Godolphin Resources Limited (ASX: GRL) has announced the completion of a revised Mineral Resource Estimate focussing on higher grade precious and base metal areas for the Lewis Ponds resource in central-western NSW.
The new estimate comes with an inferred resource of 5.8 million tonnes at 2.1 g/t gold, 83 g/t silver, 2.7% zinc, 1.6% lead & 0.2% copper, containing 384koz gold, 15.3 million oz silver, 158kt zinc, 93kt lead, and 10kt copper. GRL said that the mineralisation remains open in multiple directions.
Godolphin has now commenced drilling in January 2021 to expand and improve confidence in the current Mineral Resource.
Review of historical data
Godolphin had completed an extensive review of historical data of Lewis Ponds in 2020. The review highlighted the gold and silver potential of the project, as the historical drill hole assays had included a number of high-grade gold and silver intercepts, such as 91m @ 2.3g/t gold, 79g/t silver, 3.3% zinc, and 2.2% lead.
Re-modelling the MRE
Following the review of historical data, Godolphin re-modelled the Mineral Resource at Lewis Ponds focusing on the higher-grade lenses identified by surface mapping and underground drill data.
These geological units included the higher-grade gold and silver areas which have accompanying high zinc and lead values. The re-modelled geological units were then used to calculate the MRE.
GRL said that the MRE for Lewis Ponds is now estimated to be 5.8 million tonnes at 2.1 g/t gold, 83 g/t silver, 2.7% zinc, 1.6% lead & 0.2% copper, containing 384koz gold,15.3 million oz silver, 158kt zinc, and 93kt lead and has been classified as Inferred in accordance with JORC (2012).
NSR for MRE
Godolphin said that the resource estimate used a A$140/t Net Smelter Return (NSR) cut off and the average NSR for the Mineral Resource Estimate was A$242/t. The company said that the resources were modelled in fresh rock only, extending from 50 to 700 metres below surface.
Dataset for revised MRE
The company said that the new Mineral Resource was estimated using a dataset of 213 drillholes for a total of 63,335 m. This dataset consisted of 58,425 m of DD and 4,909 m of RC drilling. These holes were drilled in various exploration programmes between 1971 and 2017.
Drilling at Lewis Ponds
Godolphin said that following an extensive review of historical data highlighting the substantial gold and silver potential of the Lewis Ponds project, and the revised MRE, the company has now commenced a 3,300 metre diamond drilling (DD) program, as well as a 1000m RC program on 14th January 2021 at Lewis Ponds in New South Wales.
GRL said that the drill programmes were designed for; (1) resource definition drilling in and around the new Mineral Resource, (2) assessing the potential to increase the newly estimated Mineral Resource through drilling in areas which have been highlighted as exceptional targets outside the currently defined MRE, and (3) to provide mineralisation composites with high precious metals content for bench-scale metallurgical test work.
The company said that the 1,000 metre RC programme will also test for mineralisation close to surface in areas highlighted by a soil survey undertaken in 2020.