Mineral explorer Godolphin Resources has strengthened its burgeoning rare earths portfolio with the acquisition of two exploration licences in New South Wales and Queensland. The company picked up the ground after sifting through publicly available geological data and says it could commence boots on the ground exploration as early as January 2023.
Godolphin has coined the NSW-based based tenement the Bingara project and acquired the exploration licence to scour the ground for rare earths from the State’s Department of Mining, Exploration and Geoscience. The zone sits within the New England region of northern NSW and is situated about 8km south of the town of Bingara.
The tenement has been granted for six years and Godolphin plans to use the interval to complete initial desk-top data analysis, geological mapping, geochemical sampling, geophysics and ultimately a probe of compelling targets.
Notably, the company says it has already identified several enticing geophysical targets dotted around the tenure and plans to prioritise exploration around these zones.
According to the company, Bingara’s tenements are laced with Mesozoic and Cenozoic aged igneous rocks which offer distinctive radiometric geophysical signatures that could point to rare earths mineralisation. Godolphin says no previous rare earths exploration has ever been completed at the site.
The other exploration permit acquired by the ASX-listed explorer was granted by the Queensland Government’s Department of Resources. Exploration at the site is currently subject to a native title assessment and completion of an environmental authority.
The company has termed the site Eidsvold, given its immediacy to the namesake rural town. Godolphin’s strategic review of data acquired across the tenement indicates a large granite rock unit at the site could be enriched in light rare earths elements.
Interestingly, the company states the rock unit boasts a similar mineralogical and chemical composition to its Narraburra rare earths project in western NSW.
Narraburra currently holds an inferred, JORC 2004 compliant resource of 73.2 million tonnes at 1250 grams per tonne zirconium oxide, 327g/t rare earth oxides, 146g/t yttrium oxide, 126g/t niobium oxide and 118 g/t lithium oxide.
Godolphin is now looking to elevate Narraburra’s classification up to a JORC 2012 classification through a host of new drilling.
Godolphin Resources Managing Director, Jeneta Owens said:“The decision to pursue the licences followed a thorough review of rare earths exploration potential in NSW and QLD, using publicly available geological databases for both States. By using the exploration criteria of known deposits and applying this to open ground, we have been able to identify these priority target areas and we are looking forward to commencing rare earths exploration on both tenements.”
Management says it considers both of its new tenements “highly prospective for rare earths mineralisation” and solid additions to its new energy roster.
Rare earth elements are a suite of 17 materials generally used to create industrial-scale magnets that typically find their way into electric vehicle engines and wind turbines.
A recent study by research group Wood Mackenzie indicates the world needs about 10 new rare earths mines by 2030 to satisfy surging demand for the commodity.
Is your ASX-listed company doing something interesting? Contact: matt.birney@businessnews.com.au
By Matt Birney
