Godolphin seizes command of Narraburra, eyes drilling to grow rare earths resource
Special Report: Godolphin Resources has now secured a 51% interest in the Narraburra rare earths project in NSW after completing all work required under the earn-in agreement with private explorer EX9 Pty Ltd.
With a JORC 202 compliant Mineral Resource Estimate of 94.9Mt @ 739ppm TREO, including a higher-grade zone of 20Mt @ 1,079ppm TREO, Narraburra is the flagship asset for Godolphin Resources (ASX:GRL).
The resource is also proven for hosting valuable magnetic REEs such as the highly-sought neodymium and praseodymium (NdPr) used in permanent magnets which go into electric vehicles and wind turbines, among other tech applications.
Preliminary metallurgical work carried out by GRL has confirmed that ore from the project may be amenable to low-cost and near-term mining after an additional 18 samples demonstrated recoveries of up to 75% high-value magnetic rare earths.
Early testing also found that extraction percentages increase with time and temperature, with a significant increase in REE recovery at 50 degrees Celsius reported for clay-rich samples. from the first phase of metallurgical testing.
All of this work, as well as multiple diamond drill programs, have allowed GRL to secure a controlling 51% interest in the project.
This milestone is bolstered by the company also securing exploration licence grants adjacent to the project, along with pending applications, giving it a dominant foothold in the region.
“We are very pleased to have earned a controlling interest in Narraburra and we are confident that we can continue to extract considerable value for the company’s shareholders from the project and surrounding areas,” GRL managing director Jeneta Owens said.
“Godolphin has undertaken a systemic, cost-effective exploration and development program which has provided the company with a comprehensive understanding of the project’s exploration and mining development potential.
“Work undertaken to date has included multiple drill programs, HyLogger spectral analysis and importantly, metallurgical testing, which will inform the pathways for downstream processing and low-cost development.
“Now that we have secured a controlling interest in the project, exploration and development work will continue to further grow the JORC 2012 MRE at Narraburra, as well as potentially defining resources in surrounding areas. Over the coming months, we look forward to providing additional updates on these work streams.”
GRL plans to unlock the development potential of Narraburra by carrying out further drill programs to expand and upgrade the existing resource estimate this year and starting a mining scoping study.
It will also focus on geophysics, mapping and potential drill programs across the recently granted Cambrai licence and the Trungley licence application if it is granted.
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.