Lycaon Resources (ASX:LYN) geophysical modelling announcement

Lycaon Resources Ltd (ASX:LYN) has announced the results of geophysical modelling over the high priority Stansmore Project in the West Arunta region of Western Australia. The geophysical modelling encompassed the 3 high priority drill targets of Stansmore, Volt, and lons to assist drill targeting. The Company aims to commence drilling in Q4 2024 pending the receipt of the final heritage report which is anticipated to be received in early September 2024.

Executive Commentary on Geophysical Modelling Results

Mr Thomas Langley, Technical Director, expressed, 'We are extremely encouraged by the further geophysical modelling completed by industry expert Terry Hoschke. The Stansmore magnetic anomaly has been modelled as a pipelike body 500m in diameter, not dissimilar to the other niobium discoveries in the region made by WA1 and Encounter, and other significant discoveries such as the 8Moz Havieron gold-copper deposit and Australia's major Ernst Henry copper gold mine. As we have seen with WA1's and Encounter's recent drill results in the region, this area has proven to have a very good strike rate of success in drilling regionally significant geophysical anomalies like our Stansmore target. We look forward to receiving the heritage report imminently, with the aim to drill these exceptional targets as soon as possible.'

Summary of Geophysical Modelling Results and Outlook

Lycaon Resources Ltd (ASX:LYN) has revealed the geophysical modelling results for the Stansmore Project, indicating the presence of high priority drill targets in the West Arunta region. The Company plans to commence drilling in Q4 2024 pending the receipt of the final heritage report. The geophysical modelling, completed by renowned geophysical expert Terry Hoschke, defined the Stansmore magnetic anomaly as a pipelike body of approximately 500m diameter, starting from ~120m depth, and dipping to the south. The drilling program is designed to test the centre peak of the different magnetic anomalies being the Stansmore, Volt, and lon prospects. The Company has funding support for drilling, due to being a successful applicant under Round 29 of the Western Australian Exploration Incentive Scheme (EIS) to receive a co-funding grant of up to a maximum of $180,000 for drilling at Stansmore. The Stansmore Project has had limited historic work completed within the project area with the broader area having limited exploration focused on gold, copper, and diamonds. Recent discoveries by WA1 Resources and Encounter Resources have demonstrated the potential for the West Arunta region to host significant Nb-REE mineral systems. Understanding of the structural setting and its intersection with any structural corridors such as the Balgo Fault will be essential to understanding the orientation and geometry of a potential large mineral system as part of a broader magnetic intrusive complex demonstrated in 3D modelled magnetics.