Godolphin Resources Unveils Major Lewis Ponds Resource Upgrade: 470koz Gold, 21Moz Silver

Resource Expansion and Confidence Boost

Godolphin Resources Limited (ASX, GRL) has delivered a transformational update to its Lewis Ponds gold, silver, and base metals deposit in New South Wales. The newly released Mineral Resource Estimate (MRE) reveals a 58% increase in tonnage to 9.83 million tonnes, containing 470,000 ounces of gold and 21 million ounces of silver. This represents an 18% and 31% increase in gold and silver respectively compared to the previous resource.

Importantly, the resource classification has advanced significantly. The open pit portion now boasts 64% of its 2.88 million tonnes as Indicated, while the underground resource has 45% of its 6.95 million tonnes classified as Indicated. This upgrade from a previously 100% Inferred resource enhances confidence in the deposit’s continuity and economic potential.

Geological and Operational Context

Located within the Lachlan Fold Belt, the Lewis Ponds deposit is a polymetallic system featuring gold, silver, zinc, lead, and copper mineralisation hosted in volcaniclastic sediments. The deposit extends over a 1,500-metre strike and dips steeply northeast, with mineralisation distributed across multiple lodes including Tom’s, Spicer’s, and Torphy’s.

The updated MRE incorporates extensive drilling data, including over 64,000 metres of diamond and reverse circulation drilling from 218 holes. The resource modelling employed advanced geostatistical techniques and was independently verified by Measured Group Pty Ltd, ensuring robust and industry-compliant estimates.

Pathway to Development

Alongside the resource upgrade, Godolphin completed a pit optimisation study that supports the economic viability of mining the upper portions of the deposit via open pit methods. The open pit resource is reported at a 1.0 g/t gold equivalent cutoff, while the underground resource uses a higher 3.2 g/t cutoff reflecting selective mining practices.

Metallurgical test work, based on historical SGS studies and ongoing optimisation, indicates that the mineralisation is amenable to conventional flotation processing, producing separate zinc and lead-copper concentrates with respectable recoveries of precious and base metals.

Godolphin’s Managing Director, Jeneta Owens, highlighted the milestone nature of this upgrade, emphasizing the strong foundation it provides for the ongoing scoping mining study and the potential for near-term development. Additional drilling is planned to target further resource growth, particularly in copper-enriched and polymetallic zones.

Strategic Significance

The Lewis Ponds project is a cornerstone asset for Godolphin, situated in a prolific mineral province with excellent infrastructure access. The resource upgrade not only enhances the project’s scale but also improves the quality and confidence of the mineral inventory, positioning Godolphin well for advancing towards feasibility and eventual production.

With a comprehensive drilling database, sound geological understanding, and ongoing metallurgical and mining studies, Lewis Ponds is emerging as a significant undeveloped gold-silver-base metals deposit in Australia.