Lanthanein takes Lady Grey for first dance in hunt for gold

Lanthanein Resources has started drilling to test the highly prospective Lady Grey prospect
Lady Grey is adjacent to the historical Bounty mine that produced ~1.3Moz of gold
Drilling of RC pre-collars to be followed by diamond drilling to intersect modelled conductor plate

Special Report: Lanthanein Resources has kicked off drilling at the exciting Lady Grey prospect at Mt Holland in WA’s Yilgarn, right next to the historical Bounty gold mine.

Bounty sits at the northern end of the Forrestania greenstone belt and produced ~1.3Moz of gold on Covalent Lithium’s Mount Holland mine site, highlighting the rich potential of the prospect. It is along strike from Lady Grey to its south.

Besides its historical gold bounty, the region around Mt Holland is also known for its lithium potential.

Lanthanein Resources (ASX:LNR) is currently drilling reverse circulation pre-collars that will be followed by diamond drilling of the modelled moving loop EM (MLEM) conductor plate under EM line #6.

This conductor plate is aligned with a surface gold geochemical anomaly coincident with a regional structural zone favourable for hosting gold.

“We are really very excited to finally get the drill bit spinning so we can test the modelled EM conductor plate under Line #6 which coincides with a 75ppb UFF soil gold anomaly,” technical director Brian Thomas said.

Separately, the company has received $2 million – $500,000 in cash and $1.5m in shares– from the sale of its former subsidiary Frontier Copper PNG, which holds the Tolukuma exploration licence in Papua New Guinea, to Tolu Minerals (ASX:TOK). The shares have just been sold for $2.4m less costs.

RC drilling at Lady Grey. Pic: Lanthanein Resources

Current and upcoming drilling

The company is drilling three RC pre-collars from the existing historical access road, which links the old Lady Ada mine and the Marvel Loch-Forrestania road, to a maximum depth of 150m.

It will be followed by diamond drilling to a maximum depth of 600m to test the modelled conductor plate that is about 200m below surface and dips to the east.

LNR also expects to be granted the Program of Work by the WA Department of Energy, Mines, Industry Regulation and Safety soon to test another EM conductor plate under EM Line #1 which is coincidental with a 256 parts per billion gold in soil anomaly.

It has lodged the flora and fauna survey report with DEMIRS and has advanced planning of the heritage survey by the Ballardong Aboriginal Corporation and their heritage consultants.

This article was developed in collaboration with Lanthanein Resources, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.