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- Godolphin Resources (GRL) has intersected zones of gold, silver and base metal mineralisation from the Quarry Lode in New South Wales
- Results have been received from the four reverse circulation holes drilled with all intersecting gold, silver and base metal mineralisation
- Godolphin is now drilling at the Gundagai Project with 11 reverse circulation holes drilled to test the historical workings along the mineralised quartz veins
- Further, an Exploration Licence Application (ELA) was submitted to the NSW Government for a new exploration area 16 kilometres south-southwest of Temora
- Godolphin ended the day in the grey with shares trading at 15 cents each
Godolphin Resources (GRL) has intersected zones of gold, silver and base metal mineralisation from the Quarry Lode.
Quarry Lode is part of the 148 square kilometre Lewis Ponds Project, which lies 15 kilometres east of Orange in New South Wales.
Additionally, it has an inferred mineral resource estimate (MRE) of 6.2 million tonnes at two grams of gold per tonne (g/t), 80g/t silver, 2.7 per cent zinc, 1.6 per cent lead and 0.2 per cent copper.
Results have been received from the four reverse circulation (RC) holes drilled with all intersecting gold, silver and base metal mineralisation.
Additionally, sulphides were intersected in all holes with occurrences of chalcopyrite and sphalerite present in the drill chips.
Narrow zones of stringer veins with lead and zinc sulphides were also identified.
Significant results include eight metres at 1.07g/t gold from 70 metres including one metre at 6.5g/t gold, 172g/t silver and 1.38 per cent lead.
Other results include one metre at 0.75g/t gold, 154g/t silver, 2.3 per cent lead and 3.6 per cent zinc.
GRL said the results confirm the mineralisation continues to the northwest and remains open along strike.
Follow up diamond core drilling will now be undertaken to test the extent of the mineralisation up and down dip.
Godolphin has also begun drilling at the Gundagai Project with five RC holes for 616 metres drilled at the Emu and Mantons prospects.
A further six RC holes for 1825 metres will be drilled — with drilling expected to be completed in the next couple of weeks and results reported by Q1 2022.
Managing Director Jeneta Owens commented on the drilling program.
“The assay results from the Quarry Lode drilling at our Lewis Ponds Project demonstrate the potential to expand the current mineral resource. Mineralisation remains open to the northwest plus up and down dip, providing several opportunities for the company to capitalise over the coming months,” Ms Owens said.
“Our team mobilised to the Gundagai Project and have to date completed five of the 11 holes of the planned RC drill program. We look forward to providing further updates regarding the completion of this drill campaign and assay results as they are received.”
Godolphin has also submitted an Exploration Licence Application (ELA) to the NSW Government for a new exploration area 16 kilometres south-southwest of Temora.
The company will undertake structural mapping and exploration in the south and west as well as a review of the current data to better define the mineralisation potential.
Godolphin has ended the day in the grey with shares trading at 15 cents in a $12.61 million market cap.
