Godolphin Resources (ASX:GRL) Enters Joint Venture with Great Plains Metals
JV Agreement Details
Godolphin Resources Limited (ASX: GRL) has entered into an earn-in and joint venture agreement with Great Plains Metals Corporation. Under the agreement, Great Plains can earn a 51% interest in the Yeoval and Goodrich copper-gold projects by spending a minimum of $1 million in exploration within the first 12 months. An additional $1 million can increase Great Plains’ interest to 70%.
Project Overview
The Yeoval Project covers approximately 290 km² in central NSW, featuring over 60 historic copper-gold mine workings. The Goodrich mine, part of this project, was historically a significant Cu-Au producer. Great Plains aims to explore for a large tonnage porphyry gold-copper system, while Godolphin continues advancing the Lewis Ponds gold, silver, and base metals project.
Executive Comments
Managing Director, Ms Jeneta Owens said: “We are very pleased to have entered into this agreement with Great Plains. The earn-in and JV agreement is an endorsement of the Company’s Yeoval and Goodrich Projects and highlight its potential as a significant porphyry opportunity. This agreement delivers significant outcomes for our shareholders:
• We reduce our expenditure commitments while remaining exposed to any exploration success going forward;
• We remain operator during the earn-in period;
• Our technical team have the opportunity to work with the skilled exploration team of Great Plains;
• Allows us to focus on our advancing the Lewis Ponds gold, silver and base metals asset which has proven to be a very significant asset for the Company.
We look forward to progressing initiatives at Lewis Ponds, while working with Great Plains to advance Yeoval and Goodrich.”
Motley Fool contributor Kiarra Jackson has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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