Godolphin Resources has launched a two–hole, 550m diamond-core drilling campaign at its 100 per cent-owned Goodrich-Yeoval porphyry copper-gold project in NSW to test targets below historic drilling that hit the two minerals.
The company expects to complete its drilling program later this month, with assay results due to be returned by the end of this quarter.
The project sits within a bigger 290-square-kilometre Yeoval tenement, about 70km north-west of Orange in central NSW. The area has a wealth of historic mining and exploration data going back as far as the late 1800s and Godolphin is leaving no stone unturned in its efforts to work up drill-ready targets to test.
The area was first explored in the 1960s, prior to the arrival of modern geophysics, with previous explorers focused on vein-style quartz-magnetite-chalcopyrite (with gold and molybdenum) mineralisation occurring beneath the historic Goodrich mine. The mine was worked during the mid-to-late 1800s and comprised a small, central open-cut pit and several shafts, totalling about 60 historic mine workings.
Rock-chip assays from historic workings returned high-grade copper and molybdenum with elevated gold, silver, lead and zinc and indicate the nature and tenor of the mineralisation style. Some rock-chip assays from Goodrich include 1.54 per cent copper and 0.15 grams per tonne gold, with 7.67g/t silver and 0.15 per cent copper, 3320 part per million molybdenum and 0.23 per cent lead.
The assays highlight the abundance of copper and in particular, molybdenum mineralisation. Molybdenum is a silvery metal used in strengthening steel to create “moly alloys” with improved hardness, electrical conductivity and resistance to corrosion and wear.
The metal was never processed during historic mining at Goodrich, with copper and gold being the major ores extracted. Interestingly, molybdenum prices peaked at nearly US$100 (AU$146) per kilogram in February this year – an all-time high.
Godolphin Resources managing director Jeneta Owens said: “It’s exciting to see the drill rig on site at the highly prospective Goodrich Copper Gold Prospect. The drill program follows extensive planning, which followed a comprehensive review of ground magnetics, soil and rock chip programs, which were recently completed by the Company’s exploration team. Combining this new data, with the historic drill data and information gained from to the NSW Government-owned core library, has enabled the team to design drill plans to test for copper and gold in areas that have not yet been fully tested. As we continue to witness a strong transition towards green technologies and increasing copper demand, Godolphin has an exceptional opportunity with its high-calibre and 100%- owned copper projects.”
In addition to assessing rock chips, Godolphin geologists last year recognised visible copper mineralisation that remained unsampled when assessing diamond core at a core library. The core was re-logged and the information gleaned was incorporated into the company’s exploration activities.
To get a modern view of its regional picture, the company has completed ground magnetic surveys at both Goodrich and Yeoval, identifying several strong north-west/south-east-trending structures associated with magnetic lows and with subtle cross-cutting structures. The structures are a prime target and common to the accumulation of mineralisation in the Lachlan Fold Belt.
The Yeoval project area is readily-accessible via sealed and unsealed roads. It is adjacent to the Molong-Dubbo railway infrastructure and is within easy reach of the Mitchell Highway to the east.
The existing mineral resource estimate for the project is 12.8 million tonnes at 0.38 per cent copper, 0.14g/t gold, 2.2g/t silver and 120ppm molybdenum.
The latest drilling at Goodrich-Yeoval comes on the back of Godolphin last week receiving nearly $600,000 in exploration tax credits given out to support exploration across the Lachlan Fold Belt.
With pockets full of cash, a rig on-site and drillbits turning in proven mineralised ground, Godolphin will be eagerly awaiting the core viewing and follow-up assay results from its current drilling program.
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By Andrew Duffy
