ASX-listed Godolphin Resources is preparing to unleash the drill and probe several fresh targets at its Yeoval project in western New South Wales after a detailed review of historic exploration data set the wheels in motion. The project area covers some 290 square kilometres and compellingly, is also home to 60 historic copper gold mine workings along a 20-kilometre strike length.
Godolphin recently reported a JORC 2012 mineral estimate of 12.8 million tonnes at 0.38 per cent copper and 0.14 grams per tonne gold and will no doubt be seeking to build on that inventory with its upcoming program of exploration. Given the number of old mine workings in the area, Godolphin believes it is in with a good shot at success and could be in the presence of a large-scale mineralised system.
This ambitious junior will now complete soil sampling, surface mapping and geochemical analysis to test the for potential extensions to mineralisation. A follow up drill program will also target under explored, prospective areas.
Godolphin’s 100 per cent owned Yeoval project is located in the prolific Lachlan Fold Belt which has coughed up some of the largest porphyry and epithermal gold and base metal deposits in Australia.
The campaign will initially focus on the Yeoval prospect, 2.1km northwest of the Yeoval township and the Cyclops prospect, 2.3 km north of the former.
The Yeoval prospect is a copper porphyry deposit with disseminated, vein hosted molybdenite, chalcopyrite and bornite while Cyclops is described as a copper gold porphyry deposit.
Godolphin Resources Managing Director, Jeneta Owens said: “Following a comprehensive and detailed assessment undertaken by our Team, it is evident that both the Yeoval and Cyclops prospects host extensive, previously inadequately defined mineralisation that warrant further exploration.
Godolphin is now progressing a number of activities at both projects, including mapping surface outcrops and geochemistry which will allow the Company to drill test the new targets. Given the level of historical data and based on our Team’s extensive expertise across the Lachlan Ford Belt, we expect to define a number of new targets for drilling by the end of the calendar year.”
Away from Yeoval, Godolphin is also set to sink 11 holes in a RC drilling program at its 100 per cent owned Gundagai project 315km southwest of Sydney with the historically worked Emu gold mine set to feel the crunch of Godolphin’s drill bit.
With copper prices trading at near decade highs around US$9,000 per tonne and Godolphin clutching a handful of underexplored targets littered with historic mines over highly prospectiveproject area, Yuletide could come early for this mob.
Is your ASX-listed company doing something interesting? Contact: matt.birney@businessnews.com.au
