• Lycaon Resources has completed a heritage clearance survey over its high priority Stansmore project
  • Detailed planning for an initial phase of drilling programs is underway
  • Discussions with several drilling contractors regarding availability and potential timing of commencement have already kicked off

 

Special report: Lycaon Resources has completed a heritage clearance survey over its Stansmore project in one of WA’s burgeoning critical minerals hotspots, the West Arunta.

Investors have been playing close attention to the West Arunta region since WA1 Resources (ASX:WA1) discovered the mammoth Luni discovery in 2022.

That find turned the micro-cap stock into a $1.2bn explorer, with many juniors following closely in the hopes the success could be replicated, with investor appetite for niobium explorers and a recent maiden resource potentially opening the area for development.

Lycaon (ASX:LYN) has some of the most prospective ground in the West Arunta with its Stanmore niobium-rare earths project covering 173km2 of prospective land, just 90km north of WA1’s Luni and P2 discoveries.

 

Drilling imminent

LYN is now another step closer to firing up the drill rigs after ticking off a heritage clearance survey over three high priority targets that may be prospective for niobium-REE carbonatite or iron-oxide copper gold mineralisation.

The survey follows the company’s success under Round 29 of WA’s Exploration Incentive Scheme to receive a co-funding grant of up to a maximum of $180,000 for drilling at Stansmore.

LYN says it hopes to begin drilling as soon as possible over the Stansmore, Volt and Ions targets, subject to the outcome of the final survey report and the approval of the program of works.

 

Drilling within 12 months of land access agreement

“We would like to thank the Central Desert Native Title Services and Parna Ngururrpa traditional owners for their efforts and cooperation to complete this survey,” LYN technical director Thomas Langley said.

“This survey could allow us to start drilling at our high priority Stansmore, Volt and Ions targets, which is a great achievement within 12 months of signing the land access agreement.”

Discussions with several drilling contractors regarding availability and potential timing of commencement are already underway.

At this stage, the plan is to target a regionally prominent 700m-long magnetic feature (Stansmore) and a larger ~3km wide magnetic anomaly (Volt).

Southern Geoscience Consultants completed a geophysical review which included reprocessing magnetic data and a 3D inversion of the magnetic data to assist with targeting of drillholes ahead of a maiden drill program.

The 3D inversion results defined the Stansmore magnetic anomaly as an ellipsoid shape approximately 400m wide by 700m long, starting from ~150m depth with an estimated magnetic susceptibility of >0.15SI unit.

LYN’s Volt prospect is modelled as a ~600m wide by 800m long magnetic anomaly starting at 200m depth with an estimated magnetic susceptibility of 0.025-0.075SI units.

 

 

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.

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