First phase drilling in South Australia XRF results

Our rare earths Investment Lanthanein Resources (ASX:LNR) today reported ‘encouraging’ XRF results from drilling at its Murraydium Rare Earths Project in South Australia.

The preliminary XRF results are from the first phase of LNR’s reconnaissance roadside aircore program where LNR was targeting a new ionic clay-hosted rare earths (REE) discovery.

XRF readings are just a guide, and should not be relied upon - assays are where we will know more.

This is a region that is highly prospective for ionic clay hosted rare earth deposits.

The project’s prospectivity was evidenced by nearby work by Australian Rare Earths (AR3), which outlined an extensive mineralised system at its Koppamurra Project. Here, shallow near surface exploration saw AR3 delineate a significant REE JORC resources of 101 Mt @ 818 ppm TREO.

Up next, we want to see the assays from LNR’s roadside drilling program confirm the presence of high-grade ionic clay hosted REE.

We didn’t set any precise expectations around this drilling program as this project wasn’t included in our LNR Investment Memo.

If LNR does make a material discovery here, it will come as a bonus upside to our Investment case.

What’s next for LNR?

The main potential catalyst that we are looking forward to for LNR is news around LNR’s near term drilling at its REE project in the Gascoyne region of WA.