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Critical and green metals- focused microcap Godolphin Resources Ltd (ASX: GRL) has taken complete control of the Narraburra rare earths project in New South Wales, acquiring the remaining 49 percent from joint venture partner EX9 Pty Ltd.
According to the terms of the deal, Godolphin will pay $150,000 in cash in addition to $100,000 shares in the company, taking on the remaining two exploration licences held by EX9. Previously Godolphim had previously owned a 51% stake in Narraburra.
This will take Godolphin’s overall land holdings in the territory to 504.9 kilometres, comprising both Narraburra and the Cambrai, Trungley and Temora exploration licences.
EX9 has been progressing exploration across the rare earths project, achieving a maiden mineral resource estimate of 94.9 million tonnes at 739 parts per million (ppm) of total rare earth oxides, including a sweet spot of higher-grade ore comprising 20 million tonnes at 1,079ppm total rare earth and yttrium oxide (TREYO).
Managing Director Ms Jeneta Owens said Godolphin’s decision to acquire Narraburra completely reflected a belief in its potential as a significant rare earths play.
“This view has been further strengthened by recent developments, highlighted by strong metallurgy results and the successful commissioning of a Scoping Study based on the existing JORC 2012-compliant Mineral Resource Estimate,” she said.
“By approving this acquisition, the Godolphin Board and management team capitalised on an opportunity to acquire full ownership of Narraburra on attractive commercial terms, leaving the Company well positioned to execute our stated exploration and development strategy.
“With 100% control of two new exploration licences adjacent to our existing tenements, Godolphin is well positioned to expand its 2024 works program at Narraburra to include further drilling and exploration activities alongside our ongoing project development
plans.”
Godolphin Resources shares have lifted 6.25 percent to 3.4c.
