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- Aircore drill program completed at Yeoval-Goodrich
- 800 samples dispatched to laboratory
- Geological observations support interpretation of large-scale hydrothermal system
- Diamond drilling scheduled to commence this month at Goodrich
Godolphin Resources (ASX: GRL) is set to ramp-up exploration activities in the historic Mt Rose project areas in the Lachlan Fold Belt of NSW.
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The company is chasing a potential large-scale hydrothermal system after obtaining positive geological observations in a 2,065m aircore drill program across the Goodrich and Mt Rose project areas.
The shallow aircore program was part of an earn-in agreement with Great Plains.
Focused on an area around the former Goodrich mine and Mt Rose, a small historical mine, the program was designed to identify drill targets below and surrounding the old workings.
MD, Jeneta Owens, said the completion of the program at Yeoval-Goodrich has materially improved the company’s understanding of the geological framework surrounding the historical mine workings.
“The alteration assemblages and intrusive relationships observed provide encouraging vectors for the forthcoming diamond drilling program,” she said.
“This work is being conducted under the Yeoval–Goodrich earn-in agreement with Great Plains, which allows us to advance the project while maintaining focus and deploying capital towards our more advanced assets which include the Lewis Ponds gold, silver and base metals and Narraburra rare earths projects, while retaining meaningful exposure to the upside.”
A total of 218 shallow holes were completed, 146 at Goodrich and 72 at Mt Rose, with spacing at 50m by 50m around each of the historical mines.
A total of 800 samples were sent to a nearby laboratory for analysis with results expected towards the end of May.
Mt Rose is located around two km south of the Goodrich mine. Limited mining occurred there during 1886. During a recent field trip, unidirectional solidification textures (UST’s) were recognised in the waste dumps, with rock textures similar to those observed at the historic Goodrich mine, indicating the potential presence of a previously unrecognised pencil porphyry.
Elsewhere, a local contractor has been engaged to commence diamond drilling at Goodrich with an initial program of up to 2,000m.
Phase one will comprise two holes adjacent to the former open pit at Goodrich and one hole will be sited next to the historic shaft at Mt Rose. The program is designed to test extensions to the mineralised system identified by the aircore program at depth.
GRL is steady at 1.8¢. Mkt cap $12.60M.
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