Godolphin Resources Limited has entered into a farm-in and joint venture agreement with private exploration company EX9 Pty Ltd, providing Godolphin with the opportunity to earn up to a 75 per cent interest in the Narraburra Rare Earth Element Project in central west New South Wales.
The farm-in agreement was secured following a systematic review of the rare earth element potential of Godolphin’s own projects and a broader review of the potential of the Lachlan Fold Belt to host economic rare earth projects.
The rapid advancement of Australian Strategic Materials’ Dubbo Project, and the encouragement by Australian governments at both state and national elves for the development of rare earths, makes the Lachlan Fold Belt through central NSW a premier location for the assessment and ultimate development of rare earth projects.
Godolphin managing director Jeneta Owens said the company was pleased to have secured the agreement with EX9 to progress a farm-in for the highly prospective Narraburra rare earths project.
She continued: “Importantly, there has been considerable historic exploration activity undertaken, which provides us with abundant initial data, upon which we can base the next phase of project assessment which we will now expedite.
“Rare earth elements are vitally important for the future growth of clean energy technologies.
“Producing rare earth elements in an ESG-compliant and stable jurisdiction like Australia will ensure a highly sought-after product by world markets.
“This new project complements our existing copper and zinc projects, which are also an important part of the greener technologies the world is increasingly accelerating towards.
“Furthermore, rare earth element projects are being actively supported by both state and national governments, so the farm-in on the Narraburra project is a significant strategic move by Godolphin.”