Lanthanein Resources gets $200,000 boost to drill for rare earths at WA Lyons play

Lanthanein Resources’ (ASX:LNR) exploration work on-site its Lyons rare earth elements (REE) project in WA is set to fast-track with the WA state government awarding the company $0.2m to proceed with drilling. 

Heading into the second hour of trade, Lanthanein’s share price is up 8% to 4c. 

Drilling in question will target the Mt. Weld anomaly, which was first spotted in an airborne survey earlier this year and interpreted to consist of large tubular structures underground. 

Radiating promising signs 

The target is prospective for a range of rare earth elements including niobium and yttrium. Thorium and uranium are believed to be present; thorium typically coincides with REE mineralisation. 

Thorium ironstones are believed to be particularly prominent in the L103 target, one of the structures at Mt. Weld. 

This won’t be the first drill run conducted on-site. The maiden RC drill campaign kicked off in late August and the company at the time lodged further works applications with the WA regulator, DMIRS. 

What is Yttrium? 

Ytrrium was discovered in 1794 and is named after a town in Sweden called Ytterby. 

The element has traditionally been used as a metallurgical alloy, and also in the manufacture of radar technology. 

However, the material has other applications in cancer treatment, industrial lasers, and can be added to glass to increase material resilience; yttrium is also used in the manufacture of superconductors. 

According to metals pricing information provider "Scrap Monster," Yttrium metal can fetch up to US$3,890/kg.

A look at LNR's three month charts. One year returns currently sit above 100%

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