Nice LNR. Pic: Mark Kolbe/Getty Images Sport
A rare earths explorer aiming to make a repeat of Hastings Technology Metals’ Yangibana discovery has recommenced its maiden drill program in WA’s Gascoyne rare earths district.
Lanthanein Resources (ASX:LNR) has restarted a maiden RC programme with a specialised track mounted drill rig to follow up what the company says are exceptional high-grade rare earth element results from rock chips at outcropping ironstones at its Lyons Prospect.
Those ironstones at the Lyons 11, 12, 13 and 27 prospects bear strong similarities to Hastings’ Yangibana, as well as Dreadnought Resources’ Yin and Sabre discoveries, just 2.5km and 32km away from Lyons respectively.
In the second phase of the program the rig will drill at the Lyons 12 and 13 prospects, with LNR continuing to be encouraged by successes its neighbour Dreadnought has had at Sabre.
It highlights the significant rare earths potential of the ironstones in the Gifford Creek Ferrocarbonatite Complex, where LNR has focused its exploration efforts.
The potential of the Gascoyne region as a future hub of the rare earths mining and processing industry, an essential sector for decarbonisation and the energy transition, has been recognised in recent times.
That has come about with a surge in modern exploration in the district, the success of Dreadnought’s Yin and Sabre discoveries, a major investment from Andrew Forrest’s Wyloo Metals in LNR’s neighbour Hastings and strong early signs from Lanthanein’s exploration campaigns at Lyons.
Formerly known as Frontier Resources, Lanthanein is up 95% year to date at 3.9c a share, having risen to 6c in September.
Veteran ex-geo and stockbroker Guy Le Page has touted LNR’s Lyons and Edmund tenement as better than your average nearology play, with peak rock chip grades of up to 8.01% total rare earths oxides and outcropping ironstones over a more than 2.5km long strike length.
Once held by Hastings and explored for base metals in the 1970s before rare earths were popular exploration targets, LNR technical director Brian Thomas told Stockhead this month the aim was to repeat the success of its neighbours on the Gifford Creek Complex.
“Our goal is to have some pretty good results in the next few weeks, we are just hoping now that when we put the drill rig through these ironstones that we come up with the same sort of numbers that Hastings have done with their resource and what Dreadnought have done with their exploration success,” he said.
Once results are available, LNR expects to update the market on progress with the drilling campaign, where 13 out of 30 planned holes have already been completed for 1068m of core at the Lyons 11 prospect.
This article was developed in collaboration with Lanthanein 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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