Locksley Resources : Airborne EM Survey Completed at the Tottenham Project

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ASX RELEASE

AIRBORNE EM SURVEY COMPLETE

AND UPDATE

	1,066.2 line km HeliTEM survey has been completed
	over parts of EL6592, EL8384 and EL9307
	Rock chip results detect 4 target areas with values up
	to 2.2% Cu, 1.4ppm Au, 32ppm Ag

30th June 2022

useLOCKSLEY RESOURCES LIMITED ACN 629 672 144

Level 11, London House

216 St. Georges Terrace

Perth Western Australia 6000

Tel: [phone] personalFacsimile: [phone]

Website:

www.locksleyresources.com.au

C ntact:

Mr Ian Cooper Operations Manager [e-mail]

Directors

Adam Giles

Stephen Woodham

Stephen Brockhurst

ForTicker

ASX: LKY

Shares on Issue

56,000,001

	Examination of historic drilling shows mineralisation
	at the Jimmy Woodser and Larkings Prospect
	Drilling continues to be delayed by boggy ground
	conditions

Locksley Resources Limited is pleased to provide an update on activities at the Tottenham Project in central New South Wales.

HeliTEM Survey

A 1,066.2 line km helicopter borne magnetic and electromagnetic, (HeliTEM), survey has been completed over parts of EL6592, EL9307 and all of EL8384 by Xcalibur Multiphysics. These surveys have been highly effective in directly detecting copper orebodies in the region such as at the Tritton Mine and the Constellation Deposit (Aeris Resources Ltd).

Primary aims of the survey are to:

• Explore the area under cover between the Tottenham Deposits and the CZ Deposit
• Explore the area in the core of the Orange Plains Anticline, about the Lacy's Tank copper occurrence
• Test line data over previously identified anomalies in the Orange Plains - Effies Ace area and
• Provide further data on untested anomalies in the Ace Mine and Underlay Mine areas.

A brief examination of the raw data shows that anomalies are present, but these need to be filtered for the effects of man-made features and conductive overburden such as saline groundwater. Data compilation and processing is expected to take 4 to 7 weeks.

For personal use only

HeliTEM test flight, Tottenham aerodrome

HeliTEM survey lines completed. Map Grid Australia zone 55

For personal use only

Drill Core Sampling

Multiple historic drill holes from Tottenham are stored at the WB Clarke Geoscience Centre in Western Sydney. Diamond core from the Jimmy Woodser and Larkings Prospects have been logged and additional sampling taken. Assay results are expected to be received in 4 to 6 weeks.

Two diamond drill holes from the Jimmy Woodser Prospect, (TH296D550, TH297.50D504) have been logged and sampled. Historically, both holes report intervals of moderate grade copper up to 1% Cu with no previous gold assays.

Two diamond holes from the Larkings Prospect, (L-DDH1,L-DDH2), have been logged and additional sampling taken for assay. Both of these 1968 holes were poorly sampled with no previous gold assays. L-DDH1 showed little sign of mineralisation. L-DDH2 showed an interval of weak to moderate oxide copper mineralisation from 37m to 45.7m and sulphide mineralisation from 83m to 88m.

Rock Chip Sampling

Results have been received for 53 rock chip samples from EL6592. Anomalous to ore grade results were returned from several areas. Results are presented in the attached table.

Orange Plains

A single scout sample of ferruginised psammite float from ~270m north of the Orange Plains core yard returned anomalous values of 0.22ppm Au, 8ppm Ag, 326ppm Cu, 28ppm Mo. This area is well into the footwall of the Orange Plains deposit, in an area of no previous work.

Larkings

3 samples were collected about a dozer costean and shaft at the Larkings Prospect. Gossanous psammites returned values up to 0.1ppm Au, 1ppm Ag, 452ppm Cu, 31% Fe.

Trabratong Crossing Rd Road Base Quarry

4 samples of quartz veined metasediment were collected from a road base quarry in the east of EL6592. This area of outcrop is ~500m east of a prospective horizon for mineralisation. No anomalous results were returned.

Jimmy Woodser

At Jimmy Woodser, recent clearing has allowed quartz - magnetite rocks and minor gossan to be traced for 900m to the NNE from the old workings. This zone is up dip of a historic EM conductor plate that is intended to be tested by RC drilling. 3 areas of anomalous samples were detected:

1. South shaft area with values to 0.38ppm Au, 2ppm Ag, 0.81% Cu, 0.15% Zn
2. North Shaft (Main Shaft) area with values to 0.42ppm Au, 3ppm Ag, 1.13% Cu, 0.16% Zn
3. A former railway cutting with values to 0.14ppm Au, 0.51% Cu, 0.12% Zn

Effies Ace

At Effies Ace, multiple shafts, pits and costeans trace a gossan horizon for ~300m before being obscured by cover to the west. Ore grade copper results were returned from multiple samples with values to 2.2% Cu. Gold values are consistently in the range of 0.5ppm Au to 1.4ppm Au. Silver values are elevated with up 32ppm Ag. Zinc values are also elevated with up to 0.4% Zn. The rock chips outline 2 separate mineralised horizons at surface. (See attached plan)

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Orange Plains - Effies Ace Area with ppm copper rock chip values (10000ppm = 1%). Yellow lines represent mineralised horizons.

Map Grid Australia zone 55

For personal use only

Next Steps

Now that a resource base of 9.86Mt @ 0.72% Cu, 0.22g/t Au has been established at the Tottenham Project efforts are being directed towards:

• expanding the existing resources at Mount Royal - Orange Plains and Carolina
• exploration of the numerous historic deposits to locate additional resources
• tenement wide exploration to locate new deposits
• potential acquisition of nearby stranded resources

Planned exploration drilling of the Burdenda area remains on hold due to boggy ground conditions. It is hoped that the area will be dry enough to consider drilling in 2 weeks.

The Board of Directors of Locksley Resources Limited authorised the release of this announcement.

Further information contact:

Mr Ian Cooper

Operations Manager

1. [e-mail]

COMPLIANCE STATEMENTS

Forward-Looking Statements

This document may include forward-looking statements. Forward-looking statements include, but are not limited to, statements concerning the Company's planned exploration program and other statements that are not historical facts. When used in this document, the words such as "could," "plan," "expect," "intend," "may", "potential," "should,", "further" and similar expressions are forward- looking statements. Although the Company believes that its expectations reflected in these forward- looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that further exploration will result in additional Mineral Resources.

Competent Persons

Except where indicated, exploration and technical information above have been reviewed and compiled by Ian Cooper BSc (Hons), BE (Mining), MSc, a Competent Person who is a Member of the Australian Institute of Mining and Metallurgy, (Member Number 106609) with over 35 years of experience in metallic minerals mining, exploration and development, and has sufficient experience which is relevant to the style of mineralisation and type of deposits under consideration 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 Cooper is a full-time employee and shareholder of Locksley Resources Limited and consents to the inclusion of this technical information in the format and context in which it appears.

Previously Reported information and other foot notes for reference

This report includes information that relates to announcements previously made to the ASX including exploration Results and Mineral Resources prepared and first disclosed under JORC Code 2012. The information was extracted from the Company's previous ASX announcements as follows:

• LKY ASX Announcement 5 Apr 2022 EXPLORATION UPDATE
• LKY ASX Announcement 1 Apr 2022 9.8Mt RESOURCE AT TOTTENHAM
• LKY ASX Announcement 11 Jan 2022 EXPLORATION UPDATE
• LKY ASX Announcement 25 Nov 2021 TOTTENHAM DRILLING SUPPORTS RESOURCE DEFINITION
• LKY:ASX Announcement 30 Sept 2021 RC DRILLING COMMENCES AT THE TOTTENHAM COPPER PROJECT, EXPLORATION UPDATE
• LKY:ASX Announcement 24 Aug 2021 "EXPLORATION UPDATE DRILLING COMMENCES AT TOTTENHAM"
• Locksley Resources (LKY) Prospectus 6 Jul 2021