Goodrich Resources (ASX: GRX) has acquired a 52% interest in unlisted explorer Zodiac Resources, which holds licences covering 447 square kilometres in the Lachlan Orogen of New South Wales, the same region that hosts Newcrest Mining’s (ASX: NCM) 3 billion tonne Cadia-Ridgeway deposits.
It is a strategic move for the company, as not only are Zodiac’s projects located in a world class metallogenic province, but the Wilga Downs project neighbours Goodrich’s Biscay project.
The Wilga Downs project covers around 300 square kilometres in proximity to Rio Tinto’s (ASX: RIO) 271 million tonne Northparkes copper-gold mine and Alkane Resources (ASX: ALK) 12.6 million tonne Tomingley Gold Project.
The project is located in the Junee-Narromine Volcanic Belt, part of the Macquarie Arc. Modern exploration has been limited on the project.
Yeoval
Meanwhile, the Yeoval project covers 147 square kilometres and hosts an Inferred Resource of 12.9 million tonnes at 0.38% copper, 0.14 grams per tonne (g/t) gold, 2.2g/t silver and 120 parts per million molybdenum.
The deposit remains open to the east, west and south and to depth below 200 metres, adding to the potential to increase the Resource further.
Zodiac recently completed an induced polarisation survey over Yeoval which detected known mineralisation as well as several additional chargeability anomalies in the vicinity.
Importantly, the Yeoval deposit is interpreted to be part of a much larger mineralised system.
The strongest of the individual responses is located 500 metres to the southeast of the known mineralisation, while the largest response is located 1 kilometre to the northeast.
Zodiac also holds the Troy Creek copper-gold project, 180 kilometres northeast of Wiluna in Western Australia on the northern deformed margin of the Palaeoproterozoic Earaheedy Basin, and the Yarrowitch diamond mine, 60 kilometres southeast of Walcha in New South Wales on the eastern edge of the New England Tableland.
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