Godolphin Resources is lining up an 80-hole 4000m drill program at its Narraburra rare earths project within NSW’s highly prospective Lachlan Fold Belt with the drill bit expected to start spinning in late April.
The program is designed to support the reclassification of the existing inferred mineral resource estimate of 73.2 million tonnes at 1250 grams per tonne zirconium oxide and 327 g/t rare earth oxides for 91,500 tonnes of contained zirconium oxide and 23,950 tonnes of rare earth element oxides.
The assessment was by the project’s previous owner – ASX-delisted Capital Mining – in 2011 and does not comply with the contemporary reporting standards established in 2012.
Godolphin says the drill holes will target areas north and west of the currently identified zone of mineralisation, where it encouragingly remains open in all directions and at depth.
Importantly, the explorer will drill to depths not previously tested as historical holes finished in the highest grades zones.
The company aims to identify potentially higher-grade zones and the distribution of oxide zones that host the mineralisation.
Assay results are expected in the third quarter of the year with an updated resource estimate to follow.
Godolphin Resources Managing Director, Jeneta Owens said: “ …Previous drill holes at Narraburra have failed to reach bedrock and we see this as an exciting opportunity to increase the resource size and grade, prior to a resource upgrade….”
In addition to identifying resource extensions, management says, the work is expected to confirm historical results and expand knowledge of the controls on mineralisation, ultimately assisting with the advancement of the project.
The company also points to Narraburra’s postcode, that is shared by ASX-listed Australian Strategic Materials and its Dubbo project.
According to Godolphin, the Dubbo project is the country’s most advanced zirconium and rare earths operation and is 250km north of Narraburra.
In addition, management says its Narraburra project is recognised as a critical minerals project by the Federal Government’s Australian Trade and Investment Commission.
Last month Godolphin secured a farm-in on the advanced rare earths project with private exploration company EX9.
Under the terms of the deal, Godolphin could earn up to 51 per cent ownership with a $1 million exploration spend and $1m in shares. The stake could be increased to 75 per cent with an additional $2m put into the ground and $1m in shares.
Rare earths are hot commodities at present, particularly in their role as permanent magnets in wind turbines.
Interestingly, a 2020 publication in the One Earth scientific journal estimates an 11-to-26-fold increase in the supply of rare earths is needed to meet global 2050 wind-power targets.
Is your ASX-listed company doing something interesting? Contact: matt.birney@businessnews.com.au
