Lewis Ponds Expansion: 1.6km IP Anomaly Extension and 5.78% Copper Assays Reported
Godolphin Resources has reported significant exploration advances at its Lewis Ponds project, revealing new high-grade gold and copper prospects and entering a joint venture to accelerate regional development.
- Reprocessed geophysical data reveals large-scale gold and silver targets at Lewis Ponds
- New Cesar and Britannia prospects show high-grade gold and copper assays
- Planned updated Mineral Resource Estimate and mining Scoping Study underway
- Earn-in joint venture with Great Plains Metals for Yeoval and Goodrich projects
- Director resignation and $331,000 exploration expenditure reported for the quarter
Exploration Breakthroughs at Lewis Ponds
Godolphin Resources Limited (ASX – GRL) has delivered a robust quarterly update highlighting promising exploration and development progress at its 100%-owned Lewis Ponds gold, silver, and base metals project in New South Wales. Central to the report is the successful reprocessing of historical Induced Polarisation (IP) geophysical data, which has uncovered significant and extensive chargeability anomalies that suggest large-scale mineralisation beyond the current resource boundaries.
The reprocessed data delineates a 1.6-kilometre southern extension of the IP anomaly, directly linked to the existing high-grade mineral resource. This finding opens up new avenues for resource expansion, with planned deep-penetrating IP surveys aimed at exploring these targets further.
New High-Grade Prospects – Cesar and Britannia
Adding to the excitement, two new prospects, Cesar and Britannia, have been identified outside the current Mineral Resource Estimate (MRE). Rock chip assays from Cesar returned gold grades up to 5.11 grams per tonne, while Britannia showed copper concentrations as high as 5.78%, alongside gold and silver. Notably, Cesar remains undrilled, presenting a fresh opportunity for resource growth.
These discoveries underscore the potential for substantial resource uplift at Lewis Ponds, complementing the existing inferred resource of 6.2 million tonnes grading 2.0 g/t gold and 80 g/t silver.
Advancing Towards Resource Upgrade and Mining Study
Godolphin is progressing an updated Mineral Resource Estimate, incorporating recent drilling and geophysical insights, expected imminently. Concurrently, a mining Scoping Study and metallurgical test work are underway to refine processing methods and improve precious metal recoveries. Early metallurgical reviews suggest a multi-stage flotation process could enhance gold and silver extraction, a strategy aligned with industry best practices.
Strategic Joint Venture to Accelerate Regional Exploration
Beyond Lewis Ponds, Godolphin has entered an earn-in and joint venture agreement with Canadian-listed Great Plains Metals Corporation for the Yeoval and Goodrich copper-gold projects. Great Plains commits to a minimum $1 million exploration spend within 12 months to earn a 51% interest, with potential to increase to 70% after further expenditure. This partnership reduces Godolphin’s capital burden while leveraging Great Plains’ technical expertise to advance exploration.
Corporate and Financial Overview
The quarter also saw the resignation of director Chris Hartley, whose metallurgical and project development experience had supported the company’s progress. Exploration expenditure totaled $331,000, covering drilling, geophysics, metallurgical studies, and technical consulting. Godolphin ended the quarter with $1.3 million in cash, maintaining a solid position to fund near-term activities.
Managing Director Jeneta Owens emphasized the company’s momentum, noting that the upcoming resource update, mining study, and metallurgical results will be key catalysts to unlock further value at Lewis Ponds and across the portfolio.
Bottom Line?
With new high-grade targets and a strategic JV in place, Godolphin is poised for a pivotal phase of growth and resource expansion.
Questions in the middle?
- How will the upcoming deep IP survey results influence drilling priorities at Lewis Ponds?
- What impact will the multi-stage flotation process have on overall metal recoveries and project economics?
- How quickly will Great Plains Metals advance exploration under the JV, and what are the implications for Godolphin’s capital allocation?