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Ann: NSW Projects Exploration Update, page-7

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RED328

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16/08/21

16:41

Post #: 55328953
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Originally posted by prawn_man: ↑

Amigos, it may not be one of those discovery announcements that gets everyone excited, but there is plenty to like here. Firstly, the new MD and team have looked at the old cores and found 15 historic diamond drillings then re-assayed where necessary. Those drills were about 500 m in length and on todays' measure would have cost at least $100,000 each, which means 15 x $100K = $1.5 million saved in drilling costs. The assays of those drill cores were significant - Au equivalnt was simliar in grade to the JORC. The assays will result in an increase in the JORC and we can see the extension if we look at a map of the current JORC resource (Map 1) and compare it to the map from today's announcement (Map 2). You will notice that the blue intercepts of Map 2 are to the north of Toms and Spicers Lodes. These new intercepts extend the orebody at depth to the north - no need to drill those holes again. So, in the 2 months the new MD & team have been in the seat, she has been working and saving the company's funds. Well done team.

Map 1 (below): The map of the existing JORC resource

Map 2 (below): The extra data from today's announcement

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Thanks for the explanation Prawn Man, I am looking forward to the drill results resulting from the Drilling due to start this week.
There is lots to look forward to.

Originally posted by Pushhi: ↑

Lewis Ponds is an old project with a long history of being talked up to the market dating back to the 1990s. They need to demonstrate that previously described issues with metallurgy and ground conditions are solvable and do not detract from the value of the project. There is lots of metal in the ground, which is why I am a holder. Also polymetallic projects are a hard sell, with people having to get their heads around multiple commodities and think in metal equivalence or Net Smelter Returns. Compare to the troubles groups like AMI and RVR have where gold is only part of the story.
GLTAH

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Hi Pushhi
You are spot on with your assessment of Polymetallic projects, they are a tough gig. I am sure though that once we hit our stride here in Godolphin, the wait will be more than compensating.
By the way we Ardea shareholders also have a Polymetallic project and that is evolving, It seems that the best road to travel is to simplify the resource, In the case of Ardea, Godolphin was born and soon there will be the Kalgoorlie Gold spinout.
There are rewards along the way.
Godolphin could perhaps spin something out in our future, who knows.

RED

GRL Price at posting: 15.5¢ Sentiment: Buy Disclosure: Held
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