Godolphin Resources (ASX: GRL) has expanded the known mineralisation at its promising Lewis Ponds gold, silver and base metals project with new high-grade gold results.
A five-hole, 1,094.8m drilling campaign completed in late January 2025 has intersected multiple mineralised zones outside the current mineral resource estimate.
Highlight hits included 51.75m at 1.81 grams per tonne gold equivalent from 276.05m, including an internal high-grade core of 7.85m at 5.37g/t.
Managing director Jeneta Owens said Godolphin’s focus would be on selecting samples for a metallurgical test work program designed to identify concentrates that can be produced from Lewis Ponds and maximise the payability of the project’s gold and silver resource.
“Lewis Ponds is an exceptional asset and our confidence in the project has continued to strengthen with every drill hole reported from this program,” Ms Owens said.
“The results from the company’s most recent drill program have confirmed the potential upside for Lewis Ponds and this latest drill hole reiterates this result.”
The latest drilling has identified a new area of mineralisation located in the hanging wall of the deposit, as well as a number of high-grade zones in the Torphy’s and Spicer’s lodes.
“These, alongside numerous untested geophysical features proximal to the Lewis Ponds mineralisation, provide significant scope for future exploration initiatives,” Ms Owens said.
Godolphin is sending its geological team to the site to commence field work and explore the surface areas where it has identified some of these features.
The company expects production of a viable precious metals concentrate will unlock significant value from Lewis Ponds, with previous test work focused on producing base metal concentrates.
Godolphin is preparing to undertake metallurgical testing over the next few months to provide an understanding of the development pathway for Lewis Ponds, which is located in the Lachlan Fold Belt in New South Wales.
The company is well funded after its recent share purchase plan (SPP) raised an additional $614,000.
Godolphin targeted $300,000 from the SPP but received a total of 68 separate applications to more than double the amount raised.
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