ASX-listed resource company Godolphin Resources (ASX:GRL) has been awarded a co-funding drilling grant from the New South Wales government to undertake drilling at the Cyclops Copper prospect, located within the Yeoval Project.
The $100,000 grant was awarded to the company under round 5 of the New South Wales government’s New Frontiers Exploration Program, managed by the New South Wales Department of Mining, Exploration and Geoscience (NSW MEG). Godolphin reports this grant will cover half of the downhole drill metre costs.
The New Frontiers Exploration Program is a part of the New South Wales Government’s Critical Minerals and High-Tech Metals Strategy, which aims to promote exploration investment in the state.
Commenting on the grant, Godolphin Resources Managing Director Jeneta Owens says: “This grant from the New South Wales government is a testament to the potential of the Cyclops prospect. It is pleasing to know that the panel of experts from the NSW MEG Department also see the merits of the project and the quality of the technical work completed to date by Godolphin.
“Upon receiving an interpretation of the recently completed ground based magnetic survey data, the company will begin the design of the drill campaign to advance a potential resource at Cyclops”
Our previous work intersected several high-grade copper zones close to the surface, demonstrating the prospective nature of the project. Upon receiving an interpretation of the recently completed ground based magnetic survey data, the company will begin the design of the drill campaign to advance a potential resource at Cyclops.
We look forward to providing updates on the exciting project in coming months. We thank the NSW Government for their initiative to support explorers and exploration in NSW.”
Cyclops is located about 4km north of Yeoval in central western New South Wales. Sulphide mineralisation at this prospect consists of chalcopyrite-pyrite-pyrrhotite ± bornite-molybdenum.
Hole GYDD001, drilled in April 2022 intersected multiple zones of shear-hosted ‘high-grade’ copper mineralisation with coincident gold, silver, and molybdenum mineralisation. Godolphin reports this mineralisation remains open along strike as well as up, and down-dip of the interpreted mineralised lodes.
A soil sampling program adjacent to the Cyclops prospect has identified anomalous copper immediately west of GYDD001. Mineralised copper intervals intersected in this hole include 18m @ 0.52% Cu from 118m, including 8m @ 1.01% Cu from 118m, and 4m @ 1.75% Cu from 122m.
The association between copper mineralisation and magnetite is demonstrated in all ‘high-grade’ intercepts, and this soil association will allow Godolphin to use magnetic geophysical methods to assist in defining the mineralisation below the surface, and define follow-up drilling.
Godolphin Resources is an ASX-listed resource company with a focus on critical minerals, and green metals in the central west region of New South Wales. The company’s portfolio of assets includes the Narraburra, Yeoval, Lewis Ponds, Copper Hill East, Gundagai, and Mt Aubrey projects.
Images: Godolphin Resources Ltd
