10,000m+ rare earths drilling program to start in April.
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Our rare earths Investment Lanthanein Resources (ASX: LNR) has just discovered more ironstone outcrop leading up to its >10,000m drill program expected to start in April.
Ironstones are the same type of rocks that host $330M Hastings Technology Metals & $267M Dreadnought Resources rare earths projects.
LNR raised a total of $2.52M at 1.8c per share and plans to fund its upcoming >10,000m of drilling, which it expects to start next month.
LNR should now have ~$6.2M in cash on hand, and its upcoming drill program will focus on the following:
LNR will be conducting 10,000m of drilling, focusing on two sets of targets:
1) Shallow Ironstone targets - following up on last year's program.
LNR will be doing step-out and infill drilling that follows up on last year's drill program.
Here LNR has already identified over 1km strike of rare earths mineralisation less than 5km from Hasting's deposit.
Ultimately LNR is chasing rare earths mineralisation here that mirrors Hasting's projects next door and eventually the definition of a maiden resource estimate.
2) Deeper carbonatite targets that have never been drilled.
LNR's carbonatite targets are giant geological structures, similar to $7BN capped Lynas Rare Earths Mount Weld producing mine.
Mount Weld is a giant carbonatite-hosted rare earths resource in WA, and it's one of the highest-grade rare earth deposits in the world.
LNR's carbonatite targets are a little more blue sky as they have never been drilled, however, given the scale of carbonatite-hosted rare earth resources, any sniff of a discovery would be fairly compelling here.
The WA government is also interested in seeing LNR's deeper carbonatite targets drilled - awarding LNR a $200k government grant to fund parts of the drill program.
To see our detailed note on LNR's upcoming drill program, check out the following: LNR is targeting a new rare earths discovery.