Locksley Resources : Exploration Update

ASX RELEASE

5th April 2022

LOCKSLEY RESOURCES LIMITED ACN 629 672 144

Level 11, London House 216 St. Georges Terrace Perth Western Australia 6000 Tel: [phone] Facsimile: [phone] Website:www.locksleyresources.com.au

Contact:

Mr Stephen Woodham Managing Director Tel: [phone]

Directors

Adam Giles Stephen Woodham Stephen Brockhurst

Ticker

ASX: LKY

Shares on Issue 56,000,001

EXPLORATION UPDATE

•  Tenement transfer from Mincor to Locksley complete

•  Petrography studies indicate simple mineralogy amenable to conventional processing

•  Multiple drill holes examined in NSW government archive

•  Major helicopter borne electromagnetic survey scheduled for May

•  Aircore programme scheduled for May

•  Strong pipeline of targets requiring exploration

Locksley Resources Limited provides an update on activities at the Tottenham Project in central New South Wales.

Tenement Transfer

Mining, Exploration and Geoscience (MEG), Regional NSW have advised that transfer of Exploration Licences 6592, 6656, and 8384 from Mincor Copper Pty Ltd to Locksley Resources Limited have been registered. These 3 tenements, that form the majority of the Tottenham Project, are now formally registered as 100% owned by Locksley Resources Limited.

Relogging and sampling of Historic Drilling 19 historic drill holes, for over 2,600m of drilling from the Tottenham Project are stored at the W B Clarke Geoscience Centre (NSW Core Library) at Londonderry in western Sydney. Many of these holes from the 1960's and 1970's were only sampled in areas of visible high grades and not assayed for gold. During January and February holes C, D, V1, R1, R2, R3, CW1, B1, TL430D224, TL424D183, TF204D510, 7A,

7B, 8S-50', 8S, 8S+50', 9S, 10S were systematically relogged and had additional sampling undertaken. Assay results have now been received and anomalous results are summarised in the attached table along with collar location details.

Six holes from the Larkins, Jimmy Woodser, and Nelsons Prospects remain to be examined.

7A (15.2m)

This RAB hole was drilled between the Bogan River and Mount Royal Mines. Drill chips stored on 5' (1.5m) intervals were discovered at Londonderry. Metasediments intercepted with no significant mineralisation.

7B (45.7m)

This RAB hole was drilled between the Bogan River and Mount Royal Mines. Drill chips stored on 5' (1.5m) intervals were discovered at Londonderry. Metasediments intercepted with no significant mineralisation.

8S-50' (15.2m)

This is one of a line of RAB holes drilled at the western edge of the Mount Royal Mine. Drill chips stored on 5' (1.5m) intervals were discovered at Londonderry. Metasediments intercepted with no significant mineralisation.

8S (21.3m)

This is one of a line of RAB holes drilled at the western edge of the Mount Royal Mine. Drill chips stored on 5' (1.5m) intervals were discovered at Londonderry. Metasediments intercepted with no significant mineralisation.

8S+50' (27.4m)

This is one of a line of RAB holes drilled at the western edge of the Mount Royal Mine. Drill chips stored on 5' (1.5m) intervals were discovered at Londonderry. Metasediments intercepted with no significant mineralisation.

9S (36.6m)

This is one of a line of RAB holes drilled at the western edge of the Mount Royal Mine. Drill chips stored on 5' (1.5m) intervals were discovered at Londonderry. Metasediments intercepted with no significant mineralisation.

10S (45.7m)

This is one of a line of RAB holes drilled at the western edge of the Mount Royal Mine. Drill chips stored on 5' (1.5m) intervals were discovered at Londonderry. Metasediments intercepted with no significant mineralisation.

C (7.6m)

This hole is located ~400m south of the Carolina Deposit. Chips from this RAB hole were relocated and logged. The hole penetrated barren metasediments below transported cover.

D (19.8m)

This hole is located to the SW of the Carolina Deposit, close to Generator Shaft. Chips from this RAB hole were relocated and logged. The hole penetrated barren (?)metasediments below transported cover.

V1 (198.12m)

This hole was drilled in the footwall to the SW of the Carolina Deposit. The hole was testing an historic IP anomaly. Lithology was dominated by mafic schists after basalt that overlie pelites. No obvious sulphides were present and the IP anomaly remains unexplained. There had been no previous sampling of this hole. Sampling returned a single interval of 1m @ 0.72g/t Au from 90m.

B1 (126.49m)

This hole tested for westward extensions of the Bogan River Mine and an IP anomaly. No significant mineralisation was detected. The hole may not be deep enough to fully test the area.

R1 (106.68m)

This vertical hole represents the deepest test below the eastern part of the Mount Royal deposit. 2 narrow high grade intervals are present; 0.61m @1.3% Cu from 53.64m and 0.91m @ 1.15% Cu; 0.21ppm Au from 56.39m. The hole did not progress deep enough to locate the mafic footwall to the system. The Mount Royal Deposit remains open at depth in this area.

R2 (112.78m)

This vertical hole represents the deepest test below the central part of the Mount Royal deposit. Weak mineralisation was detected with 1.53m @ 0.12% Cu from 51.51m that is defined by narrow pyritic bands. The hole did not progress deep enough to locate the mafic footwall to the system.

R3 (106.68m)

This vertical hole represents the deepest test below the western part of the Mount Royal deposit. Weak mineralisation was detected with 1.52m @ 0.18% Cu from 51.21m that is defined by narrow pyritic bands. Additional sampling identified anomalous zinc mineralisation with 4.22m @ 0.21% Zn from 55.78m. The hole did not progress deep enough to locate the mafic footwall to the system.

CW1 (200.0m)

This hole was drilled to test down dip of the Chris Watson Mine. The hole extends further into the footwall than any other drilling. The observed footwall consists of metabasalt, metagabbro and mafic volcaniclastic. Sampling defined two mineralised horizons with .6m @0.10% Cu from 38.14m and 1.36m @ 6g/t Ag, 1.17% Cu, 0.34% Zn from 44.50m that are associated with pyritic sulphide bands.

TL424D183 (241.0m)

This hole was drilled approximately 100m SW of the Orange Plains core yard. 5 areas of mineralisation were historically described between 34.17m and 100.89m1. Zones include: 0.42m @ 0.56% Cu from 34.17m 9.91m @ 0.41% Cu from 38.95m 0.06m @ 1.70% Cu from 50.93m 0.07m @ 1.60% Cu from 70.77m 0.31m @0.37% Cu from 100.58m

Insufficient sample remained to reassay these intervals. Two broad (~10m) zones of previously unsampled pyritic sediments were found and sampled. Samples were also taken to fill gaps in previous sampling and for areas with trace pyritic mineralisation. No significant additional values were returned.

TL430D224 (142.03m)

This hole tests downdip of the Effies Ace workings. Weak mineralisation was detected with 0.64m @ 0.2% Zn from 25.02m that is associated with narrow pyritic bands. The hole penetrates through the mafic footwall unit to pelites and mafic volcaniclastics.

1

Kemezys, K.J., 1970. Mt Royal - Effie's Ace Diamond Drilling. EL184 Tottenham NSW. Explorex Pty. Ltd report for Lacmadec Ltd. GS1971/069 R00024965

TF204D510 (165.9m)

This hole tests northern extensions of the Ace Mine and an IP anomaly. There is a historical intercept of 0.49m @ 0.37% Cu, 0.19%Zn from 101.71m. Several zones of pervasive sulphides and vein pyrite were identified in this hole. Additionally, two large zones of vein magnetite as well as the occasional presence of haematite along fractures were recorded.

Over 9000m of previous diamond drilling is stored at the Orange Plains field camp. Many of these holes contain unsampled intervals of mineralised core. Holes TMD021, TMD022, and TMD028 from the deeper sections of the Chris Watson Deposit, have been relogged and additional sampling undertaken with results now received.

TMD021 (284.8m)

This hole was drilled down dip of the Chris Watson Mine in 2011. The core is stored at the Orange Plains core yard. Original Mincor sampling identified a mineralised zone of 7.62m @ 0.13ppm Au, 1ppm Ag, 0.85% Cu from 170.38m. Additional sampling identified an unusual high silver - tungsten zone of 1m @ 133g/t Ag, 0.1% Cu, 0.32%W from 47m

Re-examination of the core located a narrow interval of supergene sulphides with possible native silver and trace chalcocite. The source of the tungsten is unclear but thought to be minor scheelite (CaWO3). Minor anomalous Au and Cu intervals were also encountered.

TMD022 (248.9m)

This hole was drilled down dip of the Chris Watson Mine in 2011. The core is stored at the Orange Plains core yard. Original Mincor sampling identified a mineralised zone of 10.6m @ 1.05% Cu from 151.64m with negligible gold and silver. Additional sampling tested several zones of disseminated pyrite with over 1% sulphur. The only additional interval of copper seen was 1m @ 0.12% Cu from 187m.

TMD028 (300.0m)

This hole was drilled down dip of the Chris Watson Mine and TMD022 in 2011. Original Mincor sampling identified reported multiple intervals from 161.87m to 202.24m, including: 3.09m @ 0.20g/t Au, 2g/t Ag, 0.34% Cu, 0.16% Zn from 161.87m 8.22m @ 0.20g/t Au, 3g/t Ag, 0.84% Cu, 0.28% Zn from 175.00m 6.84m @ 0.25g/t Au, 3g/t Ag, 0.97% Cu, 0.19% Zn from 195.40m

Additional sampling infilled between these areas but only returned a single gold anomalous result from 119m.

Petrography 15 core and RC chip samples were sent to Dr Paul Ashley for petrographic description. Aims of this work were to characterise alteration and metamorphism, identify and confirm sulphide mineralogy and assist in identifying original rock types. Results from the descriptions can be summarised as follows:

• • All samples show strong to intense deformation associated with the growth of metamorphic chlorite, epidote - clinozoisite, actinolite, dolomite, muscovite, albite with minor stilpnomelane talc, rutile, ilmenite, titanite. A typical mineral assemblage for lower greenschist metamorphism.

• • Original rock types cannot be determined in many cases. Bulk compositions infer mafic volcanic parentage for about half the samples. This is supported by multi-element assay data that shows elevated Cr, Ti, V. Other samples are either massive sulphide or clastic metasediments.

• • A sample from TOD001 at Orange Plains is confirmed as a gabbro. There are mafic dolerite / gabbro dykes in the footwall sequence in the Mt Royal to Effies Ace area that predate deformation and metamorphism.

• • Carbonate is surprisingly abundant and is dominantly ankerite / dolomite. This may be due to dolomite in the original sequence or a pervasive metamorphic alteration. This carbonate will be helpful in combating acid rock drainage issues.

• • Sulphide mineralogy in the massive sulphide samples is simple with few deleterious phases.

Sulphides are dominated by pyrite with pyrrhotite and chalcopyrite and generally minor sphalerite.

Trace galena, marcasite, magnetite, and mackinawite were observed. No precious metal or cobalt phases were observed. This suggests that any gold present is contained within chalcopyrite, as also inferred by a positive correlation between Au and Cu values.

• • Chalcopyrite disease is present in the sphalerite observed but the volumes involved are too minor to affect copper recovery.

• • The sphalerite present is a pale coloured, iron poor, variant that would produce a quality zinc concentrate if found in sufficient volume.

• • Minor replacement of chalcopyrite by supergene covellite and digenite was observed in

TORC026 (39-40m). It is likely that digenite has been historically misidentified as chalcocite.

• • The sulphides are in textural equilibrium with the metamorphic assemblage, suggesting that the sulphide mineralisation predates regional metamorphism.

• • "There is little indication for the mineralisation to be of structurally controlled hydrothermal replacement type."

Airborne Geophysical Surveys

Xcalibur Aviation Pty. Ltd. have been engaged to fly approximately 1,000 line kilometres of helicopter Time Domain Electromagnetic and Magnetic surveys over the entirety of EL8384 and two parts of EL9307 in May. The areas to be surveyed are shown on the figure below. The main area to be flown is immediately east of and along trend from the CZ Deposit, (2Mt @ 2.0% Cu2). The prospective trend for deposits is thought to run from the CZ Deposit towards the Mount Royal Deposit with disruption by folding and faulting and is obscured by recent cover.

The smaller survey area to the north of Tottenham covers the core of the regional Orange Plains Anticline and a copper occurrence known as the Lacys Tank Prospect3. This prospect is described as a brecciated vein with quartz, haematite and chalcopyrite that has been prospected by a series of pits and shafts over 150m. This area has no recent geochemistry or drilling.

• 2 ASX: HLX 11/6/2019 INTERIM MAIDEN RESOURCE AT COLLERINA COPPER PROJECT - COBAR REGION NSW

• 3 Bowman H. N., Richardson S. J. and Dolanski J. 1982. Narromine 1:250,000 Metallogenic Map SI/55-3 - Mine data sheets and metallogenic study. Geological Survey of New South Wales 337p