Lanthanein Resources Initiates Drilling at Promising Lady Grey Gold Prospect
LNR (LNR) Share Update November 2024 Sunday 17th
Lanthanein Resources Commences Drilling at Lady Grey Project
Lanthanein Resources Limited (ASX: LNR) has announced the start of a significant drilling campaign at its Lady Grey Project in Western Australia's Yilgarn region.
Instant Summary:
- Drilling of RC pre-collars followed by diamond drilling at Lady Grey.
- Targeting a modelled conductor plate under MLEM Survey Line #6.
- Coincides with a surface gold geochemical anomaly.
- Historic Bounty Gold Mine nearby produced ~1.3 Moz Au.
- Sale of 3 million Tolu Mineral Ltd shares for A$2.4 million.
Drilling Campaign Details
Lanthanein Resources has commenced a drilling program at the Lady Grey Project, located at Mt Holland in the Yilgarn region of Western Australia. The project aims to test a modelled conductor plate identified under Moving Loop EM (MLEM) Survey Line #6.
This phase involves drilling three RC precollars to a depth of up to 150 meters, followed by diamond drilling to a maximum depth of 600 meters. The target is aligned with a surface gold geochemical anomaly, suggesting a promising potential for gold deposits.
Geological Context
The Lady Grey Project is situated near the historic Bounty Gold Mine, which has a notable production history of approximately 1.3 million ounces of gold. This proximity adds to the project's potential, given the favorable geological conditions for gold mineralization.
Financial Developments
Lanthanein Resources has also completed the sale of 3 million shares in Tolu Minerals Ltd, a transaction resulting from the sale of its former subsidiary, Frontier Copper PNG Ltd. The sale brought in A$2.4 million, bolstering the company's financial position as it embarks on this new exploration phase.
The commencement of drilling at the Lady Grey Project is a positive development for Lanthanein Resources, potentially leading to significant gold discoveries. The proximity to the historic Bounty Gold Mine enhances the project's attractiveness. Additionally, the successful sale of Tolu Minerals shares strengthens the company's financial resources, supporting further exploration activities.
Investor Reaction:
Analysts are likely to view the start of drilling as a positive step, given the project's promising geological setting. The financial boost from the share sale may also be seen favorably, providing the company with additional capital for exploration.
Conclusion:
Investors should keep a close eye on the results of the drilling campaign at Lady Grey, as successful outcomes could significantly enhance Lanthanein Resources' valuation. The company's strategic moves, including the share sale, position it well for future growth.