Godolphin moves to fast-track Lewis Ponds gold and silver exploration with two-pronged capital raise

• Firm commitments to raise $1.35m in placement at 0.12c each share
• Non-renounceable 1 for 4 entitlement offer to raise up $1.68m in additional funding
• Fresh capital will fast-track a Lewis Ponds development including resource expansion and exploration drilling

Special Report: Having secured firm commitments for a $1.35m share placement, Godolphin also intends to raise an additional $1.68m to accelerate exploration and resource expansion at Lewis Ponds.

Godolphin Resources (ASX:GRL) will use the fresh funding for value-add programs at the Lewis Ponds gold, silver and base metals project in NSW, as well as additional exploration, including resource expansion drilling.

GRL currently is working to complete a scoping study underpinned by a recent, sizeable increase in the mineral resource estimate at the project, as well as metallurgical testwork to improve gold and silver recoveries.

Strong confidence, major potential

Godolphin managing director Jeneta Owens said the new funds would give GRL the ability to accelerate key components of the exploration and development program at Lewis Ponds, including a deep penetrating IP survey, targeted resource expansion drilling, and broader exploration outside of the existing resource, identified during the exploration target assessment.

“The level of commitment, from a range of new and existing investors as well as the company’s directors underscores the strong confidence in Godolphin’s strategic direction and the potential of our Lewis Ponds Project as a major asset,” she said.

“Strategically located in the Lachlan Fold Belt, this project is emerging as a major opportunity for gold, silver, and base metals development in New South Wales.

“We look forward to updating the market as we advance our work program and deliver on our growth objectives.”

World class mineral province

The Lewis Ponds project sits within the Lachlan Fold Belt of NSW, a world-class gold-copper and rare earth element province of Australia.

Godolphin is developing it as both an open-pit and underground operation, with distinct mineral resources to match.

The open-pit portion holds 2.88Mt at 0.52 g/t gold, 41.22 g/t silver, 1.52% zinc, 0.59% lead and 0.12% copper.

The underground resource is larger and of higher grade, coming in at 6.95Mt at 1.89 g/t gold, 76.48 g/t silver, 2.85% zinc, 1.71% lead and 0.17% copper.

Together, the two resources hold about 470koz of gold and 20.9Moz of silver.

Godolphin also holds interests in the Narraburra REE project, Yeoval copper-gold and Mt Aubrey gold projects.

Altogether, GRL’s holdings total 3,300km2 of ground prospective for gold, silver, base metals and rare earths.

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.