Core samples obtained from the drill program will be used for a metallurgical test work program at Lewis Ponds. Pic: Getty Images
Godolphin starts drilling for gold, silver and base metals at Lewis Ponds
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- A rig is now on site at Lewis Ponds to start the first of the planned holes in a 1500m program
- Drilling is designed to upgrade parts of the resource from inferred to indicated
- The program will wrap up in December
Special Report: Godolphin Resources has commenced a drill program at the Lewis Ponds project to upgrade the current 6.2Mt resource from inferred to the higher confidence indicated category.
The 1500m program will target the upper regions of the project’s existing inferred 6.2Mt at 2g/t gold, 80g/t silver, 2.7% zinc, 1.6% lead and 0.2% copper resource and provide samples for metallurgical testing with a focus on producing precious (gold and silver) metal concentrates.
Drilling follows extensive planning and preparation works undertaken by Godolphin Resources’ (ASX:GRL) management team to design a program with potential to unlock further value from the Lewis Ponds asset.
Lewis Ponds 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.
Due to the extensive historical gold and base metal workings, GRL considers Lewis Ponds as a “high priority” with re-interpretation of soil results having identified zones of gold mineralisation coincident with anomalous copper-barium-bismuth-molybdenum-lead-tellurium over the resource.
While the gold price has retreated since Donald Trump’s US election victory, the year has been marked with record highs with Aussie gold prices climbing over $4000/oz in October.
Big time comparisons
Although further testing is required, GRL believes there are a number of geochemical comparisons that can be made with the two-million-ounce McPhillamys gold project, which is only 20km southeast along the Godolphin Fault Zone.
McPhillamys, owned by Regis Resources (ASX:RRL), is considered one of Australia’s largest undeveloped open pittable gold resources. Lewis Ponds has similar geological features and is located northeast of Orange, where the company has a strong working relationship with the local community.
Multiple large undrilled areas exist within the known Lewis Ponds mineral resource, which is open in several directions and provides Godolphin with exceptional potential upside for future exploration programs to grow the mineral resource in the future.
“The commencement of drilling at Lewis Ponds has been a key priority of Godolphin, and today’s announcement reflects the commitment and ability of the Godolphin team to meet the relevant permitting requirements and get the drill rig turning in a short time frame,” GRL managing director Jeneta Owens said.
“Our first drill hole is now underway, which will allow for ongoing updates on progress and drill results over the coming months.”
Drilling will be completed towards the end of December with assays to be reported in the coming months on an ongoing basis as they are received.
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.
