Lycaon Resources (ASX:LYN) has completed its first drilling program at the Stansmore Nb-REE/IOCG target within the West Arunta Project. The drilling focused on a magnetic anomaly suspected to be linked to a magnetic mafic lithology. Samples have been sent for analysis, with results anticipated by January 2025.
Lycaon Resources has completed its initial drilling at the Stansmore target in the West Arunta Project, supported by a $180,000 grant from the EIS. The project, covering 173 km², aims to identify niobium and rare earth element deposits. With samples sent for analysis, results are expected in early 2025. The company is focused on evaluating the potential for significant mineral systems, guided by geophysical data and historical exploration insights. Lycaon Resources plans to update stakeholders on assay results in Q1 2025, as they continue to explore high-priority and secondary targets within the region.
The completion of our maiden drilling program at the Stansmore target marks an important milestone for Lycaon Resources. We are excited to see what the analysis results will reveal about the potential mineralization within this promising region. The funding support from the EIS has been invaluable in advancing our exploration efforts.