Join our daily newsletter At The Bell to receive exclusive market insights
- Godolphin Resources (GRL) has identified gold, silver and base metal geochemical anomalies at the Lewis Ponds Project in New South Wales
- The company collected 320 soil samples which defined the precious and base metal anomalies over a 1.3-kilometre strike length
- Significantly, the sampling returned values of up to 6.2 grams per tonne gold and 26.1 grams per tonne silver
- Godolphin will now review historical drill data and remodel the existing mineral resource estimate ahead of a planned drilling program
- Company shares are up 10.5 per cent and are trading for 21 cents
Godolphin Resources (GRL) has identified gold, silver and base metal geochemical anomalies at the Lewis Ponds Project in New South Wales.
The Lewis Ponds Project covers roughly 148 square kilometres. It has an inferred and indicated mineral resource estimate of 20.24 million tonnes at 1.5 per cent zinc, 0.7 per cent lead, 0.1 per cent copper, 0.5g/t gold, 33.3g/t silver.
The project is historically interpreted to be a volcanic-hosted massive sulphide (VHMS) deposit with lead, zinc and associated precious metals. Historical drilling and exploration primarily focused on base metal exploration and not gold.
As gold was not routinely assayed for in historic soil surveys at Lewis Ponds, the company recently initiated exploration at the project to define gold targets for drilling. Following the identification of highly anomalous gold-in-soil, Godolphin recently completed an extended soil survey to test a broader area.
A total of 320 soil samples were taken which have defined significant precious and base metal anomalies over a 1.3-kilometre strike length.
Specifically, the soil survey defined significant zinc, lead and copper anomalies.
The sampling returned significant gold and silver values of up to 6.2g/t and 26.1g/t, respectively.
Due to the positive results, Godolphin will review historical drill data and resources. This will include remodelling the current mineral resource estimate to focus on higher-grade shoots with high precious metal values.
Following this, the company will likely conduct a drilling program to target the precious metals in the area.
Company shares are up 10.5 per cent and are trading for 21 cents at 3:29 pm AEST.
