Lanthanein Resources Completes Electromagnetic Survey at Lady Grey Project
LANTHANEIN RESOURCES LTD (LNR) Share Update September 2024 Monday 23rd
Lanthanein Resources Completes MLEM Survey at Lady Grey Project
Lanthanein Resources Limited (ASX: LNR) has announced the completion of six Moving Loop Electromagnetic (MLEM) survey lines over gold, copper, and nickel geochemical targets at their Lady Grey Project in Western Australia's Yilgarn Province.
Instant Summary:
- Completion of six MLEM survey lines over priority targets.
- Identification of EM conductor model plates coinciding with geochemical anomalies.
- Historic Bounty Gold Mine located adjacent to Lady Grey project.
- Progress in Programmes of Work (PoW) application for drilling.
Survey Completion and Findings
Lanthanein Resources Limited has successfully completed six MLEM survey lines targeting gold, copper, and nickel geochemical anomalies at the Lady Grey Project. The surveys have identified several EM conductor model plates that coincide with significant geochemical anomalies observed in previous soil and downhole assays.
According to the company's geophysical consultants, the identified EM conductor plates represent potential sources of the observed anomalies, providing promising targets for further exploration and drilling.
Geological Context and Historical Significance
The Lady Grey Project is located near the historic Bounty Gold Mine, which produced approximately 1.3 million ounces of gold. This proximity adds to the project's potential, as the region is known for its significant gold production.
The survey lines targeted a 2 km long surface gold geochemical anomaly, coinciding with a regional structural flexure zone favorable for hosting gold deposits. This area also coincides with the Godzilla geochemical lithium anomaly, enhancing the project's multi-mineral potential.
Next Steps and Drilling Plans
Lanthanein Resources is progressing with the Programmes of Work (PoW) application for drilling on the identified targets. A Spring Flora and Fauna Survey has been completed, which is a crucial step in obtaining the necessary approvals for drilling.
The company plans to conduct initial drill testing of the high-priority gold target zones, particularly those associated with the EM conductor plates identified in the survey. These targets are considered high priority due to their geological setting and the presence of significant geochemical anomalies.
Technical Details of the Survey
The MLEM survey was conducted using a Slingram configuration, with transmitter loops ranging from 100 x 100 meters to 200 x 200 meters. The survey lines were oriented to maximize EM coupling with potential conductor sources, despite challenging access conditions.
The identified EM conductor plates are located close to ultramafic units and surface geochemical anomalies, indicating potential mineralization zones. These plates will be the focus of the upcoming drilling program.
The completion of the MLEM survey and the identification of promising targets is a positive development for Lanthanein Resources. This progress could enhance investor confidence and potentially lead to an increase in the company's stock price as the drilling program advances.
Investor Reaction:
Analysts are likely to view this development favorably, given the historical significance of the region and the promising survey results. The identification of high-priority targets could attract further investor interest and support the company's exploration efforts.
Conclusion:
Investors should keep an eye on the progress of the drilling program at the Lady Grey Project. The successful identification of high-priority targets and the subsequent drilling results could significantly impact the company's valuation and future prospects.