Resource Growth Potential Rises as Godolphin Intersects New Zones Outside Current MRE
Godolphin Resources has reported multiple high-grade drill results from its Lewis Ponds project, exceeding expectations and highlighting significant potential for resource growth. The company also secured $1 million in new equity funding to advance metallurgical testing and resource upgrades.
- Completion of five-hole diamond drill program at Lewis Ponds
- Multiple high-grade gold equivalent intercepts exceeding current Mineral Resource Estimate
- Discovery of new mineralised zones including Torphy’s Lode and hanging wall mineralisation
- Secured $1 million placement to fund metallurgical test work and resource upgrade
- Exploration expenditure of $506,000 with ongoing rare earth element project progress
Strong Drill Results at Lewis Ponds
Godolphin Resources Limited (ASX: GRL) has delivered a compelling update on its Lewis Ponds gold, silver, and base metals project in New South Wales, reporting multiple high-grade drill results from a recently completed five-hole diamond drilling program. The assays, announced for the quarter ended 31 March 2025, revealed thick intervals of mineralisation with gold equivalent grades surpassing expectations, reinforcing the project's robust potential.
The drill program targeted the upper zones of the existing JORC Inferred Mineral Resource Estimate (MRE) of 6.20 million tonnes at 2.0g/t gold, 80g/t silver, and significant base metals. Notably, holes GLPDD006 and GLPDD007 returned standout results, including 49.6m at 3.53g/t AuEq and 39.9m at 3.59g/t AuEq respectively, with internal high-grade cores reaching up to 7.08g/t AuEq. These intercepts not only confirm the continuity of the known Spicer’s Lode but also reveal thicker mineralised intervals than previously modelled.
New Zones and Expansion Potential
Beyond upgrading parts of the existing resource from inferred to indicated status, the drilling uncovered promising new mineralised zones outside the current MRE. The Torphy’s Lode, previously unincorporated in the resource model, was intersected with thick mineralised intervals, suggesting substantial upside for resource expansion. Additionally, GLPDD009 identified a new hanging wall mineralisation zone, further broadening the project's exploration footprint.
These findings are supported by ongoing reinterpretation of historical drilling and geophysical data, which indicate the resource remains open in multiple directions and at depth. Godolphin is actively reprocessing geophysical datasets to refine future drill targets, aiming to unlock further resource growth within and beyond the current MRE boundaries.
Funding and Metallurgical Progress
To capitalise on these encouraging results, Godolphin successfully raised $1 million through a placement of nearly 90 million shares at 1.1 cents each. The funds will accelerate metallurgical test work focused on producing precious metal concentrates suitable for global smelters, as well as support the upcoming resource upgrade. Managing Director Jeneta Owens emphasised the quality of the drill results and their role in underpinning the company’s confidence in Lewis Ponds’ future development.
Alongside Lewis Ponds, Godolphin continues to advance its Narraburra Rare Earth Elements project, having completed process development testing that yielded mixed rare earth carbonate samples enriched in critical heavy rare earths like Dysprosium and Terbium. Engagement with potential off-take partners is progressing, reflecting the strategic importance of these elements in clean energy technologies.
Operational and Financial Overview
During the quarter, Godolphin’s exploration expenditure totaled $506,000, covering drilling, sample storage, salaries, technical consulting, and metallurgical studies. The company holds a broad portfolio of tenements across NSW, with a strategic focus on gold, silver, base metals, and rare earth elements within the Lachlan Fold Belt, a globally recognised mineral province.
With no mining production activities reported this quarter, the company remains focused on exploration and resource development. The successful capital raise and strong drill results provide a solid platform for Godolphin to advance its projects and deliver value to shareholders.
Bottom Line?
Godolphin’s high-grade drilling and fresh capital set the stage for a pivotal resource upgrade and exploration expansion at Lewis Ponds.
Questions in the middle?
- How will the upcoming Mineral Resource Estimate update quantify the newly discovered zones’ impact on total resource size and grade?
- What are the timelines and expected outcomes for the metallurgical test work aimed at producing precious metal concentrates?
- How might the progress at the Narraburra Rare Earth Elements project influence Godolphin’s strategic focus and market positioning?
