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Godolphin Resources Limited (ASX: GRL) has announced an updated Mineral Resource Estimate (MRE) for its 100%-owned, Lewis Ponds gold, silver and base metals deposit located within the Lachlan Fold Belt, NSW.
The updated Mineral Resource Estimate (MRE) confirms Lewis Ponds as a large, high-grade gold and silver deposit with a total Inferred and Indicated resource of:
- 9.83Mt (5.01Mt Indicated, 4.82Mt Inferred) @ 1.49g/t Au, 66.15g/t Ag, 2.46% Zn, 1.38% Pb, 0.15% Cu
Total Metal Content now amounts to:
- 470Koz of gold
- 20.9Moz of silver
- 241Kt of zinc
- 15Kt of copper
- 136Kt of lead
Pit Optimisation Study also undertaken to facilitate new Open Pit and Underground Resources
Open Pit Resource (1.0g/t AuEq cutoff):
- 2.88Mt (1.85Mt Indicated, 1.03Mt Inferred) @ 0.52g/t Au and 41.22g/t Ag (48Koz gold metal, 3.8Moz silver metal)
- 64% of resource classified as Indicated
Underground Resource (3.2g/t AuEq cutoff):
- 6.95Mt (3.16Mt Indicated, 3.79Mt Inferred) @ 1.89g/t Au and 76.48g/t Ag (422Koz gold metal, 17.1Moz Ag metal)
- 45% of resource classified as Indicated
Next Steps:
- Scoping Mining Study underway, underpinned by the new MRE
- Metallurgical test work ongoing, aiming to improve gold and silver recovery
- Additional drilling planned to underpin further MRE growth – Drilling to test known mineralisation and Exploration Target areas
Managing Director Ms Jeneta Owens commented:
“Lewis Ponds is shaping up as a significantly large, undeveloped gold and silver resource with even more untapped potential. We look forward to providing shareholders with updates regarding the metallurgical test work and scoping mining study activities in the coming weeks.”
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