Godolphin Resources Completes Rare Earth Project Acquisition In NSW

Godolphin Resources Ltd (ASX: GRL) has agreed to acquire the remaining 49% interest in its flagship Narraburra Rare Earths (REE) project.

Narraburra is a highly prospective REE project located 12 kilometres northeast of Temora in central west New South Wales.

The deal will give Godolphin 100% ownership of the asset as it accelerates plans to move from exploration to mine development.

The acquisition was completed on attractive commercial terms for Godolphin, comprising A$150,000 cash and A$100,000 Godolphin shares.

Scoping study commissioned

Godolphin Managing Director Jeneta Owens said: “The strategic decision to move to a 100% ownership interest in Narraburra reflects our belief in the Project’s potential to develop into a significant rare earths asset.”

This view has been further strengthened by recent developments including strong metallurgy results and commissioning of a scoping study.

The scoping study is based on the existing resource of 94.9 million tonnes at 739ppm TREYO (total rare earth + yttrium oxide).

Next steps

Upon completion of the transaction, Godolphin will assume control of an expanded area of 504.9 square kilometres at Narraburra.

Owens added that exploration and development at Narraburra will be complemented by a flexible funding pathway.

Meanwhile, discussions with interested counterparties for potential asset sales from within Godolphin’s diversified project portfolio are ongoing.

A term sheet has already been signed with Minerals Pty Ltd for the sale of the Lewis Ponds Project for A$11 million in cash.

 

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