Lanthanein Resources (ASX:LNR) is up 9.8% in mid afternoon trades as the company hits the cusp of its maiden drill run for rare earths at the WA Lyons project acreage in the Gascoyne region.
The first drill rig to grace the site under Lanthanein’s guidance is set to fire up in the first week of September.
The RC rig will be mobilised on-site in the coming days, to follow up on the results of rock chips pulled from outcrop ironstones extending over some 2.5km of target strike area. Drilling will target these same outcrop targets.
Access tracks are being developed pending arrival of the rig, following the conclusion of heritage surveys. In June, delays to that process stalled the company’s operations, though not in any significant way.
An additional program of works has been lodged with the WA regulator (DMIRS) to approve extensions to the maiden drill run, but, whether they are approved remains to be seen.
The company’s ability to satisfy heritage compliance regulation should be seen as a sign of confidence in winning that approval.
“The Gascoyne is an enviable region with an existing endowment of rare earth minerals,” Lanthanein Resources technical head Brian Thomas said.
“Due to the unexplored nature [of Lyons] there remains considerably more potential for ironstone rare earth bearing discoveries.”
“The geological team is buoyed by the recent success of Dreadnought’s major discovery at Yin [nearby] which demonstrates the potential that remains in the Gifford Creek Ferrocarbonatite Complex.”
In June, the company revealed its receipt of high-quality 3D models covering the project boundaries with three large cylindrical bodies identified on-site underground interpreted to be highly prospective for rare earth mineralisation.
That data was collected in an airborne survey campaign.
Multiple intrusive targets were discovered, including one outsized large vertical cylindrical body 3-4km in diameter called the Mount Weld Plug.
Independent consultant Franco Pirajno managed all modelling activities based on the data; Pirajno has also worked on the Mt Weld and Gifford Creek REE Carbonatites, with similar geological traits to new targets identified by the company.
Investor interest in the project is palpable: YTD returns are up 180%.
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