The company says the project could be home to the next Savannah mine. Pic: via Getty Images.
‘Large nickel-copper sulphide mineral system’: 45m thick sulphide hit just the start at Lycaon’s Bow River
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- 45m thick nickel-copper drill hit in second hole of program at Bow River in WA
- Anomaly 1km in length, similar in style to Panoramic Resources’ Savannah nickel mine
- DHEM surveys now planned ahead of drilling in Q3
Lycaon Resources has drilled into a thick, 45.2m of nickel-copper sulphides at its Bow River prospect, “one of the best regional nickel-copper prospects in the Kimberley outside of Panoramic’s Savannah mine”.
Bow River covers two known nickel-copper-cobalt sulphide prospects – the Salt Lick Creek intrusion and the Bow River intrusion – both of which are sulphide-bearing and similar in style and setting to Panoramic Resources’ (ASX:PAN) Savannah mine, around 60km away.
The 2014 discovery of the Savannah North resource at depth adjoining the existing mine effectively quadrupled the nickel-copper-cobalt resource.
Outcropping gossans and anomalous soil geochemistry has been mapped at surface over an area of 900m x 300m.
The surface expression of the intrusion has received most of the focus of historical exploration however, the broader intrusive undercover and at depth has received little attention.
With historic drilling only conducted near-surface at Bow River to date, Lycaon Resources (ASX:LYN) believes the mineralised source could lie deeper down.
“We are only just scratching the surface of what could be a large nickel-copper sulphide mineral system at Bow River, which ranks as one of the best regional nickel-copper prospects in the Kimberley outside of Panoramic’s Savannah mine,” LYN technical director Thomas Langley says.
Only scratching the surface
This two hole diamond drill program targeted the deeper, more primitive part of the intrusion, beneath the extent of historical drilling, with the first hole drilling down 800m and intersecting over 13m of Ni-Cu mineralisation from 364m.
This was outshone by hole two, which included a significant 45.2m interval of blebby to disseminated nickel-copper sulphides from 330.1m.
In both drillholes the presence of nickel and copper was confirmed by handheld XRF.
“We are extremely pleased with the significant 45m wide intersection of nickel-copper sulphides in only our second drillhole at Bow River,” Langley said.
“These results to date show a strong correlation with sulphide emplacement with the upper limit of the gravity anomaly of which remains open along the >1km strike extent.”
DHEM surveys ahead of more drilling
Downhole Electromagnetic (DHEM) surveys will now be completed, with a geophysical crew arriving onsite this week.
“Downhole electromagnetic surveys will now be completed to identify any significant off-hole conductors and together with the assay data, will build further geological confidence in the mineralisation model ahead of additional drilling programs,” Langley said.
Additional drilling will be designed following results and interpretation of assay and DHEM survey data.
The company is also targeting high-value rare earths and niobium – a crucial element for battery components – at its Stansmore project in the West Arunta province.
West Arunta is host to significant REE-niobium discoveries including WA1 Resources’ (ASX:WA1) West Arunta and Encounter Resources’ (ASX:ENR) Aileron projects.
Stansmore includes a 700m long magnetic feature, which the company describes as one of the “most interesting” anomalies in the region.
The company has contracted Southern Geoscience to complete a geophysical inversion of the gravity and magnetic data to assist with targeting of drillholes ahead of a maiden drill program.
This article was developed in collaboration with Lycaon 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.
