Lycaon Resources Quarterly Activities Report - June 2024
LYCAON RESOURCES LTD (LYN) Share Update July 2024 Tuesday 9th
Lycaon Resources Announces Significant Developments in Exploration Projects
Lycaon Resources Limited (ASX: LYN) has released its quarterly activities report for June 2024, highlighting significant advancements in its exploration projects and funding achievements.
Instant Summary:
- Recipient of $180,000 Government Co-Funded Exploration Drilling for the West Arunta Stansmore Niobium-REE Project.
- Approval received for an entry permit to carry out exploration work at the West Arunta Stansmore Project.
- Heritage survey at the West Arunta Stansmore Project scheduled to commence in July 2024.
- Ground gravity surveys and drilling targeted to commence during Q3 2024, subject to approvals.
- Lycaon raised $2.5 million through a placement with strong demand from investors.
- Lycaon wins ballot for tenement adjacent to Marble Bar and DOM’s Hill projects.
Stansmore – West Arunta Project (Nb/REE±PGE)
The Company has scheduled a heritage survey to commence in July 2024 and is currently working through the approvals processes required to enable drilling to be undertaken as soon as possible. During September 2023, the Company executed the land access agreement with the Parna Ngururrpa traditional owners at our West Arunta Stansmore Niobium-REE Project at an on-country meeting held in Balgo, Western Australia. The Company is scheduled to complete heritage surveys in July 2024 and expects to commence a drilling program as soon as practical in Q3 2024, subject to the approvals processes being finalized.
During the quarter, the Company was a successful recipient of the government co-funded drilling program of the maximum of $180,000 to drill the Stansmore Project. Additionally, the Company received a mining entry permit granted by the Minister for Aboriginal Affairs over portions of the Ngaanyatjarra Central Australia Reserve in relation to E80/5723, E80/5867, and E80/5868 at the Stansmore Project, permitting access to the Reserve for the purpose of carrying out exploration activities in accordance with the terms and conditions of the tenements.
Myrnas Hill (Cu/Au/Lithium)
During the quarter, the Company was successful in a ballot for exploration licence application E45/6809 (Myrnas Hill) in the Pilbara region of Western Australia. The tenement covers the historic copper-gold prospect, Myrnas Hill, which has returned up to 42.8% Cu, 7.05% Cu, and 6.49g/t Au in rock chip samples. The prospectivity for lithium mineralisation will be a priority of exploration work programs, anticipated to commence later in the year following tenement grant. A detailed geological review will be undertaken to evaluate exploration work programs to be scheduled upon tenement grant.
Bow River Prospect (Ni/Cu/Co±PGE)
During the quarter, the Company reviewed the next phase of exploration work programs to be completed. A diamond drilling program was completed at the Bow River Project in the East Kimberley region of Western Australia during Q3 of 2023. The drill program consisted of two diamond drillholes to a depth of 800m and 786m each, with both drillholes intersecting visual Ni-Cu sulphides. Sulphide mineralisation intersected in both drillholes shows a strong correlation to the upper limit of the modelled gravity anomaly between approximately 330-360m depth, with the remainder of the gravity anomaly untested over the >1km strike extent.
The announcement of significant funding and project advancements is likely to positively impact Lycaon Resources' stock. The government co-funding and successful ballot for the Myrnas Hill tenement demonstrate strong support and potential for future growth. Investors may view these developments as a sign of the company’s robust strategic planning and execution capabilities.
Investor Reaction:
Analysts have noted the positive implications of the government co-funding and the strategic acquisition of the Myrnas Hill tenement. Investor sentiment has been optimistic, with many expressing confidence in the company's future exploration success.
Conclusion:
Investors should keep an eye on the upcoming drilling results and further developments in the West Arunta and Myrnas Hill projects. Lycaon Resources' strategic advancements and strong financial backing position the company well for future growth. Stay informed and consider the potential long-term benefits of these projects in your investment decisions.