Locksley Resources : 9.86Mt Resource Defined at The Tottenham Project

ASX RELEASE

1st 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

9.86Mt RESOURCE AT TOTTENHAM

•  Global inferred resource of 9.86Mt @ 0.7% Cu, 0.2g/t Au, 2g/t Ag for 71kt copper, 66koz gold and 511koz silver

•  Resource calculated on two areas, being the Carolina Deposit and the Mount Royal to Orange Plains Deposits

•  Deposits remain open laterally and at depth

•  Multiple other targets require exploration

Locksley Resources is pleased to provide an initial, independent resource estimate for the Tottenham Project in central New South Wales.

Locksley's Managing Director Steve Woodham commented:

"Locksley are pleased to be able to announce the Tottenham Mineral Resource Estimate.

The Tottenham Project continues to deliver. The MRE supports the Company's strategy of creating a strong resource base at the Tottenham Project.

Both the Carolina and Orange Plains deposits continue to grow in size. The additional tonnes that have been attributed to the global resource at Tottenham, together with the additional encouraging results on the margins of both deposits, provides the confidence in moving forward with multiple drilling campaigns this year.

Along with continued resource drilling in order to expand and upgrade the existing Resource, the Company will embark on an aggressive work program for the remainder of the year.

The Company would like to acknowledge the great work that the exploration team have carried out since listing last year.

It is a very exciting time for the Company and we look forward to updating the market as results of the upcoming work programs come to hand."

Tottenham Mineral Resource Estimate

Burnt Shirt Pty Ltd (Burnt Shirt) was requested by Locksley Resources Limited (Locksley) to prepare an independent Mineral Resource statement for the Tottenham base metals Project ("Tottenham" or "the Project"), located in central New South Wales. Two Mineral Resource estimates are being reported for two deposits: the Carolina deposit and the Mount Royal deposit, which comprises the Bogan River, Mt Royal, Chris Watson and Orange Plains mineralisation. The Mineral Resource estimate is stated in accordance with the provisions of the JORC Code (2012). The Competent Person is Mr Jeremy Peters BSc BEng FAusIMM CP (Min, Geo), an employee of Burnt Shirt Pty Ltd. Mr Peters has more than five years' experience in the estimation and reporting of Mineral Resources for base metals mineralisation in Australia and overseas.

The Tottenham Mineral Resource is based on a mineralisation estimate prepared in March 2022 by Snowden Optiro (Snowden), of Perth. Mineralisation is reported above a 0.3% Cu cut-off grade, this being considered appropriate for shallow copper mineralisation at an exploration phase.

Mr Peters is taking Competent Person responsibility due to his familiarity with the project. The mineralisation has been classified in accordance with the provisions of the JORC Code (Table 1). The mineralisation has been classified as Inferred due to the combination of recent drilling and historical drilling, for which quality assurance parameters are unavailable. Burnt Shirt advises that confidence in the classification of the mineralisation will increase with additional confirmatory drilling and reconciliation of historic drill data.

Deposit	Tonnes (Mt)	Cu (%)	Au (g/t)	Ag (g/t)	Cu (kt)	Au (koz)	Ag (koz)
Carolina	2.68	1.1	0.4	1	29	33	109
Mount Royal	7.18	0.6	0.2	2	42	34	402
Total	9.86	0.7	0.2	2	71	66	511

Table 1: Tottenham, inferred mineral resource estimate above a 0.3% Cu cutoff.

Note discrepancies may occur due to rounding. Figures rounded to the nearest 10,000 tonnes, 0.1% Cu grade, 0.1 g/t Au grade, 1g/t Ag grade, 1000 copper tonnes, 1000 ounces gold, and 1000 ounces silver.

Introduction

Locksley Resources listed in 2021 with the Tottenham Project as its major asset. In 2021, Locksley completed 28 RC and 7 diamond drill holes over the Chris Watson, Orange Plains and Carolina deposits.1,2 The Tottenham Project is located in central New South Wales and surrounds the historic copper mining town of Tottenham.

The Tottenham deposits are hosted within the Ordovician Girilambone Group that also host the Tritton and Girilambone Mines, 110km to the north-northwest (Aeris Resources Ltd.), and is immediately along strike from the CZ Copper Deposit, that is being progressed by Helix Resources Ltd. The recently discovered Constellation Deposit is also in this belt.

Significant previous exploration has defined two exploration targets at the Mount Royal - Orange Plains and Carolina Deposits.

Project History

Recent exploration commenced when Arimco Mining Pty Ltd (Arimco) conducted an extensive geophysics and drilling program between 1996 and 1998. Straits Resources Limited (Straits) entered a joint venture into the Project in 1998 and initiated further soil geochemistry, geophysics, and drilling. By 2001, 88 reverse circulation (RC) holes had been drilled, with many holes intersecting shallow copper mineralisation. Fifty-eight RC holes were drilled at the Mount Royal-Effies Ace trend, 25 RC holes were drilled at the Carolina prospect, and five RC holes were drilled at the historical Ace mine workings. These holes concentrated on the testing of shallow oxide copper mineralisation amenable to heap leach processing. The joint venture was terminated due to Arimco's liquidation and Straits' focus at the Girilambone and Tritton mines.

Mincor Resources NL, (Mincor), acquired EL6592 and EL6656 in 2006 and subsequently spent more than A$6 million on the Project, with widespread soil sampling; drilling; detailed airborne magnetics and EM, culminating in Mineral Resource estimations. In late 2015, Mincor obtained EL 8384 to the northwest of Tottenham and adjacent to Helix's Collerina copper discovery. Mincor suspended exploration in 2016 due to depressed metal prices.

Bacchus Resources Limited (Bacchus) entered a joint venture with Mincor in early 2017 with the view to drill the prospects, investigate mineral resource estimates and renew the tenements.

In 2021, Locksley acquired 100% of the Tottenham Project from Bacchus and Mincor.

• 1 ASX: LKY 21/11/2021 Drilling Results Support Resource Definition

• 2 ASX: LKY 19/1/2022 Exploration Update

Regional Geology

The Tottenham deposits are hosted within the Ordovician Girilambone Group. The project area lies within the Girilambone Anticlinorium Zone of the Lachlan Fold Belt. It is thought that the Girilambone Group forms part of a back arc basin sequence to the Macquarie volcanic arc sequence to the east (Figure 1).

Rock types are dominantly sequences of turbidites comprising sandstone and siltstone as well as minor chert, and conglomerate. Interbedded mafic volcanic, volcaniclastic and intrusive mafic units show a spatial association with copper mineralisation. The Girilambone Group is characterised by north-south trending thrust-bounded packages that separate Early Ordovician (Narrama Formation) and Middle Ordovician (Ballast and Lang formations) units. The Early Ordovician Narrama Formation (~475 Ma) hosts the bulk of the mafic igneous units, coarser-clastics, quartz-magnetite units and mineralisation. Majority of the mafic units are interpreted to be sills that have intruded into unconsolidated turbiditic sediments. Younger sediments cover many parts of the belt resulting in limited outcrop of less than 10%.

Metamorphism and deformation are mostly related to the Early Silurian Benamberan Orogeny, (~435 Ma). The increased metamorphism in the Tottenham area has led to the rocks being described as metasedimentary and mafic schists.

The deposits are considered by Locksley to be Besshi-Type VMS deposits that have been modified by deformation. The mineralisation in these systems is typically copper-rich with lesser zinc, silver, gold, and minor cobalt within well-developed iron-sulphide (pyrite/pyrrhotite) bodies. Mineralised horizons tend to be narrow but extensive. The best copper and zinc grades are typically proximal to the source of the fluids that formed these bodies - possibly "black smokers" erupting from the sea floor, driven by underlying igneous activity. Alternatively, unconsolidated sediments may be impregnated by metal bearing solutions below the sea floor.

Local Geology

The dominant structural feature in the Tottenham area is the Orange Plains Anticline, which is easily identified by magnetic horizons that are spatially associated with the mineralisation (Figure 2).

The Ordovician Girilambone Group in the Project area comprises the Tottenham Subgroup, in which there is a lower Mount Royal Formation (characterised by chloritic schist after mafic volcanics and/or sills); a middle Bogan Schist (quartz-muscovite schist after sediments) and an upper Caroline Forest Formation (mafic schist and quartz magnetite rock). These rocks have been folded to form the southeast plunging Orange Plains Anticline, the closure of which is located on EL6592. At least three deformations have been recognised. The dominant regional fabric (S2) is considered parallel to bedding and is commonly deformed, resulting in a crenulation cleavage (S3).

Mineralisation appears to be conformable with S2 and may be parallel to the original bedding. It is likely that deformation has modified and remobilised the original mineralisation leading to structural thinning and thickening. There is evidence of post-mineralisation faulting, resulting in regional and prospect-scale displacement such as the shift of mineralisation between the Mount Royal and Bogan River workings. There is a consistent greenschist regional metamorphic overprint with the assemblage chlorite + epidote + actinolite ± quartz in the mafic schists.

Figure 1:Regional geology and Tottenham Project licences

In the near-surface mineralisation, oxide, carbonate and hydroxide minerals are dominant including cuprite, malachite, azurite and chrysocolla. Chalcocite and digenite are present towards the base of weathering which is commonly 30m to 50m below surface. Primary mineralisation consists of pyrite-chalcopyrite ± cubanite ± magnetite ± sphalerite.

Silicification and magnetite alteration appear to be stronger above the most intensely mineralised zones. Hence magnetics may be used to identify prospective areas under cover. Aeromagnetic surveys outline two major prospective magnetic horizons that extend for over 50km within the Tottenham Project licences.