Godolphin Uncovers Up to 42.7m Sulphide Mineralisation at Lewis Ponds
Godolphin Resources has completed its first phase of drilling at Lewis Ponds, intersecting significant massive and semi-massive sulphide mineralisation that could underpin an upgrade to its existing resource estimate.
- Four drill holes intersected extensive sulphide mineralisation including up to 42.7m thickness
- Drilling targeted and confirmed zones within the existing JORC 2012 Inferred Mineral Resource
- Assay results pending, expected by mid to late February 2025
- Potential upgrade from Inferred to Indicated resource classification planned
- Metallurgical test work to assess recovery of gold, silver, and base metals to follow
Drilling Success at Lewis Ponds
Godolphin Resources Limited (ASX: GRL) has announced the completion of the first phase of diamond drilling at its 100%-owned Lewis Ponds Gold, Silver and Base Metals Project in New South Wales. The program comprised five drill holes totaling 1,094.8 meters, with four holes intersecting significant zones of massive, semi-massive, and disseminated sulphide mineralisation.
The standout intersections include drill hole GLPDD009, which encountered 42.7 meters of sulphide mineralisation, and GLPDD008, with 20.25 meters. These results align well with historic drilling data, reinforcing the continuity and scale of mineralisation within the Spicer's Lode and adjacent zones.
Context Within Existing Resource
The drilling targeted the upper zones of the existing JORC 2012 Inferred Mineral Resource, which currently stands at 6.20 million tonnes grading 2.0 g/t gold, 80 g/t silver, 2.7% zinc, 1.6% lead, and 0.2% copper. The objective is to upgrade portions of this resource from Inferred to Indicated classification, which would enhance the project's valuation and attractiveness to investors.
Importantly, the mineralisation style, characterised by pyrite, sphalerite, galena, chalcopyrite, and pyrrhotite, is consistent with historic data and suggests a robust polymetallic system. The intersections also confirm the presence of thick sulphide lenses that could support economically viable extraction.
Next Steps and Market Implications
Assay results for the initial holes (GLPDD006 and GLPDD007) are anticipated imminently, with results from the final two holes expected by late February 2025. These assays will be critical in validating the visual estimates of sulphide tenor and will inform the planned metallurgical test work program. This program aims to determine the recoverability of precious metals and base metal concentrates, a key step towards defining the project's economic potential.
Godolphin's Managing Director, Jeneta Owens, expressed confidence in the drilling outcomes, highlighting the potential for high-grade results and the strategic importance of Lewis Ponds within the company's portfolio. The project’s location in the Lachlan Fold Belt, a prolific mineral province, adds further weight to its long-term prospects.
Exploration Upside
Beyond the current drilling, there remain several untested geophysical targets and undrilled zones within and around the existing mineral resource. The deposit remains open at depth and along strike, offering significant upside for resource expansion. Godolphin’s ongoing exploration efforts could therefore materially increase the scale and grade profile of Lewis Ponds in the coming years.
Overall, this drilling phase marks a pivotal step in de-risking and advancing the Lewis Ponds project towards development, with the market keenly awaiting assay results and subsequent resource updates.
Bottom Line?
As assay results loom, Godolphin’s Lewis Ponds project stands poised for a resource upgrade that could reshape its market narrative.
Questions in the middle?
- Will assay results confirm the high-grade potential suggested by visual sulphide estimates?
- How will metallurgical test work impact the economic viability of precious and base metal recovery?
- What is the timeline and scale for follow-up drilling to expand the resource beyond current boundaries?
