Godolphin Resources Secures Full Ownership of Narraburra Rare Earth Project

Godolphin Resources Ltd (ASX: GRL) has taken full control of the Narraburra Rare Earth Project by acquiring the 49% stake of joint venture partner EX9 Pty Ltd.

The acquisition was completed on attractive commercial terms comprising an upfront $150,000 cash payment and $100,000 of shares, along with two tranches of performance rights.

This strategic move follows extensive exploration undertaken by Godolphin, which has delivered a maiden JORC resource for Narraburra of 94.9 million tonnes at 739ppm Total Rare Earth Oxide plus Yttrium Oxide (TREYO).

This includes a higher-grade component of 20 million tonnes at 1,079ppm TREYO.

Godolphin recently signed a term sheet securing the sale of the company’s wholly-owned Lewis Ponds project for $11 million in cash.

The sale provides the company with major balance sheet strength to advance its critical minerals focused exploration strategy.

Strategic decision

Jeneta Owens, managing director, commented:

“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, highlighted by strong metallurgy results and the successful commissioning of a Scoping Study based on the existing JORC 2012-compliant Mineral Resource Estimate.”

With 100% control of two new exploration licences adjacent to the company’s existing tenements, Godolphin is well positioned to expand its 2024 works program at Narraburra.

This will include further drilling and exploration activities alongside ongoing project development plans.

Narraburra details

The Narraburra Rare Earth Element Project is located 340 kilometres west of Sydney and 15 kilometres north of Temora in central west New South Wales.

Narraburra was identified by the Australian Government Department of Industry, Science and Resources in the 2022 Critical Minerals Strategy as a major REE deposit.

It is also listed as a critical minerals project by the Government’s Trade and Investment Commission.

Outstanding metallurgy results point to Narraburra’s low-cost development and processing potential.

Testing completed with Australian Nuclear Science and Technology Organisation (ANSTO) Phase 1 in 2023 delivered 92% recovery of key magnet REEs (Pr, Nd, Tb, Dy).

The best results included Nd of 94% and Pr of 90%.

Phase 2 in 2024 comprised of a comprehensive leach testing program which also delivered exceptional REE recoveries including 80% – 95% extraction of key magnet REEs (Nd, Pr, Tb, Dy) with best results including Nd 96%, Pr 92%, Tb 91% and Dy 93%.

 

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