ASX Quarterly Wrap: Lanthanein inks lithium farm-in at Lady Grey and GTI expands ISR uranium footprint in Wyoming

It’s the quarterly season again as the ASX market announcements page becomes increasingly flooded with update lodgements.

To save you the trouble of trudging through it all, we’ve wrapped up the highlights from some of the reports that caught our eye.

LANTHANEIN RESOURCES (ASX: LNR)

Lanthanein Resources had a busy end to the year after it entered into a deal to earn a 70% interest in the Lady Grey lithium project, directly adjacent to Covalent Lithium’s Earl Grey Mine in WA’s Forrestania greenstone belt.

The 77km2 project hosts an 18km strike and a mapped continuation of the Early Grey pegmatite where drilling activities will kick off in February – March.

Until then, project-wide evaluation of lithium hosting pegmatite potential will be carried out with a Program of Work already approved for 193 aircore and 50 reverse circulation holes.

Moving across to LNR’s Gascoyne rare earth project where the company announced an inferred resource for the Lyons 11,12, and 13 prospects during the quarter of 990,000t grading 0.32% total rare earth oxides (TREO).

GTI ENERGY (ASX:GTR)

Drilling activities at GTR’s Lo herma ISR uranium project in Wyoming’s prolific Power River Basin reached the finish line in December with 26 holes for 4,250m completed on time and budget.

The Lo Herma land package was also expanded through the staking of 28 additional claims to cover extensions of interpreted trends as defined by the historical data package.

GTR is currently evaluating how the new claims and data impact the exploration target for the property and 2024 drill plans.

SUMMIT MINERALS (ASX:SUM)

The search for lithium and other battery minerals continued during the quarter at the Phillips River lithium project in WA, 2.5km southeast of Bulletin Resources (ASX:BNR) Phillips River south lithium discovery.

Through its field contractor, XM Logistics, Summit collected 727 soil samples and 13 rock chips across the surveyed area.

Samples have been submitted to LabWest for ultra-fine multi-element analysis and results are anticipated in Q1.

Summit’s Phillips River project is considered prospective for lithium as it includes parts of the Annabelle volcanic sequence, which hosts the spodumene-bearing pegmatites at BNR and Arcardium’s (ASX:LTM) Mt Cattlin Lithium mine and processing plant 20km to the north.

ALICANTO MINERALS (ASX:AQI)

Exploration activities progressed at AQI’s historic Falun copper mine in Sweden, a small part of a major mineralised belt stretching over at least 10km within the company’s permits.

Drilling has so far enlarged the known footprint of proximal alteration from what was previously known and therefore increased the potential for a significantly larger deposit in the vicinity of the high priority Skyttgruvan-Naverberg target, analogous to the Falun deposit.

The company is aiming to follow up the successful drilling in late 2022 where broad-based mineralisation was intersected down dip of the historical workings.

DESOTO RESOURCES (ASX:DES)

Throughout the reporting period, DeSoto concentrated its exploration efforts on the Fenton gold project in the Northern Territory where assays from the first two holes were returned and included 23m @ 0.37 g/t gold from 557m containing 2m @ 1.78 g/t gold.

All up, the company carried out 2,683m of combined diamond and RC drilling in the second half of 2023, successfully intersecting wide zones of gold mineralisation.

DES says the program has demonstrated that the Fenton Shear Zone (FSZ) corridor is continuous along strike to the north and south.

BUBALUS RESOURCES (ASX:BUS)

The focus for Bubalus during the quarter laid on the Yinnietharra lithium project, 2km east of Delta Lithium’s (ASX:DLI) Malinda project, where field activities included soil sampling and a geophysical review of data.

Several potential targets were identified in these programs as the company now moves towards maiden drilling in the coming weeks.

On ground exploration was limited at the Amadeus project, south of Alice Springs, but results from a sampling program carried out in the September quarter are being validated, reviewed and interpreted.

Meanwhile, engagement with the Land Council representing the Traditional Owners for the area covering the Coomarie project near the WA-NT border continued and is expected to take several months.