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A new estimate at the previously-conceived base metal prospect has come with an inferred resource of 5.8 million tonnes grading 2.1 grams per tonne gold and 83gpt silver, as well as 2.7% zinc, 1.6% lead and 0.2% copper.
Drilling is now underway targeting increased confidence-in and additions-to the resource, as well as provide samples for met-work.
Godolphin raised A$3.5 million in new funding in November when it issued new shares priced at 24c each.
The company was a spin-out from Ardea Resources that listed in December 2019 following a $7.5 million IPO.
Shares in Godolphin were up 8% to 26c in afternoon trade, capitalising the company at $22 million.
The stock fell as low as 10c last March.
