Exploration Risks Loom as Golden Deeps Expands Footprint in NSW and Namibia

Havilah Project Drilling Highlights

Golden Deeps Ltd (ASX: GED) has delivered a robust update for the quarter ended 31 December 2024, showcasing promising exploration results at its flagship Havilah Copper Project in New South Wales. Diamond drilling at the Hazelbrook and Hazelbrook North prospects intersected extensive sulphide-bearing zones with notable copper, zinc, and silver mineralisation. Key results include a 30-metre zone grading 0.05% copper from 86 metres and higher-grade intervals such as 6 metres at 0.30% copper and 0.72% zinc, underscoring the potential for a significant porphyry/volcanic-hosted copper system within the Rockley-Gulgong Volcanic Belt.

The drilling program tested geochemical and geophysical targets, confirming the presence of copper-zinc-silver mineralisation over broad intervals. The identification of a third copper-zinc soil anomaly at the Milfor prospect, covering a 1km by 1km area with assays up to 1.1% copper from rockchips, further expands the project’s exploration scope. Golden Deeps plans to refine targets using integrated geophysical data before advancing to additional drilling.

Strategic Expansion Through Acros and Crown JV

In a strategic move to consolidate its position in the Lachlan Fold Belt, Golden Deeps entered a binding agreement to earn an 80% interest in Acros Minerals and Crown Gold Resources. This acquisition adds five granted exploration licences contiguous with GED’s existing tenements, effectively enlarging the prospective area for copper-gold mineralisation to over 5 kilometres by 2 kilometres. Initial fieldwork on these tenements has commenced, with auger soil and rockchip sampling targeting extensions of the altered Sofala volcanics, a key host for mineralisation at Havilah.

Namibia Projects: New Resource and Drilling Momentum

Golden Deeps’ Otavi Mountain Land projects in Namibia continue to deliver value with the announcement of a new Mineral Resource estimate for the Khusib Springs silver-copper deposit. The updated resource totals 492,000 tonnes at 116 grams per tonne silver equivalent, equating to approximately 1.9 million ounces of silver equivalent metal in the Indicated and Inferred categories. This estimate incorporates recent drilling that intersected thick silver-copper sulphide zones, as well as remnant high-grade sulphide material around the historic mine.

Following the quarter, drilling commenced at the Nosib Prospect, targeting extensions of a maiden copper-vanadium-lead-silver oxide and sulphide resource. Previous drilling at Nosib revealed a thick stratabound copper-silver sulphide zone with grades up to 10.3% copper over short intervals, indicating strong potential for resource growth at depth and along strike.

Corporate and Financial Position

Golden Deeps reported a net cash outflow of $0.755 million for the quarter, primarily driven by exploration expenditure of $547,000. The company ended the period with a healthy cash balance of $3.87 million, providing a solid runway for ongoing and planned exploration activities. Payments to related parties were limited to director fees and superannuation totaling $16,000, reflecting prudent corporate governance.

Looking ahead, Golden Deeps is well positioned to advance its exploration programs across multiple jurisdictions, including further drilling at Havilah, Nosib, and Khusib Springs, as well as progressing its cobalt-silver projects in Ontario, Canada. The company’s methodical approach to target refinement and resource definition aims to unlock value from its diverse portfolio of copper, silver, gold, and polymetallic assets.