Golden Deeps Drilling for Next Cadia-Ridgeway or North Parkes in Lachlan Fold Belt

Golden Deeps Ltd (ASX: GED) holds a portfolio of projects, and creating interest is the Havilah Project in the world-class Lachlan Fold Belt of New South Wales.

The project is wholly-owned, with a drilling program of up to 10 reverse circulation and diamond holes to test the extensive zones of surface copper.

Along with the strong, sub-surface IP anomalies, which could represent copper with gold sulphide mineralisation in Ordovician volcanic rocks or porphyries.

Jon Dugdale, chief executive officer, commented:

“This is a similar setting to other major deposits in the world-class Lachlan Fold Belt, such as Cadia-Ridgeway and North Parkes.”

The Ridgeway deposit original resource was 155 million tonnes at 0.73g/t gold and 0.38% copper.

Valuation proposition

Golden Deeps has a market capitalisation around the $5 million mark, yet has over $4 million in cash.

Therefore, a very light enterprise value, with news flow to follow.

Potential of the East Lachlan Fold Belt

It is worth reviewing the potential of the East Lachlan Fold Belt, which is a high-profile mining and exploration region.

The belt contains several major gold, copper-gold and silver deposits.

Besides Cadia-Ridgeway and the North Parkes Mine, there is also Evolution Mining Ltd’s (ASX: EVN) Lake Cowal Mine, Alkane Resources Ltd’s (ASX: ALK) Tomingley mine and Silver Mines Ltd’s (ASX: SVL) Bowdens deposit.

Portfolio

The company is also focused on exploration and development of copper and vanadium projects in the world-class Otavi Mountain Land copper district of Namibia.

 

 

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