Godolphin’s 94.9Mt Narraburra project could get bigger with four new target areas outlined

Four high priority target areas have been identified for immediate follow up at Godolphin Resources’ Narraburra project
New target areas demonstrate the potential to expand the existing resource
On-ground exploration will begin immediately to systematically assess these targets

Special report: Newly defined exploration targets demonstrate potential to expand the existing 94.9Mt at 739ppm TREO resource at Godolphin Resources’ Narraburra rare earths project in NSW.

Godolphin Resources’ (ASX:GRL) Narraburra asset is a highly prospective rare earths (REE) project with a 94.9Mt @ 739 parts per million (ppm) total rare earths oxides (TREO), including a high-grade 20Mt component of 20Mt at 1,079ppm TREO.

The explorer recently expanded its footprint a further 110km2 adjacent the flagship Narraburra project and has received Phase 2 metallurgy results through ANSTO, achieving huge 80-95% magnet REE recoveries, the high-value rare earths such as neodymium and praseodymium (NdPr).

Some of the recent funds from a $550,000 raising are earmarked for additional drilling with the aim of increasing resources as well as finalising the company’s scoping study, being undertaken by Ausenco.

Novel target areas to provide increase in MREOs

Four new target areas have now been outlined by reprocessing and interpretation of regional aeromagnetic data covering Narrraburra.

The work comprised a review of the drill program that underpinned the maiden resource.

Magnet rare earth element oxides (MREOS) thicknesses were calculated with the data from the weathered portion of the deposit only – the calculation does not include any fresh rock.

The majority of the MREOs report to the west of the Narraburra Fault Zone and overlap with a distinct magnetic body, and indicate that that this magnetic body is not likely a result of the Narraburra Granite, which hosts the eastern sector of the resource.

Reprocessed regional magnetic image showing the four key target areas. Pic: Godolphin Resources

This interpreted intrusion has been labelled as Target 1 and will form the basis for ongoing drilling and resource expansion, targeting an increase in MREO grades with increased thicknesses.

GRL says the information will form the immediate exploration focus and seek to define regional drill targets to discover new rare earth element deposits in these previously under explored areas.

Clear pathway to higher grades and tonnes

“This new information provides Godolphin with a greater understanding of the geological conditions that may be influencing the location of the rare earth mineralisation,” GRL managing director Jeneta Owens says.

“These new target areas provide a clear pathway to enable a potentially significant increase in the grade and tonnes of the Narraburra REE resource.

“It also provides significant scope for exploration upside to substantially increase the overall project size given the potential to make new clay hosted REE discoveries close to the existing Narraburra deposit,” she says.

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.