Mineral explorer Lanthanein Resources has completed a heritage survey across the company’s Lyons rare earths project in WA’s Gascoyne region, ahead of a maiden drill program inspired by a successful discovery in the neighbourhood. The RC program is designed to target high-grade rock chips going as high as 8.01 per cent total rare earths oxides, collected from outcropping ironstones over a strike length of more than 2.5km.
Lanthanein believes its ground contains ironstones analogous to ASX-listed Hastings Technology Metals rare earths deposit in addition to ASX-listed Dreadnought Resources Yin discovery, both of which are neighbours.
As no impediments to the maiden drill program were found in the survey, site works will begin shortly for access and drill site preparations. A rig has already been secured with RC drilling expected to kick off in early September.
The heritage survey was completed safely and following no heritage issues being identified at the outcropping ironstones, site works are planned to commence shortly, with drilling anticipated to start in early September.
Additional permits have been lodged to allow for extended drilling at the project’s ironstones and carbonatite prospects.
Lyons forms part of Lanthanein’s broader Gascoyne rare earths project with the company’s Edmund project, 25km to the north-west.
In terms of its neighbours, the company’s projects straddle either side of the nearly half-a-billion-capped Hastings as it jockeys to develop its Yangibana project — touted as Australia’s next rare earths mine.
Hastings’ Yangibana resource of 27.42 million tonnes at 0.97 per cent total rare earth oxides and 0.33 per cent neodymium-praseodymium oxide.
The resource is controlled by a major structural feature that also transects both of Lanthanein’s projects with the continuous structure representing a very high priority target for Lanthanein.
In addition, Lyons is just 28km east of Dreadnought’s recent rare earths Yin discovery at its Mangaroon project and only 15km from Dreadnought’s fence line.
Sitting at $0.051 on Friday 22 July, the market caught wind of the Yin discovery on Monday 25 July and since then Dreadnought’s share price has been on a fierce climb upwards. Yesterday, Dreadnaught its 52-week high of $0.105 and today it closed at $0.094.
In terms of share price, Lanthanein is on quite the tear itself this month after coming out of its trading halt on 3 August and announcing it had raised $1.75 million to sink into its portfolio of rare earths projects.
The company also holds its other rare earths project, Murraydium, in South Australia.
After opening at $0.015 on the morning of 3 August, today Lanthanein touched its monthly high of $0.034 before closing at $0.034 — a more than modest 120 per cent increase for August.
With anticipation building for all things rare earths and the drill bit set to spin, it will be interesting to see if the lucrative nature of the neighbourhood creeps into Lanthanein ground.
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