Godolphin Resources Unveils Significant Mineralisation at Lewis Ponds Project
GRL (GRL) Share Update December 2024 Wednesday 4th
Godolphin Resources Discovers Promising Sulphide Mineralisation at Lewis Ponds
Godolphin Resources Limited (ASX: GRL) has announced a significant discovery of semi-massive sulphide mineralisation at its Lewis Ponds project in New South Wales, marking a promising development in its ongoing exploration efforts.
Instant Summary:
- 40m of semi-massive sulphide mineralisation intersected at Lewis Ponds.
- Two holes of the 1,500m drilling program completed.
- Strategic investor American Rare Earths increases stake to 18.92%.
Exploration Update
Godolphin Resources has completed two holes from its planned 1,500m drilling program at the Lewis Ponds gold, silver, and base metals project. The company reported that drill hole GLPDD006 intersected approximately 40m of massive to semi-massive sulphide mineralisation, a promising indicator of the site's potential.
The drilling program aims to upgrade the existing JORC 2012 Inferred Mineral Resource Estimate from Inferred to Indicated, with the goal of confirming the economic viability of producing a precious metal concentrate. Assay results for the core samples are expected in January 2025.
Historical Context and Resource Potential
The Lewis Ponds project, located in the Lachlan Fold Belt of New South Wales, has a rich history of exploration and mining. Historic drill holes in the area have reported significant gold equivalent grades, underscoring the potential for high-value mineralisation.
Godolphin's current inferred resource stands at 6.20 million tonnes at 2.0g/t gold, 80g/t silver, 2.7% zinc, 1.6% lead, and 0.2% copper. The current drilling program is focused on enhancing this resource estimate and obtaining core samples for metallurgical testing.
The discovery of substantial sulphide mineralisation at Lewis Ponds could significantly enhance Godolphin's resource estimates, potentially leading to a revaluation of the company's stock. The increased stake by American Rare Earths indicates strong confidence in the project's potential, which may positively influence investor sentiment.
Investor Reaction:
Analysts are likely to view the discovery as a positive development, given the potential for resource upgrades. The strategic investment by American Rare Earths further supports the project's growth prospects, which could attract additional investor interest.
Conclusion:
Investors should keep an eye on the upcoming assay results in January 2025, which will provide further insights into the project's potential. Godolphin's strategic efforts to enhance its resource base could lead to significant value creation for shareholders.