Godolphin Resources : Clarification of Share Purchase Plan Cleansing Notice

29 July 2022

For personal use only

Clarification of Share Purchase Plan Cleansing Notice Released 28 July

2022

Godolphin Resources Limited (ASX: GRL) ("Godolphin" or the "Company") is pleased to clarify the following statement contained in its Share Purchase Plan cleansing notice released on 28 July 2022:

"As a part of the diamond drilling program currently in progress at Narraburra, pXRF (portable X-ray fluorescence) point measurements are being collected every 50cm from the drill core in the field. The current program of drilling is deeper into the bedrock than the legacy aircore drilling, which indicates the mineralisation domain is restricted to clay weathered saprolite. The current core drilling pXRF results indicate mineralisation likely continues into fresh felsic host rock below the depth of the legacy aircore. The results are indicating elevated levels of several Rare Earths, such as: Rubidium up to 369ppm, Neodymium up to 403ppm, Praseodymium up to 204ppm, Yttrium up to 490ppm Zirconium up to 1021ppm, Cerium up to 4884ppm, and Niobium up to 113ppm. The pXRF analyser does not detect all rare earth elements or rare metals. All the preliminary results are matters of supposition and are indefinite, and still need to be verified by traditional assay techniques at a NATA accredited laboratory."

Details in accordance with JORC Code, 2012 Edition, Table 1 report, that are available and material:

1. Sampling Techniques and Data (Section 1)
2. Reporting of Exploration Results (Section 2) are attached as Appendix 1 to this announcement.

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This market announcement has been authorised for release to the market by the Managing Director of Godolphin Resources Limited.

For further information regarding Godolphin, please visit https://godolphinresources.com.au/or contact:

Jeneta Owens

Managing Director

[phone]

[e-mail]

Godolphin Resources

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

For personal use only

About Godolphin Resources

Godolphin Resources (ASX: GRL) is an ASX listed resources company, with 100% controlled Australian-based Projects in the Lachlan Fold Belt ("LFB") NSW, a world-classgold-copper province. Currently the Company's tenements cover 3,200km2 of highly prospective ground focussed on the Lachlan Transverse Zone, one of the key structures which controlled the formation of copper and gold deposits within the LFB. Additional prospectivity attributes of GRL tenure include the McPhillamys gold hosting Godolphin Fault and the Boda gold-copper hosting Molong Volcanic Belt.

Godolphin is exploring for structurally hosted, epithermal gold and base-metal deposits and large, gold- copper Cadia style porphyry deposits and is pleased to announce a re-focus of exploration efforts for unlocking the potential of its East Lachlan tenement holdings, including increasing the mineral resource of its advanced Lewis Ponds Project. Reinvigoration of the exploration efforts across the tenement package is the key to discovery and represents a transformational stage for the Company and its shareholders.

Compliance Statement

The information in this report that relates to Exploration Targets, Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Ms Jeneta Owens, a Competent Person who is a Member of the Australian Institute of Geoscientists. Ms Owens is the Managing Director and full-time employee of Godolphin Resources Limited. Ms Owens 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. Ms Owens consents to the inclusion in the report of the matters based on her information in the form and context in which it appears.

Godolphin Resources

pg. 2

Appendix 1 - JORC Code, 2012 Edition, Table 1 report

Section 1 Sampling Techniques and Data (Criteria in this section applies to all succeeding sections)

only	Criteria	JORC Code explanation					Commentary
Sampling	•	Nature	and	quality	of sampling	(eg	cut		Diamond Drilling
techniques		channels, random	chips, or	specific		• pXRF data collected in the field, spot measurements taken at approximately each 50cm
			specialised industry standard measurement		of core
			tools appropriate to the minerals under
			investigation, such as down hole gamma
			sondes, or handheld XRF instruments, etc).
			These examples should not be taken as
use			limiting the broad meaning of sampling.
	•	Include	reference to	measures taken	to
		ensure sample representivity and the
			appropriate calibration of any measurement
			tools or systems used.
		•	Aspects	of	the	determination	of
			mineralisation that are Material to the Public
			Report.
personal
Drilling	•	Drill type (eg core, reverse circulation, open-		• Diamond Drilling - PQ core size to fresh rock then HQ core size using a triple tube to the end
techniques		hole hammer, rotary air blast, auger,		of hole.
			Bangka, sonic, etc) and details.
	Drill sample	•	Method of recording and assessing core and		Diamond Drilling
	recovery		chip sample recoveries and results assessed.		• Yet to be determined - in progress
	Logging	•	Whether core and chip samples have been		Diamond Drilling
			geologically and geotechnically logged to a		• Drill core is yet to be logged
			level of detail to support appropriate Mineral
			Resource estimation, mining studies and
			metallurgical studies.

Godolphin Resources

pg. 3

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	Criteria		JORC Code explanation		Commentary
	Sub-sampling		• For all sample types, the nature, quality and		Diamond Drilling
	techniques and			appropriateness of the sample preparation			•	N/A
only	sample			technique.
preparation
Quality of assay		• The nature, quality and appropriateness of		Diamond Drilling
	data and			the assaying and laboratory procedures used			•	N/A
	laboratory tests			and whether the technique is considered
				partial or total.
			• Nature of quality control procedures adopted
				(eg standards, blanks, duplicates, external
use				laboratory checks) and whether acceptable
			levels of accuracy (ie lack of bias) and
			precision have been established.
	Verification of		• The verification of significant intersections by			•	N/A
	sampling and			either independent or alternative company
	assaying			personnel.
			• Documentation of primary data, data entry
personal				procedures, data verification, data storage
			(physical and electronic) protocols.
		• Discuss any adjustment to assay data.
	Location of		•	Accuracy and quality of surveys used to		•	A handheld GPS was used to locate the drill collar locations for drilling
	data points			locate drill holes (collar and down-hole			Coordinates were picked up using WGS84 and transformed into Map Grid of Australia 1994
				surveys), trenches, mine workings and other
						Zone 55
				locations used in Mineral Resource
				estimation.
	Data spacing		•	Data spacing for reporting of Exploration		•	N/A.
	and distribution			Results.
			• Whether the data spacing and distribution is
				sufficient to establish the degree of
				geological and grade continuity appropriate
Godolphin Resources							pg. 4
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	Criteria		JORC Code explanation				Commentary
				for the Mineral Resource and Ore Reserve
				estimation	procedure(s) and	classifications
only				applied.
		•	Whether	sample compositing	has been
			applied.
	Orientation of		• Whether	the orientation	of	sampling		• 090°, vertical drill holes to intersect interpreted flat lying lithologies
	data in relation			achieves unbiased sampling of possible
	to geological			structures and the extent to which this is
	structure			known, considering the deposit type.
	Sample security		•	The measures taken to ensure sample		•	N/A
use				security.
Audits or		•	The results of any audits or reviews of		•	Drilling program in progress
	reviews			sampling techniques and data.				•	N/A

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Godolphin Resources
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