Highlights
- Existing JORC 2012 Mineral Resource Estimate of 12.8 Mt at 0.38% copper, 0.14 g/t gold, 2.2 g/t silver & 120 ppm molybdenum
- Yeoval Project (EL8538) covers ~290 km², with over 60 historic copper-gold mine workings along 20 km strike length
- Recent assessment of data highlights additional drilling required at Yeoval and Cyclops prospects
- Typical porphyry Cu-Au style mineralisation at Yeoval with disseminated and vein-hosted chalcopyrite, molybdenite and bornite
- Cyclops Prospect hosts significant copper-gold porphyry potential
- During 2022, Godolphin advanced a two-hole 900m diamond-drill program, which targeted areas north and south of the current Inferred MRE to test for extensions to copper-gold mineralisation. The first hole was drilled at Cyclops prospect, approximately two kilometres north of the Yeoval MRE. The second hole was drilled 350m south of the Yeoval MRE. Assay results confirmed that the drill program intersected multiple zones of highgrade copper mineralisation with coincident gold, silver and molybdenum. Mineralisation remains open along strike, plus up and down dip.
- During the December 2022 quarter, historical drillholes from the Yeoval and Goodrich prospects were relogged to inform upcoming exploration initiatives; both contained copper sulphide mineralisation and porphyry style alteration in unsampled drill core.
- In October to November 2023, 2,400m Reverse Circulation Drill Program was completed at the highly prospective Cyclops and Yeoval East Copper-Gold Prospects. Drilling at Cyclops targeted extensions to known high-grade copper mineralisation related to quartz magnetite chalcopyrite veins or pods associated with intersecting NW-NNW structures (ASX release, 9 August 2022). Yeoval East drilling will target porphyry copper-gold mineralisation similar in style to the Yeoval deposit. Results are pending.
October 2023 Highlights
- Assay results confirm high-grade, copper (Cu) mineralisation from the recently completed diamond core drill program at Goodrich Prospect
- Drilling also intersected a broad disseminated zone of Cu mineralisation with coincident gold (Au), silver (Ag) and molybdenum (Mo) in porphyritic granodiorite host rock
- Drill hole GGDD001 – high grade Cu-Au veins including:
- 91m @ 0.18% Cu and 0.15g/t Au from 152m to 243m, including:
- 8m @ 1.02% Cu and 0.79g/t Au from 152m to 160m
- 2.55m @ 1.47% Cu and 1.83g/t Au from 216m to 218.55m
- 91m @ 0.18% Cu and 0.15g/t Au from 152m to 243m, including:
- Drill hole GGDD002a - high grade Cu-Au-Mo veins and broader disseminated Cu-Au in porphyritic granodiorite including:
- 80m @ 0.10% Cu and 0.13g/t Au from 57.80m – 138m, including:
- 6m @ 0.32% Cu and 0.36g/t Au from 131m to 137m
- 1m @ 0.69% Cu and 1.04 g/t Au from 84m to 85m
- 1.5m @ 2850ppm Mo from 144.50m to 146m
- 80m @ 0.10% Cu and 0.13g/t Au from 57.80m – 138m, including:
- For details, see ASX release, 10 October 2023
March 2023 Update
- Assays from rock chip samples from around widespread historic workings at our Cyclops Prospect returned high grade copper with strong gold, silver, lead and zinc – results confirming the extent and tenor of mineralisation at Cyclops
- Cyclops Prospect rock chip highlights:
- GRR0370 – 3.87% Cu, 0.31g/t Au, 20.7g/t Ag, 210ppm Mo
- GRR0371 – 4.51% Cu, 11.2g/t Ag, 342ppm Mo, 1270ppm Zn
- GRR0372 – 1.28% Cu, 13.4g/t Ag
- Rock chip assays from historic workings at the Goodrich Prospect returned high grade copper and molybdenum with elevated gold, silver, lead and zinc and indicate the nature and tenor of the mineralisation style
- Goodrich prospect rock chips include:
- GRR0366 – 1.54% Cu, 0.15g/t Au, 7.67g/t Ag
- GRR0368 – 0.15% Cu, 3,320ppm Mo, 0.23% Pb
- High resolution ground magnetic surveys have been completed across the Cyclops, Yeoval East and Goodrich Prospects, assisting with the definition of drill targets
- Infill soil sampling programs are being carried out across both the Goodrich and Yeoval East Prospects and are planned to be completed before the end of Q2 2023
Overview
The Yeoval Project is located approximately 70 km northwest of Orange in central New South Wales. The tenement EL8538 covers an area of approximately 290 km². The area is underlain by granites, granodiorites and volcanics, and more than 60 historic mine workings occur within the project. These trend in a north-easterly direction along a 20 km strike length. The project also includes the recently granted neighbouring tenements EL8964 and EL8990.
The Yeoval Project area is readily accessible via sealed and unsealed roads and is adjacent to the Molong – Dubbo railway infrastructure. The Project area is within easy reach of the Mitchell Highway to the east.
A Mineral Resource Estimate was disclosed in the Godolphin Prospectus, 29 October 2019.
Resources
Previous owner Ardea Resources completed a Mineral Resource Estimate update in August 2019.
| Category | Tonnes (Mt) | Cu (%) | Au (g/t) | Ag (g/t) | Mo (g/t) |
|---|---|---|---|---|---|
| Inferred | 12.8 | 0.38 | 0.14 | 2.20 | 120 |
| Total | 12.8 | 0.38 | 0.14 | 2.20 | 120 |
|
Based on a 0.2% Cu cut-off Refer to Godolphin Prospectus, 29 October 2019, for JORC statement |
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Background
The Yeoval Project has numerous minor scale copper and gold historical workings, with the most significant workings located in the Yeoval, Cyclops and Goodrich Prospects.
The tenement (EL8538) covers an area of ~290 km², granted in 2017 to Ardea Exploration Pty Ltd. Godolphin is exploring for a large tonnage porphyry gold-copper system in the Yeoval area.
The Yeoval prospect is a typical porphyry copper system. The many gold-copper showings in the Yeoval district have been explored almost continuously since the 1960s, though mostly at shallow levels only. Previous explorers have included Noranda, BHP\Newcrest and CRAE.
Previous companies have explored a total of 38 prospects to varying degrees, with much of the work centred on the Yeoval and Goodrich prospects. Of these 38 prospects, 14 have been drilled, including 12 with RC drilling and 7 with diamond drilling. A total of 86 RC holes and 35 diamond drill holes have been completed.
Most of this exploration was carried out prior to the Discovery 2000 airborne magnetics and radiometrics becoming available for parts of the Lachlan Fold Belt including the Yeoval district.
Malachite Resources was the only explorer in recent years to hold all tenure over the Yeoval district, and over a five year period, Malachite conducted a comprehensive exploration program at Yeoval, mainly searching for porphyry style gold-copper deposits, but also high-grade gold vein systems (e.g. Thunderbolt).
Geology
Yeoval Project is located in the Cowra Zone of the Lachlan Orogen and contains Devonian granite and granodiorites of the Yeoval Batholith. East and north of the intrusive complex are Silurian and Devonian aged sedimentary and volcanic rocks.
A number of strike-extensive north-south trending fault structures have been mapped in the region, primarily in the Ordovician and Silurian lithologies lying to the east of the Yeoval Batholith. The Batholith itself trends northerly, in a general sense controlled by the north-south faulting. Internally, granodiorite, which forms the eastern third of the Batholith, trends north-north-easterly. Numerous north-westerly trending faults transect the Batholith. These structures also occur in the older lithologies in the south of the licence area.
Interpretation of the local geology has been aided by the regional airborne geophysical data, which was commissioned by the NSW Geoscience Mapping Accord and flown in 1991. Numerous northwest fault sets have been defined from mapping and aeromagnetic interpretation. Detailed magnetics flown by a number of companies have enabled enhancement of the geological and structural interpretation of the Yeoval area.
Copper, gold and other base metal mineralisation is widespread in the region and the main mineralisation styles include Porphyry style gold-copper mineralisation associated with Devonian calc-alkaline intrusions e.g. Yeoval, Skarn mineralisation hosted by mafic units in the Cuga Burga Volcanics, low sulphidation epithermal gold mineralisation in Middle Devonian volcanics and structurally controlled quartz-copper ± gold vein mineralisation in Ordovician to Devonian sedimentary rocks and volcanics.
The mineralisation style is considered to be a porphyry gold-copper style and consists of chalcopyrite, bornite and molybdenite veins.