Godolphin Resources Unveils Promising Drill Results at Lewis Ponds
GRL (GRL) Share Update December 2024 Tuesday 17th
Godolphin Resources Reports Significant Sulphide Zone at Lewis Ponds
Godolphin Resources Limited (ASX: GRL) has announced significant progress in its drilling program at the Lewis Ponds gold, silver, and base metals project, revealing a substantial sulphide zone that highlights the potential of this site.
Instant Summary:
- 37m sulphide zone intersected in drill hole GLPDD007.
- Follows a previous 40m intersection in drill hole GLPDD006.
- Potential to upgrade mineral resource from Inferred to Indicated.
- Assay results expected in late January 2025.
Drilling Success at Lewis Ponds
Godolphin Resources Limited has successfully completed its third drill hole, GLPDD007, in the ongoing 1,500m drilling program at the Lewis Ponds project. This latest drill hole intersected a 37m wide zone of sulphide mineralisation, adding to the promising results from the previous hole, GLPDD006, which intersected 40m of semi-massive sulphide mineralisation.
The Lewis Ponds project, located in the Lachlan Fold Belt of New South Wales, covers approximately 148km² and is strategically positioned 15km east of Orange. The project already boasts a JORC 2012 Inferred Resource of 6.20 Mt at 2.0g/t gold, 80g/t silver, 2.7% zinc, 1.6% lead, and 0.2% copper.
Potential Resource Upgrade
The current drilling program aims to upgrade the existing mineral resource from Inferred to Indicated, providing core samples for metallurgical test work. The 37m sulphide intersection in GLPDD007 is located approximately 40m up dip from a historic drill hole, TLPD-04, which intersected 22.5m at 8.46g/t gold equivalent.
These results suggest that the mineralisation may thicken closer to the surface, contrary to previous interpretations that predicted it would pinch out. This new understanding could significantly impact the project's economic potential.
The discovery of a substantial sulphide zone at Lewis Ponds is a positive development for Godolphin Resources. It indicates the potential for a resource upgrade, which could enhance the project's economic viability. This news is likely to boost investor confidence and positively impact the company's stock price.
Investor Reaction:
Analysts are likely to view this announcement as a positive step forward for Godolphin Resources. The potential for a resource upgrade and the proximity of the new intersection to historical high-grade zones are encouraging signs for the project's future.
Conclusion:
Investors should keep an eye on the upcoming assay results due in late January 2025, which will provide further clarity on the potential of the Lewis Ponds project. Godolphin Resources' strategic drilling efforts could lead to significant advancements in their mineral resource estimates.