Junior explorer Godolphin Resources has launched a four-hole diamond drilling program to follow up on high grade mineralisation struck by a previous explorer at its rare earths project near Temora in central-west NSW. The campaign will also focus on delivering core samples for mineralogical analysis, flow-path testing and metallurgical test work.
The campaign is expected to last about a fortnight, with assay results likely to start trickling in sometime in September.
Management says it will look to get the jump on the lab by using a portable XRF analysis tool to examine the tenure’s rare earths and intermingled rare metals mineralisation as it is being drilled.
According to the explorer, earlier air-core holes sunk at the site generally showed mineralisation and frequently landed in zones with high-grade accumulations.
Mobilising a diamond drill rig to Narraburra marks the commencement of an intensive and cost-effective exploration program which the company designed to unlock considerable value from the Narraburra rare earths project.
The diamond drilling will provide Godolphin with a much better understanding of the project’s grade, size, geo-metallurgy and hence potential.
Godolphin says its diamond program will be followed by a 4000m air-core campaign that will elevate Narraburra’s current mineral resource estimate up to a JORC 2012 standard.
Earlier work at the project by previous operator, Capital Mining, recorded a JORC 2004 compliant inferred resource of 73.2 million tonnes with grades of 1250 g/t zirconium dioxide, 327 g/t rare earth oxides, 146 g/t yttrium oxide, 126 g/t niobium pentoxide, 54 g/t gallium oxide and 118 g/t lithium oxide.
Godolphin only recently picked up Narraburra after participating in a two-tranche farm-in and joint venture agreement with explorer EX9 to earn up to 75 per cent in the operation.
The acquisition came after a comprehensive review into the area’s potential to bear significant accumulations of rare earths.
Rare earths are used across many industries including manufacturing, computer electronics, petroleum, medical and the creation of speciality glasses. In recent times, however the material has been given a new lease of life in the burgeoning electric vehicles sector.
China currently holds a tight grip on the rare earths market, currently responsible for about 80 per cent of the global supply. Godolphin is one of a number of Australian companies looking to pry away some of China’s dominance by coming up with an alternative supply solution.
Is your ASX-listed company doing something interesting? Contact: email@example.com