Lycaon Resources (ASX:LYN) Heritage Clearance Received

Lycaon Resources Ltd (ASX:LYN) has received heritage clearance to commence drilling at the high priority Stansmore Project in the West Arunta region of Western Australia. The heritage clearance survey encompassed three high priority drill targets of Stansmore, Volt, and Ions, following the Company's success 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.

Executive Commentary on Stansmore Project

We are extremely eager for the upcoming maiden drill program as we become the first ever explorer to drill the Stansmore magnetic anomaly below the thin cover of sand. We aim to emulate the success of WAI in making a major discovery in the West Arunta region, and are highly encouraged by the recent further geophysical modelling completed by industry expert Terry Hoschke. The geophysical modelling shows the Stansmore magnetic anomaly as a pipelike body 500m in diameter. This is not dissimilar to the other niobium discoveries in the region made by WAI 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 WAI'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 would like to thank Central Desert Native Title Services and the Parna Ngururrpa traditional owners for their efforts and cooperation in completing the recent heritage survey, and we look forward to working with them as we carry out our future exploration work programs.

Summary of Stansmore Project and Outlook

Lycaon Resources Ltd (ASX:LYN) has received heritage clearance to commence drilling at the high priority Stansmore Project in the West Arunta region of Western Australia. The heritage clearance survey encompassed three high priority drill targets of Stansmore, Volt, and Ions, following the Company's success 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 upcoming maiden drill program aims to emulate the success of previous major discoveries in the region and is highly encouraged by recent geophysical modelling. The Stansmore magnetic anomaly, a pipelike body 500m in diameter, presents an opportunity for significant discoveries. The company expresses gratitude to the involved parties and looks forward to future exploration work programs.