Godolphin Resources Limited (ASX: GRL), a resource company focused on projects within the Lachlan Fold Belt, NSW, has announced positive results from gravity recoverable gold (GRG) testwork at its 100%-owned Lewis Ponds gold, silver, and base metals project. The testwork has identified a gravity-recoverable gold component, demonstrating a 21% increase in total gold recovery compared to previous results using a lead flotation circuit alone. Total gold recovery for the Semi-Massive (SEM) domain at Lewis Ponds is now 83%.
The encouraging results support the inclusion of gravity gold recovery ahead of flotation at the concept level. Management believes this could significantly strengthen the existing Scoping Study results for the project. Highlights from the study, based on US$3,700/oz gold and US$55/oz silver pricing, include a pre-tax NPV7.5% of AUD$481M and AUD$1.1 billion in free cash flow over an initial 12-year mine life at a 1.25Mtpa throughput. The initial screen fire assays also demonstrated a coarse gold component, with 30–33% of the total gold reporting to a coarse +75 μm fraction.
Knelson gravity tests further support the incorporation of a selective gravity circuit ahead of lead flotation. These tests yielded a high-grade gravity concentrate assaying up to 51.3 g/t Au, representing a 16-fold upgrade relative to the feed grade. The gravity stage captured up to 65% of the total gold. Managing Director Jeneta Owens stated that these outcomes represent a meaningful step forward and have the potential to strengthen the excellent Scoping Study results delivered last month.
Godolphin Resources will commence a 2500m drilling campaign at Lewis Ponds later this month, targeting resource expansion and geophysical exploration targets. The company will continue to update the market as the drilling program progresses, with the aim of unlocking significant value for shareholders in the near term.
