Godolphin Resources has struck multiple mineralised copper veins with its first hole in search of a large porphyry copper-gold system in NSW. The explorer kicked off a two-hole diamond-drill program at its Yeoval porphyry copper-gold project on April 4 and now is shooting for possible extensions to the south of its current resource hoping its second hole will make it two from two.
The latest hole, from the Cyclops prospect is located a few kilometres north of the company’s existing inferred mineral resource estimate of 12.8 million tonnes grading 0.38 per cent copper, 0.14 grams per tonne gold, 2.2 g/t silver and 120 parts per million molybdenum.
The technical boffins at Godolphin appear to have spied some highly encouraging geology spreading across the area and have firmed in their opinion the mineralisation not only spreads to the north, but also potentially to the south.
Godolphin Resources Managing Director, Jeneta Owens said: “The core has the alteration signatures which are seen in other NSW Porphyry Copper-Gold deposits such as zoned alteration assemblages, K-feldspar alteration halos to the quartz veins and thick intervals of pervasive magnetite alteration.”
The explorer also encountered patchy potassic alteration in its hunt for deep potassic zones at depths not previously tested. Interestingly, the potassic zone sits at the core of a porphyry deposit and is commonly associated with most of the ore.
The rig is now being wheeled down to Yeoval South and will test for possible southern extensions to the resource, with drilling to be completed by the end of the month and the return of assays anticipated early in the third quarter.
The company’s wholly-owned namesake Yeoval project is just one of Godolphin’s ventures into critical minerals and green metals in the central west of NSW.
On March 21 Godolphin offloaded its Wiseman’s Creek and Ophir tenements to Orange Minerals – its joint venture partner in those projects - for a total consideration of $550,000 with half paid in cash and half in Orange Minerals shares.
Grabbing the ball with two hands, Orange Minerals is also rapidly advancing its interests with a 600m diamond-drill program at the Wisemans Creek project in the Lachlan Fold Belt in NSW due to start at the end of the month.
The drilling aims to validate and extend mineralised horizons achieved in assortment of historical intersections including a 5m hit going 12.78 grams per tonne gold, 23.2 g/t silver, 0.20 per cent copper, 0.27 per cent lead and 0.15 per cent zinc within a broader 19m grading 4.04 g/t gold, 15 g/t silver, 0.14 per cent copper, 0.38 per cent lead and 0.09 per cent zinc from 81m downhole.
Another hole yielded a 17m hit going 2.13 g/t gold, 65 g/t silver, 0.28 per cent copper, 0.70 per cent lead and 0.88 per cent zinc from 102m.
Porphyry deposits are important – and attractive – global sources of ore typified by their large size and relatively low grade. Interestingly the size of porphyry systems can be so large as to support an operator for multiple decades and market cycles. With mineralisation confirmed to the north, Godolphin will be eager to see what the rig turns up in the south.
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By Matt Birney
