Godolphin Resources (ASX:GRL) has lodged an application for a new exploration licence, ELA6637, located adjacent to the Narraburra Rare Earth Project in New South Wales, Australia.
Once the application has been granted by the New South Wales Government’s Department of Industry and Investment, Godolphin says the tenement will be named Cambrai.
The company, which has a $5.8 million market capitalisation, says the exploration licence has never before been explored for rare earths and has the potential to host northwestern extensions to the Narraburra Project.
In addition, the application also has the potential to bolster the company’s overall portfolio of rare earth projects and footprint in the Lachlan Fold Belt.
Commenting on the exploration licence application, Godolphin Resources Managing Director Jeneta Owens says: “This application for new ground is a logical addition to our enviable tenement portfolio and the Narraburra Rare Earth Project.
“From our recent work, we have identified that the existing Narraburra resource is open in several directions”
From our recent work, we have identified that the existing Narraburra resource is open in several directions. Of note is the area to the west and northwest; having this ground under an application for a full exploration licence will provide the ability for natural growth of the resource into the future.
Further, the considerable landholding that Cambrai provides will also increase space around Narraburra, unlocking room for infrastructure as development commences.
Once the tenement has been fully granted, the company intends to commence exploration to test the potential for primarily REE mineralisation and base metals across the tenement, we look forward to providing updates as the exploration programs evolve.”
ELA6637 is located about 340km west of Sydney and 12km north of Temora in central west New South Wales, Australia. The application area is over 40 units for a total of 112km-square and is host to 3 different Devonian-aged granites and Cenozoic sediments across the tenement.
Godolphin Resources is an ASX-listed resource company that wholly owns Australia-based projects in the Lachlan Fold Belt. The company explores for rare earths, epithermal gold, and base metal deposits.
On 31 March 2023, the company had $1.854 million cash and cash equivalents at hand, according to its latest quarterly report published on 27 April 2023.
Images: Godolphin Resources
