Godolphin finds promising mineralisation at Lewis Ponds gold-silver-base metals project

Godolphin flags semi-massive sulphide mineralisation at Lewis Ponds
Company confident assays next month will return promising results due to proximity of historical high-grade drilling nearby
Strategic investor ARR ups stake to 18.92%

Special Report: Godolphin Resources has intersected 40m on semi-massive sulphide mineralisation at its Lewis Ponds project in NSW, which the company reckons means they’re hot on the heels of gold and silver mineralisation, amongst other things.

Lewis Ponds is a high priority project for Godolphin Resources (ASX:GRL), due to the extensive historic gold and base metal workings, as well as its inferred resource estimate of 6.2 million tonnes at 2.0g/t gold, 80g/t silver, 2.7% zinc, 1.6% lead & 0.2% copper.

It also covers ~148km2 of ground in NSW’s prolific Lachlan Fold Belt, a region dotted with behemoths of operations that at various points produce roughly 700,000 ounces of gold per annum, such as Newmont’s Cadia.

This 1500m drill program is targeting the upper zone of the resource estimate, with the aim of upgrading from inferred to indicated. Indicated resources are drilled to a close enough spacing to be used for mine planning.

So far this encouraging massive to semi-massive sulphide mineralisation was found in two holes at the Spicer’s lode, and while assays are pending, the company is confident of good results – especially considering hole GLPDD006’s proximity to historic drill holes which reported:

16m at 11.46g/t gold equivalent (Au eq) from 195m (TLPD-36); and
43m at 4.6g/t AuEq from 298m including 25m at 6.54g/t AuEq from 298m (TLPD-06A).

Confident of confirming economic potential

“The 40m of sulphide intersection in GLPDD006 is an exciting milestone for the Lewis Ponds project, demonstrating its potential as a high-value gold, silver, and base metals asset,” Godolphin managing director Jeneta Owens said.

“This aligns with our strategy to unlock value by upgrading the resource and confirming the economic potential of the deposit.

“This hole further affirms the company’s previous exploration activities undertaken in 2021 which both intersected thick, high-grade gold mineralisation.

“While gold is not visible to the naked eye at Lewis Ponds, the semi-massive sulphides which have been intersected in this part of the Spicer’s Lode provide us with distinct confidence that gold and silver mineralisation should be present in this new intersection.

“The company’s on-site team are now cutting the core and will have samples ready for assay, in the local laboratory in Orange NSW, by the end of this week.

“With assay results expected next month and further drilling underway, we are confident in delivering strong outcomes for our shareholders.”

Fresh core samples will also be obtained for a metallurgical test work program, which is looking to determining the viability of producing a precious (gold and silver) metal concentrate.

Strategic investor ups stake

Meanwhile, strategic cornerstone investor American Rare Earths (ASX:ARR) is increasing its stake in the company to 18.92%, in a move that highlights their confidence in Godolphin’s projects and growth potential, the company says.

“Following completion of the company’s recent placement and, with these results, Godolphin remains exceptionally well placed,” Owens said.

“To this end, the company has now received all share subscription funds from its strategic cornerstone investor, American Rare Earths and I would like to take this opportunity to thank them for their ongoing support.

“ARR remain very supportive of the company’s rare earth and gold and copper projects.

“ARR see the unrealised value of the Godolphin Projects and the potential to create significant shareholder value.”

This article was developed in collaboration with Godolphin Resources, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.