Godolphin Resources (ASX:GRL) has updated the resource estimate for the Lewis Ponds deposit in New South Wales, representing a 58% increase in tonnes, 18% increase in gold, and 31% increase in silver.
Lewis Ponds’ resource now contains 9.83 million tonnes @ 1.49 grams per tonne gold, 66.15g/t silver, 2.46% zinc, 1.38% lead, and 0.15% copper, with 5.01 million tonnes in the indicated category and 4.82 million tonnes in the inferred category.
Additionally, a pit optimisation study was completed with an aim to constrain the resource and show potential for the upper parts of the deposit to be mined economically by open pit methods.
The open pit resource contains 2.88 million tonnes @ 0.52g/t gold, 41.22g/t silver, 1.52% zinc, 0.59% lead, 0.12% copper.
Meanwhile the underground resource contains 6.95 million tonnes @ 1.89g/t gold, 76.48g/t gold, 2.85% zinc, 1.71% lead, and 0.17% copper.
Managing Director Jeneta Owens says the results have exceeded the company’s expectations and highlights Lewis Ponds potential.
“Critically, this was achieved alongside increased mineral resource confidence, via the delivery of an open-pit and underground resource sections which are classified as 64% and 45% indicated, respectively,” Owens says.
“This is a major increase from our previous mineral resource estimate, an exceptional milestone for Godolphin and provides a very strong foundation for the initial Scoping Mining Study. The addition of the proposed open pit resource also reiterates the potential for near-term development opportunities.”
Owens notes the Quarry Footwall lode and the Trophy’s lode will be drilled and included into future resource updates as the project continues developing.
Additional drill programs are being developed, focusing on targeting the copper enriched exploration target and polymetallic exploration target.
Godolphin Resources is an established gold, copper, and rare earths explorer with assets in Australia.
Write to Aaliyah Rogan at Mining.com.au
Images: Godolphin Resources
