The Australian Securities Exchange (ASX) has welcomed Godolphin Resources to the bourse.
Godolphin listed yesterday following the successful spin out of Ardea Resources’ Lachlan fold belt exploration tenements in New South Wales.
After the initial public offering (IPO), Godolphin has approximately $6.5 million in cash after costs, giving the company funding to focus on developing projects in the East Lachlan region.
Godolphin holds a contiguous tenement of approximately 3200 square kilometres within the Lachlan fold belt, an extremely prospective area that hosts Newcrest Mining’s Cadia gold mine.
Joint ore reserves committee (JORC) estimates from the Mt Aubrey, Lewis Ponds and Yeoval projects total 431,000 ounces of gold within Godolphin’s tenement holding.
Godolphin is set to start drilling as soon as next month, with Mt Aubrey the first priority for the company.
The drill program will consist of approximately 3000 metres of reverse circulation (RC) and a further 3000 metres air core drilling to test for strike extensions to mineralisation.
Mt Aubrey consists of three back-filled open pits which were mined by BHP in early 1990 and is estimated to lie within a six-kilometre long east-west trending quartz vein system.
Godolphin is also finalising soil surveys at its Gundagai South and North prospects, submitting rock chip samples from Gundagai, Copper Hill East, Lewis Ponds and Mt Aubrey, to guide the next stages of exploration after the Mt Aubrey drilling.
The rock samples are expected by January 2020.