Godolphin Resources (ASX:GRL) has completed a 1,834m reverse circulation (RC) drilling program at both the Cyclops and Yeoval East prospects, as part of its Yeoval Project in New South Wales.
The company says drilling was completed under budget and targeted multiple structural zones with the potential to host ‘high-grade’ copper mineralisation following ground-based exploration activities during 2023 at both prospects.
Drilling across both prospects was completed in 4-6 weeks with assays sent to the laboratory for analysis. Results are expected to be returned by the end of 2023 and are hoped to inform the company’s assessment of the potential for economic mineralisation at both prospects to determine if further drilling or analysis is warranted.
Drilling at Cyclops comprised 10 holes for 1,624m targeting mineralisation-based historical surface workings, mapped magnetite and chalcopyrite lenses or pods, and ‘high-grade’ drill results in the area identified by CRY Exploration and Godolphin in 1994 and 2022, respectively.
Meanwhile, at Yeoval East a further 2 holes were designed to target similar areas where copper was identified in drilling by previous explorers and from prior geochemical programs undertaken by Godolphin, which identified copper in soils and rock chips.
However, only one of the 2 holes planned at Yeoval East was completed after it was determined the exploration hypothesis was not supported after completion of the first hole.
Godolphin Resources holds a suite of wholly owned Australian-based projects in the Lachlan Fold Belt in New South Wales — a ‘world-class’ copper province — which covers a total landholding of 3,400km-square considered ‘highly prospective’ for rare earth elements (REEs), copper, gold, and base metal deposits.
The company’s Yeoval project sits about 70km northwest of the town of Orange in central New South Wales and is readily accessible through sealed and unsealed roads.
As of 30 September 2023, Godolphin had $2.428 million cash and cash equivalents at hand, according to its latest quarterly report.
Write to Adam Drought at Mining.com.au
Images: Godolphin Resources