Lycaon Resources Ltd (ASX:LYN) Commences Maiden Drill Program
Drilling Initiated at Stansmore Project
Lycaon Resources Ltd (ASX: LYN) has commenced its maiden drilling program at the Stansmore niobium-rare earth elements (Nb-REE) and Iron Oxide Copper Gold (IOCG) target located in the West Arunta Project. The drilling is expected to take 5 to 8 days to complete, depending on ground conditions.
Funding Support and Geophysical Insights
The program is supported by a co-funding grant of up to $180,000 from the Western Australian Exploration Incentive Scheme. This funding will be directed towards the drilling costs associated with the high-priority Stansmore target, which is identified as a significant magnetic anomaly. Mr Thomas Langley, Technical Director, highlighted, “We are extremely pleased to commence drilling at our West Arunta project targeting a major discovery at the Stansmore magnetic target.”
Exploration Potential
Geophysical modelling has outlined the Stansmore anomaly as a prominent pipelike body approximately 500 metres in diameter, extending at depth, similar to significant discoveries in the region like the Havieron gold-copper deposit. Lycaon aims to replicate the success of nearby operations with high strike rates in drilling regionally significant anomalies.
Anticipated Results
Sample analysis will occur in Perth, with results expected back within 15 to 25 days post-receipt at the laboratory. Mr Langley stated, “I look forward to updating the market on drilling results in the coming weeks.”
This significant initiative underlines Lycaon Resources’ commitment to exploring the underdeveloped and promising West Arunta region. The Stansmore Project spans 173 square kilometres and is strategically located near recent major findings in the area.
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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