- Godolphin Resources (GRL) has entered a trading halt pending an upcoming capital raise
- The company will remain in the halt until November 9 or when the announcement is made, whichever occurs first
- Just yesterday, Godolphin began drilling at the Copper Hill East Gold Project to follow-up a porphyry-related hydrothermal system
- Drilling returned up to 0.45g/t gold and 0.22 per cent copper
- Shares in Godolphin last traded for 29.5 cents on November 4
Godolphin Resources (GRL) has entered a trading halt pending an upcoming capital raise.
The company will remain in the halt until November 9 or when the announcement is made, whichever occurs first.
Godolphin is yet to disclose how much it is raising or what it will use the funds for.
Just yesterday, Godolphin began drilling at the Copper Hill East Project to follow-up on hole CHERC012 which intersected a porphyry-related hydrothermal system.
This hole also returned a best intercept of 32 metres at 0.29g/t gold and 0.13 per cent copper including 12 metres at 0.45g/t gold and 0.22 per cent copper.
The aim of this drilling was to target magnetic anomalies with coincident gold and copper soil at the Turrawonga prospect.
“The results from the first two holes at the Turrawonga prospect suggest we are on the margins of a copper-gold porphyry system and as such this is a new discovery within the Molong Volcanic Belt which also hosts the Boda discovery to the north,” CEO David Greenwood said.
“We are moving quickly to follow up these initial encouraging results with three deeper holes with the objective of vectoring into the core of the porphyry system,” he added.
Shares in Godolphin last traded for 29.5 cents on November 4.