Golden Deeps : Outstanding Copper Soil and Rockchip Results at Havilah NSW

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ASX ANNOUNCEMENT

ASX code: GED

03 February 2022

OUTSTANDING COPPER SOIL & ROCKCHIP RESULTS FROM HAVILAH PROJECT, NSW

Over 1.5km Strike-Length Soil Anomaly with Extensive Sub-cropping Copper Mineralisation Identified

• Initial soil sampling at the Havilah Copper-Gold Project, Hazelbrook Prospect, produced outstanding results up to 3460ppm (0.35%) copper in an over 1.5km northeast trending anomalous corridor, open to the northeast (Figure 1)
• Follow-upfield work discovered copper mineralisation (malachite-azurite) in highly-altered Sofala Volcanics, with initial rockchip samples grading up to 6,380ppm (0.68%) copper (Figure 1)
• The Hazelbrook Prospect represents a major new porphyry copper-gold target, associated with volcanic and intrusive rocks similar to other major copper-gold deposits in the region (e.g. Cadia)
• Infill/extension soil sampling, further rockchip sampling and IP geophysics are planned to define targets for drilling to test this potential new copper discovery in the Lachlan Fold Belt of NSW

Golden Deeps Limited ("Golden Deeps" or "Company") is very pleased to announce strongly anomalous copper (Cu) in soil sample results and the discovery of mineralisation grading up to 6,380ppm (0.64%) Cu in rockchip sampling at the Hazelbrook Prospect, on the Company's 100% owned Havilah exploration licence, EL8936, near Mudgee in central NSW (see Figure 3 for location).

The soil sampling results were received from initial soil sampling across the magnetic aureole of the Aarons Pass Granite in highly-prospective, altered, Sofala Volcanics. Outstanding results of up to 3,460ppm (0.35%) Cu with supporting zinc and gold values, are associated with an over 1.5km strike length northeast trending anomaly that is open to the northeast and southwest (Figure 1).

Follow-up field reconnaissance of the soil anomaly located an extensive area of sub-cropping copper mineralisation (malachite and azurite) that produced rockchip sampling results of up to 6,380ppm (0.64%) Cu.

Golden Deeps CEO, Jon Dugdale, commented:

"The location of significant copper mineralisation on our Havilah Project in the Lachlan Fold Belt, associated with a large, open-ended, soil anomaly, is very exciting, as it may represent the discovery of a significant new copper system.

"The Lachlan Fold Belt is elephant country when it comes to copper-gold systems and includes the world-classCadia-Ridgeway and North-Parkescopper-gold mines.

"The extensive copper mineralisation identified at the Hazelbrook Prospect is associated with similar volcanic rocks and intrusions to these major deposits and the Company is immediately working to define the extent and quality of this potential new copper discovery."

Golden Deeps Limited

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

PO Box 1618, West Perth, WA 6872

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Figure 1: Total Magnetic Intensity, 1VD image with soil sampling completed and key copper anomalies/targets

The Company has completed just over 65% or 203 samples of a planned 310 sample program on a 200m x 100m grid across an area of anomalous previous stream sediment geochemistry in the Havilah tenement, EL8936. The target area is associated with altered Ordovician Sofala Volcanics and a magnetic anomaly on the margin of the Carboniferous, Aarons Pass Granite (Figures 2 and 3).

The Cheshire and Milfor copper workings occur within the target area, proximal to the Aarons Pass Granite, which is associated with porphyry molybdenum (Mo) - Tungsten (W) - Cu mineralisation immediately to the west of the Havilah tenement at Minrex Resources' Mt Pleasant Project1 (Figure 2).

Field reconnaissance carried out to investigate the source of the copper-in-soil anomaly located a pronounced vegetation anomaly in the vicinity of the 3,460ppm (0.35%) Cu site and, on closer inspection, a shear/fracture zone with dark limonite - jarosite (iron oxide) and malachite/azurite (copper carbonate) fracture coatings (see Photo 1 below) in highly altered Sofala Volcanics.

Seven rockchip samples were collected from the copper-mineralised zone, producing results that included (see Figure 1):

• S#11767: Malachite-azurite in altered mafic: 2.0m @ 6,380ppm (0.64%) Cu, 423ppm Zn, 8ppb Au
• S#11770: Malachite in silicified mafic: 2.6m @ 6,150ppm (0.62%) Cu, 267ppm Zn, 5ppb Au
• S#11771: Malachite in fractured mafic/seds: 1.6m @ 5,890ppm (0.59%) Cu, 488ppm Zn, 12ppb Au

The rockchip sampling was limited to an area in the immediate vicinity of the peak soil result of 0.35% Cu. The soil anomaly is based on broad, 200m x 100m, east-west sample lines and extends for over 1.5km in a northeast-southwest direction (Figure 1), open to the northeast.

Golden Deeps Limited

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

PO Box 1618, West Perth, WA 6872

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Photo 1: Copper (malachite) mineralisation in sheared and limonite-Jarosite altered Sofala Volcanics

Further, infill sampling is now required on a close-spaced (50m x 20m) grid in order to better define the target zone. Additional detailed rockchip sampling and trenching will also be carried out to determine the extent of the sub-cropping copper mineralisation.

A detailed Induced Polarisation (IP) geophysical survey will then be considered to locate potential copper sulphide zones and define drilling targets.

The first 203 soil samples collected were in an area where an access agreement has been established. Other highly anomalous zones are associated with either northeast trending structures or north-south trending anomalies, parallel to the strike of the Sofala Volcanics. The anomalies are open to the east and north, including where the interpreted structures link to the Cheshire Cu workings (Figure 1). Access agreements are being negotiated over the remaining area of the target to enable completion of the soil sampling survey.

The Hazelbrook copper target may represent a new discovery of porphyry copper-gold mineralisation in the highly-prospective, Ordovician, Sofala Volcanics on the margin of the mineralised, early Carboniferous, Aarons Pass granitic intrusion (Figures 2 and 3).

The setting at Hazelbrook is similar to other major deposits in the Macquarie Arc of the Lachlan Fold Belt such as Cadia-Ridgway and North Parkes, that are also associated with Ordovician volcanics and late-Ordovician to early Carboniferous intrusives.

Appendix 1a and Appendix 1b contain soil sample and rockchip sample locations and results respectively.

Golden Deeps Limited

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

PO Box 1618, West Perth, WA 6872

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Aaron's Pass Granite

Figure 2: Havilah EL8936 on TMI with Cheshire & Milfor workings in magnetic aureole of Aarons Pass Granite

Golden Deeps Limited

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

PO Box 1618, West Perth, WA 6872

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About the Havilah Project EL8936:

The Havilah EL8936 is a granted Exploration Licence located near Mudgee in central NSW (Figure 3). The Project is located within the East Lachlan Fold Belt (LFB) and is close to Peak Minerals Pty Ltd's Hill End Gold Project2 and Silver Mines Limited's Bowdens Silver Project3, and immediately northeast of Minrex Resources' Mt Pleasant Cu-Mo Project1 (Figure 3).

Figure 3: Havilah EL8936 location with regional geology and the location of significant mineralisation

The priority target at Havilah is a belt of Ordovician age (Sofala) volcanic rocks that form part of the Macquarie Arc that hosts the major Cadia, North Parkes and Lake Cowal copper-gold deposits. Mineralisation at the historical Milfor and Cheshire copper workings is hosted by altered Sofala Volcanics that contain pyrite and chalcopyrite, and occur close to the northern margin of the Aarons Pass granitic intrusion - evident in magnetic imagery (Figure 2). Extensive stream sediment copper anomalism occurs across the northeastern margin of the Aarons Pass Granite, located in the southwest corner of the Havilah tenement (Figure 3).

The soil sampling program over the northeastern margin of the Aarons Pass Granite is targeting an area of Ordovician Sofala Volcanics in the magnetic aureole of the granite (Figure 2), that is associated with the copper mineralisation at the Cheshire and Milfor workings.

Golden Deeps Limited

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

PO Box 1618, West Perth, WA 6872

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