Joint Venture Projects

Godolphin Resources Ltd has executed binding Term Sheets for Farm-in Joint Venture (“JV”) Agreements on its Calarie, Wiseman’s Creek and Ophir Projects with Orange Minerals Pty Ltd (“Orange”). With its exploration focus on the Lewis Ponds, Copper Hill East, Mount Aubrey and Gundagai Projects, a farm-out became the optimum means to advance Calarie, Wiseman’s Creek and Ophir. Under the terms of the Agreements, Orange can earn 51% of the Calarie Project (EL8555, EL8580, ML739) by spending $0.75 million, and 51% of the Wiseman’s Creek (EL8544) and Ophir (EL8323) projects by spending $0.35 million on each Project. The Term Sheets stipulate that Orange must spend a minimum of $250k on the Calarie Project (including 1,000 metres of drilling) and a minimium of $100k on each of the Wiseman’s Creek and Ophir Projects (including 500 metres of drilling) before 28 February 2022. Godolphin has an option to contribute after Orange has earned 51% in these projects. If Godolphin declines that option, then Orange may earn up to 70% of the Calarie Project by spending an additional $0.75 million ($1.5 million in total) by February 2026, and up to 70% of the Wiseman’s Creek and Ophir Projects by spending an additional $0.65 million ($1.0 million in total for each Project) by February 2026.

Calarie gold project

There are three tenements (EL8555, EL8580 and ML739) within the Calarie Project, covering an approximate area of 137 km². The tenements are located directly to the north of the township of Forbes.

The tenements are located within the Forbes-Parkes Belt, which hosts numerous medium to large scale Mineral Resources and historical and active gold mines including; London Victoria, Peak Hill and Alkanes Tomingley gold mine. There are also numerous historical workings throughout the tenement, especially around the historic mining centre of Calarie.

The area is prospective for gold, which is usually structurally hosted within sediments and on favourable lithological contacts.

Systematic recent exploration has occurred over the area by various parties since the late 1980s, ranging from geochemical methods, geophysics, through to drilling.

Prior mineral estimation work has been undertaken at Calarie by various companies, however, these estimations are not compliant with JORC (2012).

This area has a long history of mining, with the most significant being the London-Victoria gold mine and processing plant (which processed ore from the Mt Aubrey BHP open pits mined in 1990) located just to the north of the tenements.

In a more historical context, there are numerous workings located throughout the tenement, with major groupings of workings centred around the settlement of Calarie and the more modern London-Victoria Mine. All workings appear to be gold associated with a strong structural component.

Wiseman’s Creek gold-copper project

The Wiseman’s Creek Project is centred around the town of Oberon, and consists of one tenement (EL8554) which covers an area of approximately 229 km².

Historically this area has been an active mining area with commodities such as; gold, copper, tungsten, molybdenum, lead, zinc and silver being exploited.

Exploration in the area has been recorded from the late 1960s through to the present day. The project area is mainly prospective for epithermal gold-silver and skarn and mesothermal type mineralisation.

This area has a long history of mining, with numerous historical workings and numerous commodities being exploited including; gold, copper, tungsten, molybdenum, lead, zinc and silver.

Ophir

The Ophir Project consists of one tenement (EL8323) of around 174 km². It is located around 15 km northeast of Orange. Ophir is famous for being the location of Australia’s first recorded gold rush. There are also several other workings in addition to the Ophir gold workings within the tenement.

The geology consists of Ordovician mafic volcanics, volcaniclastics and intrusions, Silurian-Early Devonian intermediate to felsic volcanics and volcaniclastics and Carboniferous felsic intrusions. The area appears to have a complex structural history with folding and thrust faulting present.

Only minor modern exploration activities have been carried out on the tenement, with stream sediment sampling being the most comprehensive.

This project is prospective for a variety of deposit styles including; porphyry hosted gold-copper, VHMS, orogenic gold and base metals.

The Ophir Project has a rich history of gold mining, with the first payable gold workings commencing in 1851. These workings are considered to be the first payable goldfield in Australia. Mining included hard rock, alluvial and deep lead mining. It is reported that small scale deep lead mining is still occurring or has only recently ceased (Vassallo J. , 2019b). Historical location names for workings included; Ophir, Dead Horse Gully, Summerhill Creek and Pine Forest. These are all recorded as being gold occurrences. This is one noted occurrence of copper workings (MinView, 2019) within the tenement, located approximately 4.5 km east of the Lewis Ponds workings.

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GRL-Calarie-Geology
Figure 1 – Location of Calarie tenement (inset map), geology and mineral occurrences
GRL-WisemansCreek-Geology
Figure 2 – Location of Wiseman’s Creek tenement (inset map), geology and mineral occurrences
GRL-WisemansCreek-Mineralisation
Figure 3 – Location of Wiseman’s Creek Project major mineralisation occurrences (adapted from Vassallo (2019a))
GRL-Ophir-Geology
Figure 4 – Location of Ophir tenement (inset map), geology and mineral occurrences
GRL-Ophir-CrossSection
Figure 5 – Interpreted seismic cross section (Glen, et al., 2002)
GRL-NSW-Tenement
Figure 6 – Godolphin Resources tenement locations. The Ophir tenement is located between Lewis Ponds and Copper Hill East.