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Ardea reports maiden gold resource at Mount Aubrey deposit

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Ardea reports maiden gold resource at Mount Aubrey deposit

Ardea Resources Ltd. estimated an initial mineral resource of 62,400 ounces at the Mount Aubrey epithermal gold deposit within the Lachlan Fold Belt in central New South Wales, Australia.

The JORC 2012-compliant inferred resource is contained in 1.2 million tonnes of ore at 1.61 g/t of gold, at a 0.50 g/t cutoff. BHP Group mined Mount Aubrey as an open pit between 1989 and 1991, reportedly recovering 12,700 ounces of gold.

The company said Aug. 28 that there is significant potential for tonnage and grade increase as mineralization is open in all directions.

Ardea intends to spin out its Lachlan Fold Belt gold and base metal tenements into a new company named Godolphin Resources Ltd.

Godolphin will launch an IPO on the ASX in the fourth quarter, aiming to raise A$4.5 million to A$8 million through the issue of 22.5 million to 40 million new shares at 20 cents apiece.

The company plans to start drilling of a seven-kilometer mineral system immediately after Godolphin resources lists on the ASX.

The resource update is based on several decades of data from 219 drill holes for a total of 9,382 meters, the company said, adding that reverse circulation, diamond, rotary air blast and aircore drilling types had contributed to the update. Average downhole depth was 42.8 meters.