Godolphin Resources (ASX:GRL) Raises ~$1.0M Through Strategic Placement
Financing Details
Godolphin Resources has secured commitments from sophisticated and professional investors to raise approximately A$1.0 million through the issuance of 89.8 million fully paid ordinary shares at A$0.011 per share.
Use of Proceeds
The raised capital will be allocated towards metallurgical test work for producing a precious metals concentrate from the Lewis Ponds project, updating the existing JORC 2012 Mineral Resource Estimate, re-processing geophysical data, and defining new exploration targets.
Project Update
The placement follows a successful five-hole drill program completed in January 2025, which delivered high-grade gold results and identified multiple occurrences of sulphide mineralisation. The Lewis Ponds project currently has a JORC 2012 Mineral Resource Estimate of 6.20 Mt with grades of 2.0g/t gold, 80g/t silver, 2.7% zinc, 1.6% lead, and 0.2% copper.
Executive Comments
Managing Director Ms Jeneta Owens stated, “We are pleased to announce this Placement, which reflects the strong ongoing support from our network of sophisticated and professional investors for the Company’s stated development strategy to unlock value from our 100% owned Lewis Ponds project. These funds will provide Godolphin with important capital flexibility to execute our near-term works program, including the delivery of an updated Mineral Resource Estimate and the commencement of a metallurgical test work program, based on the outstanding results from our recently completed exploration drill program. I’d like to take this opportunity to thank our network of sophisticated and professional investors, who share the view of the Godolphin Board and management team that Lewis Ponds has the potential to develop into a significant NSW gold, silver and base metals project, strategically located in the heart of the Lachlan Fold Belt. We look forward to providing further project updates in the coming weeks as our work program advances.”
Motley Fool contributor Abbie Stokes 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 recommended BHP Group. 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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