immediate vicinity of the plant and have a grade of 0.2% to over 1% V2O5. The highest value is 1.61% V2O5 in a valley to the east and south of the plant site. Lead and zinc values average 1.74% and 1.51% respectively, with peak values of 4.33% Pb and 3.23% Zn. Best results include:

ABTS179	0.5m @ 1.61% V2O5, 4.34% Pb, 1.55% Zn from surface
ABTS178	0.5m @ 1.49% V2O5, 4.16% Pb, 1.71% Zn from surface
ABTS208	0.5m @ 1.34% V2O5, 3.65% Pb, 1.65% Zn from surface
ABTS180	0.6m @ 1.08% V2O5, 3.54% Pb, 3.08% Zn from surface

The tailings are interpreted to be derived from the historic processing plant located on a hill 200m to the east of the historic Abenab open pit. The auger drilling was conducted on a 100m x 100m grid over an area measuring approximately 1,250m by 250m.

GED Chairman Michael Minosora stated "The results from the auger sampling of the tailings are particularly encouraging and represent a potential new source of vanadium mineralisation that should be able to be processed at low cost as part of the planned initial operations at the Abenab Project.

These results, which are in addition to the surface stockpiles and tailings already identified, are particularly pleasing as they follow soon after the identification of vanadium mineralisation in the south wall of the historic Abenab open pit that requires further drill testing, and which represent another potential shallow source of vanadium."

Golden Deeps Limited

1st Floor, 8 Parliament Place, West Perth, WA 6005

PO Box 1618, West Perth, WA 6872

Page | 1

Figure 1: Abenab Tailings - Hole locations and vanadium pentoxide results

Figure 2: Abenab Tailings - Hole locations showing lead and zinc results

Golden Deeps Limited

1st Floor, 8 Parliament Place, West Perth, WA 6005

PO Box 1618, West Perth, WA 6872

Page | 2

Next Steps

The sampling has revealed additional areas of tailings in the surrounding valleys and low-lying areas at Abenab that will require further assessment and additional auger sampling. Of particular interest to GED is the single traverse of auger holes in a valley to the east and south of the plant where the tailings are consistently over 1% V2O5. The tailings extend for ~500m and to date have been virtually untested.

***ENDS***

For further information, please refer to the Company's website or contact:

Michael Minosora	Investor Relations
Chairman	Victoria Humphries
Golden Deeps Limited	P: [phone]
P: [phone]	E: [e-mail]

1. [e-mail]

Caution Regarding Forward-Looking Information

This document contains forward-looking statements concerning Golden Deeps. Forward-looking statements are not statements of historical fact and actual events and results may differ materially from those described in the forward looking statements as a result of a variety of risks, uncertainties and other factors. Forward-looking statements are inherently subject to business, economic, competitive, political and social uncertainties and contingencies. Many factors could cause the Company's actual results to differ materially from those expressed or implied in any forward-looking information provided by the Company, or on behalf of, the Company. Such factors include, among other things, risks relating to additional funding requirements, metal prices, exploration, development and operating risks, competition, production risks, regulatory restrictions, including environmental regulation and liability and potential title disputes.

Forward looking statements in this document are based on the company's beliefs, opinions and estimates of Golden Deeps Ltd as of the dates the forward looking statements are made, and no obligation is assumed to update forward looking statements if these beliefs, opinions and estimates should change or to reflect other future developments.

Competent Person Statement

The information in this announcement that relates to Exploration Targets, Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Mr. Martin Bennett. Mr Bennett is a consultant to Golden Deeps Limited and is a member of the Australian Institute of Geoscientists. Mr Bennett has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Bennett consents to the inclusion in the report of the matters based on their information in the form and context in which it appears.

Golden Deeps Limited

1st Floor, 8 Parliament Place, West Perth, WA 6005

PO Box 1618, West Perth, WA 6872

Page | 3

APPENDIX 1

Tailings Auger Hole Details

Hole_ID	Grid_ID	East	North	RL	Depth
ABTS173	WGS84_34S	194742	7864704	1295	0.5
ABTS174	WGS84_34S	194752	7864704	1264	1
ABTS175	WGS84_34S	194845	7864726	1284	1.5
ABTS176	WGS84_34S	194969	7864734	1281	0.5
ABTS177	WGS84_34S	195050	7864700	1280	0.5
ABTS178	WGS84_34S	195051	7864401	1281	0.5
ABTS179	WGS84_34S	195051	7864440	1284	0.5
ABTS180	WGS84_34S	195051	7864504	1285	0.6
ABTS181	WGS84_34S	195051	7864600	1282	0.5
ABTS182	WGS84_34S	194451	7864701	1281	0.3
ABTS183	WGS84_34S	194349	7864703	1284	0.2
ABTS184	WGS84_34S	194363	7864604	1284	0.5
ABTS185	WGS84_34S	194551	7864801	1279	0.5
ABTS186	WGS84_34S	194648	7864803	1280	0.6
ABTS187	WGS84_34S	194749	7864798	1280	1.5
ABTS188	WGS84_34S	194858	7864797	1282	1.6
ABTS189	WGS84_34S	194852	7864900	1276	0.8
ABTS190	WGS84_34S	195050	7864900	1279	1
ABTS191	WGS84_34S	194948	7864800	1278	1
ABTS192	WGS84_34S	195051	7864801	1277	1
ABTS193	WGS84_34S	195149	7864898	1276	1
ABTS194	WGS84_34S	194953	7864899	1278	1
ABTS195	WGS84_34S	195135	7865003	1279	1
ABTS196	WGS84_34S	195060	7865011	1281	0.5
ABTS197	WGS84_34S	195148	7865103	1275	0.6
ABTS198	WGS84_34S	194850	7865002	1281	0.6
ABTS199	WGS84_34S	195253	7865098	1277	0.5
ABTS200	WGS84_34S	195350	7865100	1278	0.6
ABTS201	WGS84_34S	195447	7865102	1277	0.4
ABTS202	WGS84_34S	195449	7865199	1273	0.5
ABTS203	WGS84_34S	195346	7865197	1271	0.5
ABTS204	WGS84_34S	195249	7865215	1275	0.6
ABTS205	WGS84_34S	195151	7865198	1274	0.6
ABTS206	WGS84_34S	195247	7865315	1274	0.7
ABTS207	WGS84_34S	195349	7865300	1272	0.7
ABTS208	WGS84_34S	195449	7865302	1272	0.6
ABTS209	WGS84_34S	195451	7865402	1273	0.55
ABTS210	WGS84_34S	195346	7865407	1273	0.6
ABTS211	WGS84_34S	195347	7865407	1272	0.2
ABTS212	WGS84_34S	195350	7865499	1272	0.4
ABTS213	WGS84_34S	195454	7865500	1272	0.5
ABTS214	WGS84_34S	195453	7865601	1271	0.2
ABTS215	WGS84_34S	195353	7865605	1271	0.3
ABTS216	WGS84_34S	195457	7865702	1271	0.2
ABTS217	WGS84_34S	195349	7865701	1272	0.5
ABTS218	WGS84_34S	194342	7865205	1270	1

Golden Deeps Limited

1st Floor, 8 Parliament Place, West Perth, WA 6005

PO Box 1618, West Perth, WA 6872

Page | 4

APPENDIX 2

Tailings Auger Sample Results

Hole_ID	From	To	Cu %	Pb %	Zn %	V2O5 %
ABTS173	0	0.5	0.04	1.80	1.30	0.46
ABTS174	0	0.5	0.03	1.26	1.13	0.34
ABTS175	1	1.5	0.03	3.29	1.41	0.35
ABTS175	0	1	0.04	3.89	1.80	0.40
ABTS176	0	0.5	0.04	2.27	1.74	0.29
ABTS177	0	0.5	0.02	0.80	0.43	0.28
ABTS178	0	0.5	0.08	4.16	1.71	1.49
ABTS179	0	0.5	0.10	4.34	1.55	1.61
ABTS180	0	0.6	0.07	3.54	3.08	1.08
ABTS181	0	0.5	0.01	0.29	0.12	0.07
ABTS182	0	0.3	0.00	0.11	0.07	0.04
ABTS183	0	0.2	0.00	0.05	0.03	0.02
ABTS184	0	0.5	0.04	2.68	1.20	0.65
ABTS185	0	0.5	0.05	4.36	1.84	0.85
ABTS186	0	0.6	0.03	1.18	2.97	0.26
ABTS187	1	1.5	0.03	1.42	3.23	0.27
ABTS187	0	1	0.03	1.35	1.76	0.27
ABTS188	0	1	0.03	1.40	1.43	0.22
ABTS188	1	1.6	0.03	1.24	1.73	0.28
ABTS189	0	0.8	0.03	2.06	1.60	0.40
ABTS190	0	1	0.03	1.21	2.14	0.23
ABTS191	0	1	0.03	1.49	1.62	0.22
ABTS192	0	1	0.04	2.10	1.57	0.35
ABTS193	0	1	0.04	2.38	1.43	0.35
ABTS194	0	1	0.03	1.53	1.64	0.26
ABTS195	0	1	0.04	2.13	2.39	0.38
ABTS196	0	0.5	0.03	1.00	1.34	0.20
ABTS197	0	0.5	0.03	1.43	2.32	0.27
ABTS198	0	0.6	0.03	1.82	1.32	0.31
ABTS199	0	0.5	0.04	1.38	1.65	0.26
ABTS200	0	0.6	0.04	1.45	1.56	0.28
ABTS201	0	0.4	0.01	0.30	0.20	0.11
ABTS202	0	0.5	0.06	2.35	1.41	0.85
ABTS203	0	0.4	0.03	1.18	1.52	0.18
ABTS204	0	0.6	0.04	1.54	2.17	0.30
ABTS205	0	0.6	0.01	0.40	0.55	0.09
ABTS206	0	0.7	0.03	1.11	1.41	0.26
ABTS207	0	0.6	0.04	1.83	1.54	0.31
ABTS208	0	0.5	0.09	3.65	1.65	1.34
ABTS209	0	0.55	0.05	1.85	1.51	0.57
ABTS210	0	0.2	0.04	1.54	1.51	0.38
ABTS211	0	0.2	0.03	1.52	2.27	0.35
ABTS212	0	0.4	0.05	2.06	1.94	0.49
ABTS213	0	0.5	0.04	1.54	1.37	0.49
ABTS214	0	0.2	0.03	1.02	1.00	0.30
ABTS215	0	0.3	0.04	1.74	1.87	0.42
ABTS216	0	0.15	0.02	0.79	0.71	0.20
ABTS217	0	0.5	0.02	0.82	0.94	0.21
ABTS218	0	1	0.03	0.76	1.18	0.24

Golden Deeps Limited

1st Floor, 8 Parliament Place, West Perth, WA 6005

PO Box 1618, West Perth, WA 6872

Page | 5