Lycaon Resources (ASX:LYN) has been granted a mining entry permit over portions of the Ngaanyatjarra Central Australia Reserve at the Stansmore Project in the West Arunta region of Western Australia.
The company says this land access approval — which now extends the project area over 173km2 — paves the way for exploration programs to begin including heritage surveys, gravity surveys, and drilling.
Shares gained nearly 27% on Tuesday (16 April 2024) to hit an intra-day peak of $0.26 on the back of the news.
Technical Director Thomas Langley says the company’s focus will turn to organising heritage surveys ahead of drilling, which is slated to beginmid-year.
“The West Arunta continues to demonstrate the world-class discovery potential with WA1 Resources’ (ASX:WA1) tier one Luni discovery,” Langley says.
The West Arunta is one of the last frontiers for major critical mineral and copper-gold (IOCG) discoveries in Australia.
The identification of niobium and rare earth mineralisation associated with carbonatite intrusions by WA1 Resources and Encounter Resources (ASX:ENR) nearby in their first ever drill programs signifies the extremely prospective and underexplored nature of the West Arunta.”
Just 90km south of the Stansmore Project, WA1 struck 30m at 4.7% niobium pentoxide, which Lycaon says further demonstrates the discovery potential in the region.
Southern Geoscience Consultants have re-processed magnetic data over the Stansmore project, which has outlined multiple new targets that are considered prospective for niobium-rare earth mineralisation.
The Stansmore carbonatite target comprises a regionally prominent 700m long magnetic feature analogous to WA1’s discoveries and Encounter’s Worsley prospect.
Further geophysical review has now been completed to support targeting of drillholes ahead of the maiden drill program.
The Stansmore project is considered prospective for niobium, rare earths, and platinum group elements.
Lycaon Resources is a mineral explorer and developer focused on building environmental, social, and governance credentials in the regions in which it operates.
Write to Aaliyah Rogan at Mining.com.au
Images: Lycaon Resources
