Godolphin Resources Unveils Major Lewis Ponds Upgrade and Strong Capital Raise
Godolphin Resources has reported a substantial upgrade to its Lewis Ponds gold, silver, and base metals resource, alongside successful capital raising to fund ongoing development and exploration.
- 58% increase in Lewis Ponds resource tonnage with significant gold and silver uplift
- New exploration targets for copper and polymetallic lodes defined near existing resource
- Metallurgical testing indicates lower milling costs and reduced capital expenditure
- Oversubscribed entitlement offer raises $3.03 million to advance scoping study and drilling
- Narraburra Rare Earths project progresses with promising metallurgical results
Resource Upgrade Signals New Potential
Godolphin Resources Limited (ASX – GRL) has delivered a transformative update to its Lewis Ponds project in New South Wales, revealing a 58% increase in mineral resource tonnage. The revised JORC 2012-compliant estimate now stands at 9.83 million tonnes, containing 470,000 ounces of gold and 21 million ounces of silver, alongside significant base metals including zinc, lead, and copper. This upgrade not only boosts the scale but also improves confidence, with a substantial portion of the resource now classified as Indicated rather than Inferred, enhancing the project's development credibility.
Exploration Targets Expand the Horizon
Beyond the resource upgrade, Godolphin has identified two new exploration targets within 1.3 kilometres of the existing deposit. These include copper lodes estimated at 3 to 5 million tonnes grading between 1.0% and 1.5% copper, and polymetallic lodes with gold equivalent grades ranging from 1.42 to 2.46 g/t. Surface sampling has returned high-grade assays, supporting the potential for resource expansion both along strike and at depth. These targets will be a focus for upcoming drilling campaigns, aiming to extend the mineralised footprint.
Metallurgical Advances Lower Future Costs
Metallurgical testing has classified the Lewis Ponds ore as medium-soft, indicating it requires less energy for milling. This finding suggests that future processing plants could be designed with smaller equipment and lower power consumption, translating into reduced capital and operating costs. Such efficiencies are critical in enhancing project economics and competitiveness in the current mining landscape.
Strong Funding Boosts Development Plans
To support its ambitious development and exploration agenda, Godolphin successfully raised $1.35 million through a placement and an additional $1.68 million via an oversubscribed entitlement offer. The combined $3.03 million injection provides robust financial flexibility to complete the Lewis Ponds scoping study, scheduled for completion this quarter, and to advance exploration activities. The strong investor response underscores market confidence in Godolphin’s strategy and asset potential.
Narraburra Rare Earths Project Progresses
Complementing its base metals and precious metals focus, Godolphin’s Narraburra Rare Earth Elements project has made strides with successful metallurgical testing producing mixed rare earth carbonate samples rich in valuable heavy rare earth elements such as dysprosium and terbium. These results enhance the project's appeal to potential off-take partners and position Godolphin in the critical minerals sector, which is gaining strategic importance globally.
Bottom Line?
With a strengthened resource base, promising exploration targets, and solid funding, Godolphin is poised for a pivotal phase in advancing Lewis Ponds and its rare earth ambitions.
Questions in the middle?
- How will the upcoming scoping study quantify the economic viability of the expanded Lewis Ponds resource?
- What are the timelines and targets for drilling to convert exploration targets into defined resources?
- How might the rare earths production at Narraburra influence Godolphin’s strategic positioning and partnerships?
