- Godolphin Resources (GRL) is awarded a drilling grant for up to $100,000 from the New South Wales Government
- The money will co-fund a planned drilling program at the Cyclops copper prospect within the company’s Yeoval tenement in central west NSW
- Godolphin recently completed magnetic surveying at the prospect following previous work that highlighted high-grade copper zones
- The company will soon receive the survey results and will use them to design its drilling program, aimed at advancing a potential resource at Cyclops
- Company shares are down 9.47 per cent to trade at 8.6 cents at 11:42 am AEDT
Godolphin Resources (GRL) has been awarded a drilling grant for up to $100,000 under the NSW Government’s New Frontiers Exploration program.
This grant, part of the state government’s strategy to promote mineral exploration investment in New South Wales, will co-fund a drilling program at the company’s Yeoval tenement in central west NSW.
Specifically, Godolphin plans to drill at the Cyclops copper prospect within its wholly-owned tenement to follow up on previous drilling and surveys.
Previous drill results from Cyclops include 18 metres at 0.52 per cent copper from 118 metres, including four metres at 1.75 per cent copper from 122 metres, and 28 metres at 338 parts per million molybdenum.
“This grant from the NSW government is a testament to the potential of the Cyclops prospect,” GRL Managing Director Jeneta Owens said.
“Our previous work intersected several high-grade copper zones close to surface, demonstrating the prospective nature of the project.
“Upon receiving an interpretation of the recently-completed ground-based magnetic survey data, the company will begin the design of the drill campaign to advance a potential resource at Cyclops.”
Godolphin Resources expects to receive results from magnetic surveying in the current quarter, and, once received, it will conduct the drilling program.
Company shares were down 9.47 per cent to trade at 8.6 cents at 11:42 am AEDT.