20/10/2020 - 18:02

Godolphin discovers gold-copper porphyry system in Lachlan

20/10/2020 - 18:02

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Godolphin Resources says it has discovered a new copper-gold porphyry-style mineralised system at its Copper Hill East project 35km north of Orange, NSW, in the revered Lachlan Fold Belt following an initial round of deep RC drilling. The most notable intercept from the recent RC holes was 32m at 0.29 g/t gold and 0.13 per cent copper from 210m including 12m going 0.45 g/t gold and 0.22 per cent copper.

ASX-listed junior explorer, Godolphin Resources, says it has discovered a new copper-gold porphyry-style mineralised system at its Copper Hill East project 35km north of Orange, NSW, in the revered Lachlan Fold Belt following an initial round of deep RC drilling.

The most notable intercept from the recent RC holes was 32 metres grading 0.29 grams per tonne gold and 0.13 per cent copper from 210m including 12m going 0.45 g/t gold and 0.22 per cent copper from 230m.

The phase one drill program included two holes targeting magnetic anomalies with coincident gold-copper in soils at the Turrawonga prospect in the north of the Copper Hill East exploration licence.

According to Orange-based Godolphin, the drill results indicate that the periphery of a porphyry-related copper-gold mineralised system has been intersected.

Godolphin Resources Chief Executive Officer, David Greenwood said: “The results from the first two holes at the Turrawonga prospect suggest we are on the margins of a copper-gold porphyry system and as such this is a new discovery within the Molong Volcanic Belt, which also hosts the Boda discovery to the north. We are moving quickly to follow up these initial encouraging results with three deeper holes with the objective of vectoring into the core of the porphyry system.”

The company – which was spun out of Ardea Resources last year with more than 3,000sqkm of ground holdings in the world-class Lachlan Fold Belt gold-copper province in its project portfolio – sees the encouraging copper-gold assay at the Turrawonga prospect as warranting three follow-up holes, which are due to be drilled next month.

Copper Hill East is located approximately 60km south of the exciting Boda porphyry gold-copper discovery made by Alkane Resources last year. It also lies about 55km north of Newcrest Mining’s giant Cadia-Ridgeway gold-copper operations in the mineral-rich Cadia Valley district.

Boda has returned several eye-watering intersections including a monstrous 1,167m going 0.55 g/t gold and 0.25 per cent copper from 75m, 689m at 0.46 g/t gold and 0.19 per cent copper from 402m, and 507m at 0.48 g/t gold and 0.2 per cent copper from 211m.

Alkane, who has major shareholdings in budding WA gold producer Calidus Resources and WA gold explorer Genesis Minerals, has suggested the gold-copper porphyry mineralised system that Boda hosts is potentially akin and displays similar characteristics to the Cadia Valley operations.

The Molong Volcanic Belt is a package of volcanic rocks within the Lachlan Fold Belt zone that are associated with major mineralised porphyry intrusions such as Cadia and Boda.

Interestingly, Godolphin’s Copper Hill East sits roughly midway between these beasts in a similar geological setting.

Although Godolphin’s exploration at Copper Hill East is at an early stage, it will likely be a case of watch this space as the Lachlan Fold Belt re-emerges as hot gold-copper property.

 

Is your ASX listed company doing something interesting? Contact: matt.birney@businessnews.com.au 

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