Locksley Resources (ASX:LKY) is implementing a substantial ramp up in exploration activity in California, after doubling down on its ground position alongside MP Materials (NYSE:MP) – the only rare earths producer in the US.
Just last week the company, which has a market capitalisation of $123.4 million, revealed it had staked an additional 249 claims within the Mojave Critical Minerals Corridor, increasing its landholding to more than 40km2.
The move to significantly expand its exploration program across the Mojave Antimony and Rare Earths Project also follows the discovery of historical workings across the project areas.
The expanded program will be centred on exploring both the existing antimony and rare earths elements prospects, as well as targeting additional commodities that have been identified on Locksley’s larger landholding.
During the most recent field mapping program, geologists discovered a historical shaft in the core of the North Block while mapping the area for rare earths potential.
Locksley says the extent of the workings seen in the vicinity indicates that a substantial shaft, estimated to extend down to around 15m depth, has been mined.
The company subsequently completed grab sampling to determine which commodities were mined from this area, which has provided a new exploration target known as Hendricks.
Chairman Pat Burke says the substantial expansion of Locksley’s landholding within the Mojave Critical Minerals Corridor marks a pivotal step in Locksley’s growth.
“The site visit with brokers and analysts provided an excellent opportunity to showcase not only the scale of our tenure, but also the strategic importance of our position alongside MP Materials,” he says.
“With the US Government increasingly focused on securing domestic supply chains for critical minerals, Locksley is well placed to deliver a mine-to-market solution for antimony and rare earths.”
Locksley’s share price has surged over 2,700% since the start of May to $0.515. This follows a number of milestones including partnerships with US advisory group GreenMet and Rice University.
GreenMet will assist the company in targeting grant, loan, and offtake programs from the US’ Department of Energy, Department of Defence, Export-Import Bank, and Department Finance Corporation.
Meanwhile, the research and development partnership with Rice University will focus on green hydrometallurgical extraction of antimony from mining feedstocks and the exploration of antimony based materials to be used in energy storage applications.
Locksley is also planning to list on the Frankfurt Stock Exchange to tap into the European investor market.
Write to Angela East at Mining.com.au
Images: Locksley Resources
