Lanthanein Resources Commences Diamond Drilling at Lady Grey Project
LNR (LNR) Share Update December 2024 Thursday 12th
Lanthanein Resources Initiates Diamond Drilling at Lady Grey Project
Lanthanein Resources Limited (ASX: LNR) has announced the commencement of diamond drilling at its Lady Grey Project, located in the Yilgarn region of Western Australia. This marks a significant step in their exploration efforts, targeting a promising conductor plate associated with gold anomalies.
Instant Summary:
- Diamond drilling initiated at Lady Grey Project, Mt Holland.
- Targeting conductor plate under MLEM Line #6 with gold anomaly.
- Heritage survey completed by Ballardong Aboriginal Corporation.
- Historic Bounty Gold Mine nearby, known for significant gold production.
Project Overview
Lanthanein Resources Limited has embarked on a new phase of exploration at its Lady Grey Project, situated in the mineral-rich Yilgarn region of Western Australia. The company has commenced diamond drilling to test a modelled conductor plate identified under Moving Loop Electromagnetic (MLEM) Survey Line #6. This conductor plate aligns with a surface gold geochemical anomaly, suggesting the potential for significant gold deposits.
Previously, the company completed three reverse circulation (RC) precollars to a depth of 150 meters. The current diamond drilling phase aims to explore further beneath these precollars, targeting depths where the conductor plate is believed to exist. The drilling is being conducted from an existing historical access road, facilitating easier access to the site.
Geological Context
The Lady Grey Project is strategically located adjacent to the historic Bounty Gold Mine, which has produced approximately 1.3 million ounces of gold. This proximity enhances the project's potential, as the region is known for its rich mineral deposits. The conductor plate being targeted is situated 200 meters below the surface and dips eastward, making it a challenging yet promising target for exploration.
Heritage and Environmental Considerations
In preparation for the drilling, Lanthanein Resources has completed an on-ground heritage survey along MLEM Line #1. This survey was conducted in collaboration with the Ballardong Aboriginal Corporation and their heritage consultants, ensuring that cultural and environmental considerations are respected and adhered to. The company continues to work closely with the Department of Mines, Industry Regulation and Safety (DEMIRS) to secure necessary permissions and ensure compliance with all regulatory requirements.
The commencement of diamond drilling at the Lady Grey Project is a positive development for Lanthanein Resources. The exploration of the conductor plate, which is associated with a gold anomaly, could lead to significant discoveries, potentially boosting the company's stock value. However, the inherent risks and uncertainties of exploration mean that the actual outcomes remain speculative at this stage.
Investor Reaction:
Analysts are likely to view this development as a positive step in Lanthanein's exploration strategy. The project's proximity to a historically productive gold mine adds to its potential appeal. However, investors will be cautious, awaiting tangible results from the drilling to make informed decisions.
Conclusion:
Investors should keep a close eye on updates from Lanthanein Resources as the diamond drilling progresses. The results from this phase of exploration will be crucial in determining the project's viability and potential impact on the company's future prospects.