Resources Top 5: Godolphin gains on strong gold hits at Lewis Ponds

Godolphin Resources’ drilling has returned results of up to 49.5m at 3.53g/t gold at its Lewis Ponds project, which provides strong momentum for a resource upgrade.

Gold hits of up to 49.5m at 3.53g/t at the Lewis Ponds project have proved a winner for Godolphin. Pic: Getty Images

• The first two holes targeting the Spicer’s Lode at Godolphin Resources’ Lewis Ponds project has returned strong gold assays

• OzAurum continues to make gains after last week’s strong showing despite a lack of news today

• Trek Metals investee company makes high-grade manganese discovery at the Hendeka project

Your standout small cap resources stocks for Monday, February 10, 2025.

Godolphin Resources (ASX:GRL)

Drilling at Godolphin’s Lewis Ponds project has delivered outstanding results including 49.6m at 3.53g/t gold equivalent from 210m including 28.2m at 5.76g/t AuEq.

This result was returned from one of the first two of five holes targeting the Spicer’s Lode.

Adding interest, the drilling has also identified additional mineralisation in the Torphy’s Lode, which is outside of the existing resource of 6.2Mt at 2g/t gold, 80g/t silver, 2.7% zinc, 1.6% lead and 0.2% copper and demonstrates significant scope to expand existing resources.

“The first two drillholes from our recently completed program are exceptional and provide the company with strong momentum in our stated strategy to upgrade the mineral resource at Lewis Ponds,” managing director Jeneta Owens said.

“These results highlight the mineral endowment of the Lewis Ponds gold and silver deposit and support our geological model.

“We are confident that additional assays will further illustrate the project’s potential as a profitable gold, silver, and base metal venture, which has considerable scope for expansion via the Torphy’s Lode and infill drilling within the deposit area.”

Pending assays from the other three holes are expected in the coming weeks.

OzAurum Resources (ASX:OZM)

Up on no news

After surging twice last week on high-grade gold intercepts from shallow aircore drilling at its Mulgabbie North gold project, OzAurum Resources continues to make gains, putting on a further 26.92% to close at 17c today.

That’s a massive gain of almost 360% since shares closed at 3.6c on January 31 prior to its announcing the gold results.

Mulgabbie North, which sits just 30km west of Lighthorse, delivered a new high-grade gold discovery on February 3 of 20m at 3.57g/t from surface and 10m at 6.59g/t from 12m among a string of other significant intercepts from drilling along the Relief Shear.

Those strikes are located around historical intercepts that were drilled but never followed up, with RC drilling last conducted over 38 years ago.

A RAB hole in 1998 by Gutnick Resources also intersected ‘significant mineralisation’.

This was followed by noting on February 5 that visible gold was observed from the top composite assay of 4m at 14.17g/t.

Caprice Resources (ASX:CRS)

Up on no news

Shares in Caprice Resources soared prior to its entering into a trading halt relating to exploration results.

While no details were provided about where the results were from, the company had in December completed ~1550m of its planned 5000m reverse circulation drill program at the Island gold project adjacent to WA’s Great Northern highway ~25km south of Westgold Resources Cue gold mines and Tuckabianna gold mill.

All holes from this earlier drilling, which focused on targets around Baxter, Golconda and Vadrian gold mineralisation successfully intersected gold mineralisation structural targets.

Earlier this month, CRS announced that it had resumed drilling and that assays from the initial drilling were expected soon.

Island has historical production of 54,000oz at 43.2g/t gold and is believed to have significant potential to extend mineralisation below historical drilling, which is constrained to a vertical depth of less than 100m.

Trek Metals (ASX:TKM)

Trek Metals announced today that early stage exploration by its investee company Advanced Energy Fuels had made a high-grade manganese discovery at the Hendeka project in WA’s Pilbara region.

Rock chip sampling at four key prospect areas returned multiple assays exceeding 30% manganese with a peak result of 51.8% over a 3.5km strike.

Key access agreements have been reached, paving the way for proposed heritage surveying, geophysical programs, and drilling to commence at these targets.

AEF will now move to carry out gravity, magnetic and electromagnetic surveys to refine high-priority targets for the upcoming drill program.

Waratah Minerals (ASX:WTM)

Up on no news

While Waratah had no news today, the company had announced on January 20 that step-out drilling at its Spur project in NSW had continued to extend gold zones along the >1km Dalcoath-Spur-Essex trend along southern margin of the main intrusive complex.

This work had returned results topping out at 251m at 0.54g/t gold from surface including 83m at 0.84g/t gold from 168m.

Broad zones of porphyry pathfinder anomalism (copper-molybdenum) and alteration have been extended at Dalcoath North, highlighting the potential for porphyry mineralisation along the 2km western contact of the main intrusive complex.

The company noted then that it would mobilise a rig in mid-February to test a high-priority porphyry target at the Breccia West prospect that was defined by high-resolution magnetics.

At Stockhead, we tell it like it is. While OzAurum Resources and Caprice Resources are Stockhead advertisers, they did not sponsor this article.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.

Originally published as Resources Top 5: Godolphin gains on strong gold hits at Lewis Ponds