HIGH-GRADE GOLD RESULTS CONFIRM UPSIDE AT LEWIS PONDS

Drilling extends mineralisation beyond current resource, reinforcing project growth potential

Godolphin Resources Limited (ASX: GRL) has announced final assay results from its recently completed five-hole diamond drill program at the 100%-owned Lewis Ponds gold, silver, and base metals project in New South Wales. The results confirm the presence of high-grade mineralisation beyond the existing Mineral Resource Estimate (MRE), highlighting significant exploration upside.

Key intercepts from hole GLPDD009 include:

51.75m at 1.81g/t AuEq from 276.05m, including a high-grade core of 7.85m at 5.37g/t AuEq – the thickest interval drilled at Torphy’s Lode to date.
13.45m at 0.56g/t AuEq from 162m – a newly identified mineralisation zone.
42.7m at 1.60g/t AuEq from 225.0m in Spicers Lode, including 5.5m at 5.50g/t AuEq, further confirming high-grade mineralisation.

The Lewis Ponds project hosts an existing JORC (2012) Inferred Resource of 6.20Mt at 2.0g/t gold, 80g/t silver, 2.7% zinc, 1.6% lead, and 0.2% copper, equating to 398,000 oz of contained gold and 15.9 Moz of silver.

Following the completion of drilling, Godolphin is now preparing for metallurgical test work to assess the potential recovery of precious metals and optimise concentrate production.

Management Commentary

Managing Director Ms Jeneta Owens said:
Lewis Ponds is an exceptional asset and our confidence in the Project has continued to strengthen with every drill hole reported from this program. The results from the Company’s most recent drill program have confirmed the potential upside for Lewis Ponds and this latest drillhole reiterates this result, given the newly discovered hanging wall mineralisation and the substantial thickness of mineralisation intersected in the Torphy’s lode.

GLPDD009 identified a new area of mineralisation located in the hanging wall of the deposit, as well as a number of high-grade areas of mineralisation in the Torphy’s and Spicer’s Lodes. These, alongside numerous untested geophysical features proximal to the Lewis Ponds mineralisation, provide significant scope for future exploration initiatives. To fast-track this, our geological team will be heading to site to commence field work, exploring the surface areas where some of these geophysical features have been identified.

Now that we have all assay results from the drill program, work will commence to select the samples for the metallurgical program, focused on optimising gold and silver metal recovery. As previously stated, production of a viable precious metals concentrate is anticipated to unlock significant value from Lewis Ponds, as all previous metallurgical test work focussed on producing base metal concentrates. Metallurgical testing is expected to occur over the next few months and provide Godolphin with an understanding of the development pathway for Lewis Ponds. We look forward to sharing updates from the Project as they become available.