Lycaon Resources Ltd (ASX: LYN) has advised it 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, which encompassed three high priority drill targets of Stansmore, Volt and Ions, follows 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 A$180,000 for drilling at Stansmore.
Further geophysical modelling was recently completed to assist drill targeting, with the aim to commence drilling in late October 2024 and to take 2-4 weeks to complete.
Mr Thomas Langley, technical director, commented, “We are extremely eager for the upcoming maiden drill programme 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 WA1 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 Stansmore Project drilling will target a regionally prominent 500m diameter magnetic feature (Stansmore) and a larger ~3km wide magnetic anomaly (Volt and Ions). Recent discoveries by WA1 Resources and Encounter Resources have demonstrated the potential for the West Arunta region to host significant Nb-REE mineral systems.
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