Lewis Ponds Exploration Upside: Untested Targets Pose Both Opportunity and Risk
Godolphin Resources has reprocessed historic geophysical data at its Lewis Ponds project, revealing significant new gold, silver, and base metals targets that extend well beyond the current resource estimate. The company plans a modern deep-penetration survey to refine these promising targets.
- Reprocessed historic Induced Polarisation (IP) data reveals 1.6km southern and 550m northern extensions to known mineralisation
- Lewis Ponds hosts a JORC 2012 Inferred Resource of 6.20 Mt at 2.0g/t gold, 80g/t silver, plus base metals
- Coincident geochemical anomalies increase confidence in the newly identified IP targets
- New deep-penetration IP survey planned to explore mineralisation down to 300-400m depth
- Historical drilling confirms mineralisation near surface but large areas remain underexplored
Historic Data Reprocessed to Reveal New Targets
Godolphin Resources Limited (ASX: GRL) has announced a significant breakthrough at its 100%-owned Lewis Ponds Gold, Silver and Base Metals Project in New South Wales. By reprocessing historic Induced Polarisation (IP) geophysical data collected in the early 1990s, the company has identified large-scale chargeability anomalies that suggest substantial extensions to the known mineralisation.
The reprocessed data highlights a 1.6-kilometre southern extension and a 550-metre northern anomaly adjacent to the existing high-grade resource. These anomalies correspond closely with the known gold and silver-rich sulphide mineralisation, confirming the effectiveness of the IP method in mapping mineralised zones.
Resource Base and Exploration Potential
Lewis Ponds currently holds a JORC 2012 Inferred Resource of 6.20 million tonnes grading 2.0 grams per tonne gold, 80 grams per tonne silver, along with significant zinc, lead, and copper. This equates to approximately 398,000 ounces of gold and 15.9 million ounces of silver contained within the resource.
Historical drilling has primarily focused on base metals, but a 2020 review shifted the emphasis toward precious metals, uncovering promising gold and silver mineralisation. The recent reinterpretation of soil geochemical data revealed multi-element anomalies coincident with the southern IP targets, bolstering confidence that these geophysical anomalies represent extensions of the mineralised system.
Plans for Modern Deep-Penetration Survey
Recognising the limitations of the historic IP survey, which was confined to the upper 90 metres of the subsurface, Godolphin is planning a modern pole-dipole IP survey. This new program aims to penetrate to depths of 300-400 metres, refining the targets and guiding future drilling campaigns.
Historical drillholes testing the northern and southern anomalies have been sparse, with some lacking assay data. However, where drilling has occurred, encouraging gold mineralisation has been intersected near surface, supporting the potential for resource expansion.
Strategic Position in the Lachlan Fold Belt
Located within the highly prospective Lachlan Fold Belt, Lewis Ponds benefits from proximity to major deposits such as McPhillamys, which hosts over two million ounces of gold. The geological setting includes stratabound sulphide lenses within a structurally complex zone, offering multiple styles of mineralisation that remain open along strike and at depth.
Godolphin’s Managing Director, Ms Jeneta Owens, described the reprocessed data as "spectacular," emphasizing the strong correlation between IP chargeability anomalies and known mineralisation. She highlighted the company’s commitment to leveraging modern geophysical techniques to unlock the full potential of Lewis Ponds.
Outlook and Next Steps
The upcoming deep IP survey and subsequent drilling will be critical in testing the newly identified targets and potentially expanding the resource base. With a solid existing resource and compelling geophysical and geochemical evidence, Lewis Ponds stands poised for a new phase of exploration that could significantly enhance its value proposition.
Bottom Line?
Godolphin’s strategic use of historic data combined with modern geophysics could unlock substantial new value at Lewis Ponds.
Questions in the middle?
- How will the results of the planned deep-penetration IP survey influence the next drilling campaign?
- What is the potential scale of resource expansion if the southern and northern anomalies are confirmed?
- How might metallurgical characteristics impact the economic viability of any expanded resource?
