Calarie OMX Joint Venture
Godolphin Resources Ltd has executed a binding Term Sheet for a Farm-in Joint Venture (“JV”) Agreement on its Calarie Project 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.
Under the terms of the Agreement, Orange can earn 51% of the Calarie Project (EL8555, EL8580, ML739) by spending $0.75 million. 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.
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.
Orange Minerals has commenced a drill program in the Calarie Project, and has reported excellent results from the first phase of drilling (ASX:OMX announcement dated 4 April 2022). The second phase of drilling has commenced (ASX:OMX announcement dated 15 August 2022).
Orange Minerals has announced an Inferred Mineral Resource Estimate (JORC 2012) for the Calarie deposit of 0.87 million tonnes at 1.83 g/t gold, containing 50,796 ounces of gold (ASX:OMX announcement dated 13 February 2023).