Godolphin Resources Limited (ASX: GRL) Reports Exciting Drilling Results
Drilling Highlights
Godolphin Resources Limited (ASX: GRL) has successfully completed two drill holes in its 1,500m program at the Lewis Ponds Gold, Silver and Base Metals Project. Notably, drill hole GLPDD006 intersected approximately 40m of massive to semi-massive sulphide mineralisation. These results bolster confidence in the project’s potential as a high-value asset.
Resource Upgrade and Future Plans
The drilling program aims to upgrade portions of the existing JORC (2012) Inferred Resource of 6.20 million tonnes at significant grades. Additional core samples will be collected for metallurgical testing to evaluate the production viability of a valuable precious metal concentrate. Assay results from the recent drill hole GLPDD006 are expected in January 2025.
Strategic Investment and Support
Godolphin has secured a strategic investment from American Rare Earths Limited (ASX: ARR), increasing its stake to 18.92%. The recent funding of $510,000 enhances Godolphin’s capacity for its exploration initiatives in the Lachlan Fold Belt. Managing Director Ms Jeneta Owens expressed gratitude for ARR’s support, highlighting the anticipated shareholder value.
Executive Comments
Ms Jeneta Owens, Managing Director of Godolphin Resources, stated, “The 40m of sulphide intersection in GLPDD006 is an exciting milestone for the Lewis Ponds Project, demonstrating its potential as a high-value gold, silver, and base metals asset. This aligns with our strategy to unlock value by upgrading the resource and confirming the economic potential of the deposit.” She emphasized the company’s confidence to deliver strong outcomes for shareholders as drilling progresses.
Motley Fool contributor Lianne Eastty has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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