Godolphin Resources Unveils 78% Resource Boost at Lewis Ponds

Lewis Ponds Resource Upgrade

Godolphin Resources Limited (ASX, GRL) has announced a transformative upgrade to its Lewis Ponds gold, silver, and base metals project in New South Wales. The company reported a 78% increase in total resource tonnage, now estimated at 17.52 million tonnes with contained metals including 630,000 ounces of gold and 30.1 million ounces of silver. This substantial uplift is underpinned by revised cut-off grades reflecting improved economic assumptions and stronger commodity prices.

The Mineral Resource Estimate (MRE), prepared in accordance with the JORC Code, divides the resource into open pit and underground categories. The open pit resource totals 4.82 million tonnes at 0.45 g/t gold and 35.89 g/t silver, while the underground resource comprises 12.7 million tonnes at 1.37 g/t gold and 59.97 g/t silver. Notably, 70% of the open pit and 45% of the underground resource are classified as Indicated, enhancing confidence in the project's commercial potential.

Metallurgical Advances and Processing Confidence

Complementing the resource upgrade, Godolphin completed a metallurgical flotation program that produced clean, high-grade zinc and lead-gold-silver concentrates. The tests demonstrated improved gold recovery rates and effective impurity rejection, particularly reducing zinc contamination in the lead concentrate. These results de-risk the processing pathway and support the economic viability of Lewis Ponds by confirming the potential for saleable concentrates attractive to the market.

Exploration and Expansion Potential

Exploration efforts during the quarter included a high-resolution Induced Polarisation (IP) survey, which confirmed a large sulphide system extending more than 1.5 kilometres along strike and to depths exceeding 400 metres beyond the current resource boundary. Additionally, a new geophysical target named 'Polar' was identified approximately one kilometre north along strike, showing similar electrical signatures to Lewis Ponds and supported by historical zinc anomalies. These findings highlight significant upside potential for resource expansion through targeted drilling.

Funding and Corporate Developments

To support ongoing exploration and development activities, Godolphin successfully raised $1.68 million through a non-renounceable entitlement offer. The funds will be allocated to drilling programs, geophysical surveys, and advancing the pending Scoping Study, which is on track for completion this quarter. The company also strengthened its leadership team with the appointment of Craig McPherson as Chief Financial Officer and Company Secretary, bringing extensive experience in financial management within the resources sector.

Narraburra Rare Earths Project Progress

Beyond Lewis Ponds, Godolphin continues to advance its Narraburra Rare Earth Elements project, which holds a maiden JORC resource of nearly 95 million tonnes at 739 ppm total rare earth oxides plus yttrium. Metallurgical testing has shown promising extraction rates for critical magnet rare earth oxides, positioning Narraburra well amid growing global demand and strategic investment in rare earth supply chains.

Godolphin’s strategic focus on critical minerals and base metals within the Lachlan Fold Belt underscores its commitment to contributing to Australia’s clean energy transition while delivering shareholder value through disciplined exploration and development.