Not one Ardea / Godolphin shareholder on Hot Copper has...

Not one Ardea / Godolphin shareholder on Hot Copper has attempted to calculate the Enterprise Value of Godolphin, maybe a pity because it might well entice some of us to get a bigger slice of the pie in the priority purchase.

(The following extracts from * article of September 10th 2019) The following is significantly important!!

Just recently gold producer Alkane discovered something VERY, VERY BIG at its Northern Molong porphyry project in the same neighbourhood as Newcrest Minings huge 50 moz Cadia operations in N.S.W.
Alkane unveiled an incredible hit at the Boda prospect of 502m @ 0.48 grams per tonne (g/t) gold and .02 per cent copper, 211 m from the surface.
This might seem low grade, but because of their - easy mining large volumes, porphyry orebodies can be economic from copper concentrations as low as 0.15 per cent. Alkane says there’s “several apparent similarities” between Boda and the upper sections of Newcrest’s nearby Cadia East deposit. Basically, they’re saying this could be Cadia 2.0. The stock went for a run and is now up about 50 per cent.

But who’s holding ground around this massive discovery???
Ardea Resources (ASX:ARL)

Market Cap: $75.25m
Nickel-focused Ardea is planning to spin out its NSW copper-gold assets into a new IPO called Godolphin Resources.
The timing could be very good if the region heats up, because it has 3,216sqkm within the Lachlan Fold Belt of NSW, about 25km from Alkane’s Boda discovery.
Ardea’s Yeoval porphyry project currently contains 48,500 tonnes of copper, 58,000 oz of gold, 911,000 oz of silver and 1,500 tonnes of molybdenum metal – with the mineralisation remaining open in all directions.

“The Boda discovery result of 502m at 0.48g/t gold and 0.2 per cent copper is outstanding and the type of result every company dreams about receiving,” Ardea chief executive Andrew Penkethman told *.
“Additional exploration and resource definition work has the potential to define a large gold-copper porphyry mineral system that could be amenable to bulk scale underground mining, such as the Cadia Ridgeway operation.”
“These early results suggest that this is a significant discovery for NSW and all of Australia.”


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I mention this now because it seems the current big investor interest is clearly Boda, which Alkane quite inconveniently (tic) decided to discover after Godolphin's geology report and so is unlikely to feature prominently in the Godolphin prospectus document.

For those interested enough to have a look at Ardea's Exploration update of 29th April 2019 where they discuss results at Copper Hill East (CHE) on page 4 noting "porphyry copper", Fairbridge Volcanics (the andesite host rock at Boda) malachite staining and an annular -shaped soil copper anomaly.
Godolphin sited its Copper Hill East soil geochem grid to test a discrete magnetic intrusive centre target, (ie a porphyry copper potassic alteration target analogous to the Copper Hill deposit 15km west)

Alkane's timing choice of its Boda discovery has been most unhelpful (tic) to we - to be - Godolphin shareholders for had the discovery been made a little earlier, Godolphin could have had so much more data for Copper Hill East.

I am beginning to think that some outsiders are going to be all over this Godolphin IPO.
Those that will want to ensure they get all the shares they want will need to be holding Ardea in the first instance as I could be wrong but I really think we will see scale back.

GLTAH!!