Godolphin Resources (ASX: GRL) has received drilling permits from the New South Wales Resources Regulator for its 100%-owned Lewis Ponds gold, silver and base metals project in the Lachlan Fold Belt.
The permits allow for the commencement of up to a six-hole, 1,500 metre diamond drill program at Lewis Ponds. Godolphin will commence mobilising a drill rig to site and expects to commence drilling in coming days.
“The receipt of these drilling permits follows extensive planning and preparation undertaken by management to design an exploration program at Lewis Ponds, which we anticipate will unlock considerable value from the company’s asset, by focussing on the high gold and silver grade portions of the Mineral Resource,” Managing Director, Jeneta Owens, said.
“This drill programme will target the upper portion of the existing JORC 2012 inferred resource and has the potential to upgrade aspects of the resource from Inferred status to Indicated, while also providing fresh core samples for metallurgical testing.
“We are in the process of mobilising a rig to site and look forward to providing an update on the commencement of the drill campaign.”
The Lewis Ponds Project is located in the Lachlan Fold Belt, NSW and has an existing JORC 2012 Inferred Resource of 6.20 Mt at 2.0g/t gold, 80g/t silver, 2.7% zinc, 1.6% lead and 0.2% copper.
Large undrilled areas exist within the resource that is open in several directions.
The drill programme has been designed to target the upper portion of the existing resource and is anticipated to assist in upgrading parts of the resource from Inferred status to Indicated, depending on the outcome of drill results.
Additional core samples obtained from the drill programme will also be used for a detailed metallurgical test works program to focus on gold and silver extraction, floatation and potential concentrate types.
The drillholes are designed to intersect the targeted lodes within 50 metres of existing drill holes. Godolphin will mobilise a drill rig to site and anticipates that drilling will commence in coming days.
Drilling is expected to be completed in December, with results to be released on an ongoing basis over the coming months.