- Godolphin Resources (GRL) has welcomed excellent assay results from the first diamond drill hole at the Lewis Ponds Project
- Hole GLPD001, which was meant to target the Tom’s and Spicer’s Lodes, returned significant and encouraging intersections
- The assay results support the recently revised mineral resource estimate, and have boosted Godolphin’s confidence in the project’s potential
- The company expects the results from drill hole GLPD002 in April and is in the process of drilling hole GLPD003
- Godolphin Resources is up 2.63 per cent and trading at 20 cents per share
Godolphin Resources (GRL) has welcomed excellent assay results from the first diamond drill hole at the Lewis Ponds Project.
The company’s wholly owned Lewis Ponds Project is located in New South Wales, roughly 15 kilometres east of Orange. The project consists of exploration licence 5583, which covers roughly 148 square kilometres of land.
Godolphin began its diamond drilling program at Lewis Ponds on January 14, in order to define the resource in and around the new mineral resource estimate (MRE). The program was also designed to assess the potential for increasing the newly estimated MRE.
The program’s first completed drill hole, GLPD001, was meant to target the Tom’s Lode and Spicer’s Lode within the project. Assay results from the hole were excellent, showing significant and encouraging intersections.
These included 18.6 metres at 1.4 grams per tonne of gold, 55 grams per tonne of silver, 5.4 per cent zinc, and 1.8 per cent lead from 72 metres. Another result was 11.4 metres at 0.71 grams per tonne of gold, 47 grams per tonne of silver, 1.7 per cent zinc, and 0.8 per cent lead from 265 metres.
These results have supported the recently revised MRE at Lewis Ponds, and boosted Godolphin’s confidence in the project’s potential. In particular, the company has greater cause to believe that higher-grade precious metal zones are associated with the base metal sulphide horizons at the Tom’s and Spicer’s Lodes.
Godolphin Resources’ outgoing CEO, David Greenwood, commented on the potential implications of the results from Lewis Ponds.
“This excellent result in the first diamond hole of the current diamond drill programme improves our confidence in the recently released mineral resource at Lewis Ponds, and suggests there is potential to significantly increase the Tom’s Lode Resource in close proximity to the drill hole,” he said.
Godolphin Resources’ diamond drill program is still ongoing, having completed drilling hole GLPD002 on March 1, 2021. The company is expecting to receive assay results from this hole in April, and is currently in the process of drilling hole GLPD003.
Godolphin Resources is up 2.63 per cent, trading at 20 cents per share at 3:38 pm AEDT.