- Godolphin Resources (GRL) has released a revised mineral resource estimate (MRE) for the Lewis Ponds Project in NSW
- The new MRE is now inline with JORC 2012 standards and was calculated from more than 63,000 metres of drilling undertaken by previous explorers
- Further, a 4300-metre drilling program began in mid-January to drill in and around the new resource
- This work is aiming to assess the potential to increase the new MRE
- Shares in Godolphin are up 12.5 per cent on the market and are trading at 27 cents
Godolphin Resources (GRL) has released a revised mineral resource estimate (MRE) for the Lewis Ponds Project in NSW.
Previous work at the project focused on base metals exploration, however, a review of historical data in 2020 highlighted the gold and silver potential of the project.
The new MRE reads 5.8 million tonnes at 2.1g/t gold, 83g/t silver, 2.7 per cent zinc, 1.6 per cent lead and 0.2 per cent copper containing 384,000 ounces of gold, 15.3 million ounces of silver, 158,000 tonnes of zinc and 93,000 tonnes of lead.
This is now inline with JORC 2012 standards and was calculated from more than 63,000 metres of drilling undertaken by previous explorers.
The previous MRE read 20.24 million tonnes at 1.5 per cent zinc, 0.7 per cent lead, 0.1 per cent copper, 0.5g/t gold and 33.3g/t silver.
Further, in mid-January, Godolphin began a 3300-metre diamond drilling and 1000-metre reverse circulation (RC) program at the project to drill in and around the new mineral resource.
This drilling is aiming to assess the potential to increase the new MRE and outline mineralisation composites for metallurgical test work.
Shares in Godolphin are up 12.5 per cent on the market and are trading at 27 cents at 1:03 pm AEDT.