Lewis Ponds Gold-Silver Project Delivers Major 470,000oz Resource Upgrade

Lewis Ponds Gold-Silver Project: Upgraded Resource Marks Major Development Milestone

Godolphin Resources (ASX: GRL) has announced a significant upgrade to its Lewis Ponds gold and silver deposit in the Lachlan Fold Belt, NSW, with 470,000 ounces of gold and 21 million ounces of silver now defined.

Major Resource Upgrade Delivers Transformational Growth

Godolphin Resources has delivered a game-changing mineral resource upgrade at its 100%-owned Lewis Ponds gold and silver deposit. The updated resource represents a substantial increase across all key metrics with 58% more tonnes, 18% more gold, and a massive 31% increase in silver content compared to the previous estimate.

The new Mineral Resource Estimate (MRE) defines a total Indicated and Inferred resource of 9.83 million tonnes at 1.49g/t gold and 66.15g/t silver, along with significant base metal credits of 2.46% zinc, 1.38% lead, and 0.15% copper.

This translates to a total metal content of:

• 470,000 ounces of gold (up from 398,000oz)
• 20.9 million ounces of silver (up from 15.9Moz)
• 241,000 tonnes of zinc
• 136,000 tonnes of lead
• 15,000 tonnes of copper

The resource upgrade marks a critical step toward potential development, with a major portion now classified in the higher-confidence Indicated category, compared to the previous 100% Inferred classification.

New Open Pit Potential Enhances Development Options

A key breakthrough in the resource update is the definition of a potential open-pit component, following a detailed pit optimisation study. This creates a two-pronged development approach with both open-pit and underground resources now identified:

Open Pit Resource (1.0g/t AuEq cutoff):

• 2.88Mt at 0.52g/t gold and 41.22g/t silver (48,000oz gold, 3.8Moz silver)
• 64% classified as Indicated

Underground Resource (3.2g/t AuEq cutoff):

• 6.95Mt at 1.89g/t gold and 76.48g/t silver (422,000oz gold, 17.1Moz silver)
• 45% classified as Indicated

The identification of a near-surface open-pit component could significantly enhance project economics by providing earlier cash flow through a staged development approach.

"These results have considerably exceeded our expectations and highlight the exceptional potential for the Lewis Ponds project. Through infill drilling and improved geological understanding, we have significantly increased the global resource metal inventory," said Managing Director Jeneta Owens.

Exploring a Large-Scale Gold-Silver System

The Lewis Ponds deposit consists of multiple mineralised lodes hosted within a volcanic-sediment package. The primary volcanogenic mineralisation extends over a 1,500m strike length and dips steeply to the northeast, with three main mineralised zones identified:

• Spicer's Lode: The northern section with a maximum strike length of 1,400m and thickness between 10-40m
• Tom's Lode: Extending 1,550m with average thickness between 5-10m
• Torphy's Lode: A 600m strike zone with thickness between 5-10m

The deposit remains open for further expansion, with several exploration targets identified that could drive additional resource growth.

Understanding Gold Equivalent Calculations

For investors looking to understand the resource valuation, Lewis Ponds Gold-Silver by Godolphin Resources uses a gold equivalent (AuEq) calculation that accounts for all valuable metals in the deposit. The formula considers current metal prices and metallurgical recoveries, with a 1.0g/t AuEq cutoff applied to potential open-pit resources and a higher 3.2g/t AuEq cutoff for underground material.

Previous metallurgical testing indicates the mineralisation responds well to conventional flotation processing, producing two concentrates: a zinc concentrate and a lead-copper concentrate that captures most of the precious metals. Recovery rates from this testing were:

• Gold: 60%
• Silver: 79%
• Zinc: 92%
• Lead: 75%
• Copper: 69%

Next Steps Toward Development

With the upgraded resource now in hand, Godolphin has outlined a clear path forward:

1. A scoping mining study is currently underway, which will leverage the new MRE to evaluate development scenarios
2. Ongoing metallurgical test work aims to improve gold and silver recovery rates
3. Additional drilling programs are being planned to test known mineralisation and exploration target areas

"Critically, this was achieved alongside increased mineral resource confidence. The addition of the proposed open pit resource also reiterates the potential for near-term development opportunities," added Jeneta Owens.

Why Investors Should Take Note

The Lewis Ponds project is emerging as one of Australia's significant undeveloped gold and silver resources, with several compelling investment attributes:

1. Substantial precious metals inventory: With 470,000oz gold and 21Moz silver, Lewis Ponds represents a significant precious metals asset in a tier-one mining jurisdiction

2. Development flexibility: The combination of open-pit and underground resources provides multiple development pathways and potential staging options

3. Resource growth potential: The deposit remains open in several directions with additional lodes identified for future drilling

4. Base metal credits: Significant zinc, lead and copper content provides valuable by-product credits that could enhance project economics

5. Infrastructure advantages: Located just 15km from Orange, NSW, the project benefits from excellent access to infrastructure, skilled workforce, and services

As Godolphin progresses the scoping mining study and continues metallurgical optimisation, investors can expect a steady flow of news that will further define the development pathway for this increasingly significant Australian gold and silver project.

Ready to Capitalise on Godolphin's Gold-Silver Resource Growth?

Discover why savvy investors are taking notice of Godolphin Resources' (ASX: GRL) significant upgrade at the Lewis Ponds project. With 470,000 ounces of gold and 21 million ounces of silver now defined, plus newly identified open-pit potential, this could represent a compelling investment opportunity in the precious metals sector. Learn more about this emerging Australian gold-silver story and what's next on Godolphin's development pathway.