Great Plains to Invest $1M for 51% Stake in Godolphin’s Yeoval and Goodrich Projects
Godolphin Resources has partnered with Canadian explorer Great Plains Metals to advance its Yeoval and Goodrich copper-gold projects through a staged earn-in and joint venture agreement.
- Great Plains to spend $1m in 12 months for 51% stake in Yeoval and Goodrich
- Option to increase interest to 70% with an additional $1m exploration spend
- Godolphin remains operator during initial earn-in period
- Agreement reduces Godolphin’s capital outlay while retaining upside
- Focus maintained on advancing Lewis Ponds gold, silver, and base metals project
Strategic Partnership to Unlock Copper-Gold Potential
Godolphin Resources Limited (ASX – GRL) has formalised a joint venture agreement with Canadian-based Great Plains Metals Corporation, marking a significant step in advancing its Yeoval and Goodrich copper-gold projects in central New South Wales. Under the deal, Great Plains will commit a minimum of $1 million in exploration expenditure within the first year to earn a 51% interest, with an option to increase this to 70% by spending an additional $1 million over the following 12 months.
This arrangement allows Godolphin to leverage Great Plains’ exploration expertise and financial resources while maintaining operational control during the initial earn-in period. The collaboration is seen as an endorsement of the projects’ potential, particularly the prospect of a large-scale porphyry copper-gold system, a highly sought-after deposit type in the mining sector.
Balancing Risk and Opportunity
Managing Director Jeneta Owens highlighted the strategic benefits for Godolphin shareholders, noting that the agreement reduces the company’s immediate expenditure commitments without sacrificing exposure to future exploration success. By remaining operator initially, Godolphin ensures its technical team can work closely with Great Plains’ specialists, fostering knowledge exchange and maintaining project momentum.
Meanwhile, Godolphin can focus its resources on advancing the Lewis Ponds project, a gold, silver, and base metals asset that remains a core development opportunity. Recent activities at Lewis Ponds include metallurgical testing and a deep-penetration induced polarisation survey, with an updated mineral resource estimate anticipated to underpin further development plans.
Project Overview and Regional Significance
The Yeoval project area, encompassing the Goodrich tenement, covers approximately 290 square kilometres and hosts over 60 historic copper-gold workings along a 20-kilometre strike. The Goodrich mine itself was a notable producer in the late 19th and early 20th centuries, with historical records indicating significant copper and gold output. The region’s accessibility and proximity to existing infrastructure add to its appeal for modern exploration.
Great Plains’ focus will be on exploring for a large tonnage porphyry system, a target that could transform the project’s scale and economic potential. The staged earn-in structure provides a clear framework for advancing exploration while managing financial and operational risks for both parties.
Looking Ahead
As Great Plains embarks on its exploration program, Godolphin’s dual approach; partnering on Yeoval and Goodrich while pushing forward at Lewis Ponds; positions the company to maximise value across its portfolio. The success of this partnership will be closely watched by investors eager for tangible progress in a competitive copper-gold landscape.
Bottom Line?
Godolphin’s joint venture with Great Plains sets the stage for accelerated exploration, but results and expenditure milestones will be key to unlocking full project potential.
Questions in the middle?
- Will Great Plains meet its $1 million expenditure target within the initial 12 months?
- How will the collaboration impact the timeline for resource updates at Yeoval and Goodrich?
- What are the implications for Godolphin’s capital allocation between Yeoval-Goodrich and Lewis Ponds?
