Mineral explorer Godolphin Resources’ looming resource update at its Narraburra rare earths project in NSW has received a fresh boost after assays from a maiden, 27-hole drill campaign highlighted a wave of mineralisation outside of the known system.
Eight drill holes delivered rare earths intercepts beyond the current threshold including a 21m at 1163 parts per million total rare earth oxide, or “TREO” strike from 17m, suggesting the company could have a much larger inventory on its hands.
Additional results outside of the previously identified mineralisation package include 8m grading 1854ppm TREO from 57m and 8m going 1742ppm TREO from a depth of 46m. Longer intervals include a 28.8m at 788ppm TREO from 4m along with a 15m parcel running 777ppm from 23m. The results were joined by 1m hit running an impressive 7956ppm TREO from 61m.
Better results from holes plunged within the known rare earths envelope include a 3m intercept going 3481ppm from 31m. Other notable strikes include 1m at 7956ppm TREO from 61m and 1m grading 4760ppm from 26m.
The company believes its latest results confirm rare earths are present within shallower clay and saprock zones within the project – a characteristic it says could readily flow into near‐term, economical mining opportunities. In addition, Godolphin has suggested the position of Narraburra’s rare earths could promote an accelerated extraction vehicle that may attract additional project funding and lure potential offtake partners.
The company now plans to feed data from the campaign into an updated, JORC 2012 mineral resource estimate which is earmarked for a first quarter revision. Narraburra currently holds an inferred, JORC 2004 compliant resource of 73.2 million tonnes at 1250 grams per tonne zirconium oxide, 327g/t rare earth oxides, 146g/t yttrium oxide, 126g/t niobium oxide and 118 g/t lithium oxide.
Not satisfied with just turning the drill bit, Godolphin says it also plans to kick off metallurgical test work and mineralogical analysis to drive additional exploration opportunities at Narraburra and get a handle on the characteristics of the now expanded system.
Godolphin’s Narraburra tenure hosts a brace of tenements that collectively account for about 350 square kilometres near the town of Temora in central west New South Wales. The explorer initially tied down the rights to the zone after entering into a two-tranche farm-in and joint venture agreement with private explorer EX9 last year. The agreement permits Godolphin to claim a 75 per cent stake in Narraburra through an exploration expense of $3 million.
NSW-based Godolphin is not the only one to recognise the allure of the project with Australian Government’s Department of Industry, Science and Resources listing the asset as a major rare earths deposit within its Critical Minerals Strategy document. The Australian Trade and Investment Commission has also flagged the operation as a “critical minerals project” meaning the company could seek domestic support including funding and operational support.
Rare earths have shot to prominence in recent times given their central role within the low-carbon energy sector to create powerful magnets for electric vehicles and wind turbines.
A recent report by Technavio suggests the market for rare earths could grow by US$ 4.9 billion by 2027.
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