The project now has 30% more tonnes and a 126% higher total rare earth oxide grade with a total resource of 94.9 million tonnes at 739 parts per million TREO.

 

Half the resource is now classed as indicated.

 

Narraburra contains a higher grade 20Mt at 1079ppm using a 600ppm cut-off that will form the basis of a scoping study towards the end of the year, targeting a low-cost open pit operation and atmospheric leaching.

 

The upgrade of the historical resource to JORC 2012 status comes ahead of the results of a mineralogical characterisation study by ANSTO, that will lead into expedited and expanded metallurgical test work.

 

Metallurgical leach test work achieved up to 92% recovery of key magnet REEs - neodymium, praseodymium, terbium and dysprosium.

 

Managing director Jeneta Owens said the company was increasing its understanding of the deposit, which remains open in multiple directions. 

 

The resource update comes from just 31 diamond holes completed by the company last year, combined with past drilling completed by Capital Mining to support a maiden resource down to 50m a decade ago.

 

Godolphin, which primarily explored for gold and base metals prior to picking up and interest in Narraburra, is spending A$3 million to earn up to 75% from private vendor EX9.

 

The two exploration leases that comprise Narraburra cover some 350sq.km near the southern end of the Parkes-Narromine Volcanic Belt, just 15km north of Temora, and south of the giant Cowal gold mine. 

 

Sandfire Resources and Newcrest Mining own the adjacent areas.

 

Godolphin shares, which have traded at 5.1-15c over the past 12 months, were trading steady at 8.6c today, valuing it at $11 million.