Godolphin interested in luring strategic partner

Godolphin Resources (ASX:GRL) is interested in attracting a potential mid-tier or large partner to provide funding for its copper-gold play in the Lachlan Fold Belt of New South Wales, says Managing Director Jeneta Owens. 

Speaking to Mining.com.au on the sidelines of this year’s Brisbane Mining and Investors Conference last week, Owens says it is here where the company is hoping to “find the next big copper or gold play”.

“We are definitely interested in some options for our copper and gold portfolio because we do have such a large tenement package that potentially we can’t do the best for all of those projects that we have.

The copper and gold portfolio is in the Lachlan Fold Belt, which is a world renowned area for hosting very large deposits such as Cadia, Northparkes, and Tomingley. So they have mineralisation styles and rocks that are similar in our tenements as well.

We really focused last year on doing some drilling on a couple of different projects and we did hit some really nice intercepts. So a couple of different prospect areas, Cyclops and Goodrich, were getting intervals over 8m at over 1% copper. So that’s really good. And it has a bit of gold with that as well.

It’s really about building that up and trying to develop those prospects into resources.  

Meanwhile, Owens says the company will look to complete a Scoping Study for its Narraburra rare earth element (REE) Project, also in New South Wales, in the next 12 months. 

Once completed, Owens states the company will then move forward with feasibility studies to bring in a flow of income, which will be applied to Godolphin’s gold and copper portfolio.

Within this time frame, the company also hopes to have undertaken another round of drilling to increase the current resource, as well as have begun an exploration program on newly acquired tenements continuous with the REE project. 

“We have also picked up tenements around the Narraburra Project, so we now have 40km north-south and 20km east-west under tenure that all host the same kind of geology for rare earth elements. 

And so we would have started our exploration program on those tenements to identify rare earth occurrences there as well.

We have the only clay hosted rare earth project in New South Wales, and it leaches extremely well, better than the average. So we are looking at that 80% to 95% extraction of the key magnet minerals. And that’s a key message to move forward, that this is going to be a mine one day.”  

Godolphin Resources is focused on its Australian-based wholly owned assets. The company covers a 3,500km-square area of ‘highly prospective’ ground.

Write to Adam Drought at Mining.com.au

Images: Godolphin Resources
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Written By Adam Drought
Born and raised in the UK, Adam is a sports fanatic with an interest in Rugby League and UFC/MMA. When not training in Muay Thai and Brazilian Jiu Jitsu, Adam attends Griffith University where he is completing his final year of a Communication & Journalism degree.