Godolphin confirms copper gold model at Goodrich

Special Report: Drilling results from the Goodrich project in New South Wales have confirmed near-surface copper-gold porphyry mineralisation, strengthening the case for a broader mineralised system.

Godolphin Resources (ASX:GRL) has reported a significant intercept of 136.55m at 0.32% copper, 0.16g/t gold and 43g/t molybdenum from 81.45m at Goodrich. The company states that this broad near-surface intercept indicates a sizeable copper-gold porphyry system. Located within the wider Yeoval project area, which spans about 290km2 and is situated approximately 70km north-west of Orange in NSW, the project sits in a region considered highly prospective for large-tonnage porphyry copper-gold systems.

The latest drilling results from the standout intercept, drillhole GGDD004, returned the substantial interval which also included a distinct higher-grade zone. This specific higher-grade core assayed 3.55m at 2.80% copper, 0.18g/t gold and 48g/t molybdenum, commencing from the same depth of 81.45m. The presence of molybdenum within the intercepts, occurring alongside copper and gold, adds further support to the geological interpretation of the area.

Godolphin managing director Jeneta Owens, who brings significant experience to the role having previously led exploration at Evolution’s Northparkes copper-gold mine, described the outcome as an excellent development for the company and its partner Great Plains. Owens emphasized the strategic importance of the findings regarding the exploration model.

“The broad, near-surface mineralised intercept in GGDD004 validates the exploration model at Goodrich and highlights the potential scale of the system,” Owens said. “These results provide compelling evidence for the presence of a mineralised copper-gold porphyry system at Goodrich and validate our exploration model.”

Drill collars and drillhole traces completed at the Goodrich and Mt Rose Prospects. Pic: GRL

The geological setting of Goodrich is classified as a fertile porphyry environment. The project is located within the Lachlan Fold Belt, a geological province famous for hosting porphyry deposits. These deposits are recognized as the largest source of copper metal worldwide, characterized by low grades but high tonnages. The district is particularly well known, as it hosts two of Australia’s largest copper producers: Newmont’s legendary Cadia gold mine and Evolution’s Northparkes copper-gold mine.

Excitement within the region has been intensifying in recent years following the discovery of other large porphyry gold and copper deposits. A notable example is Alkane Resources’ Boda-Kaiser porphyries, which are reported to contain 8.3Moz gold and 1.5Mt copper. These regional analogues serve to highlight the potential for similar significant discoveries within the Yeoval and Goodrich project area.

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Advancing the project is the joint venture partner Great Plains, which has recently elected to move to the next earn-in phase after completing initial conditions under the joint venture agreement. This progression has secured Great Plains a 51% interest in the Yeoval and Goodrich copper-gold projects. Owens pointed out that this corporate structure provides Godolphin with exposure to further exploration upside without necessitating near-term exploration spending by the company itself.

“Great Plains will fund the next A$1 million of work as it seeks to increase its interest to 70%, while Godolphin currently retains a 49% interest,” she said.

Godolphin has outlined that the latest results, combined with a detailed review of historical drilling and the analysis of previously unassayed drill core, establish a solid foundation for the next phase of work. The primary objective of this upcoming phase is to expand the system’s mineralised footprint and better understand the extent of the mineralisation. The positive news flow was well received by the market, with Godolphin shares trading around 11% higher on Thursday’s open.

 

This article was developed in collaboration with Godolphin Resources, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.