LKY maps 4 levelled underground workings on US antimony project

Our US critical minerals Investment Locksley Resources (ASX: LKY), just completed LiDAR surveys at its Desert Antimony Mine Prospect (DAM).

LiDAR surveys are typically used by exploration companies to map both surface and subsurface features.

LKY ran the surveys primarily to map out the underground mining adits/shafts at its Desert Antimony Mine (DAM).

The Desert Antimony Mine was previously in production during WW1 and WW2 producing between 100 and 1000 tonnes of antimony (source), it was one of the highest grade known antimony occurrences in the US.

LKY’s DAM sits next door to $16BN MP Materials and is inside the broader project area that LKY just received a letter of interest for US$191M in funding from the US Export Import Bank. (Source)

Now, LKY can see the mine mapped in underground workings across 4 levels, over a strike length of ~130m.

(Source)

The survey also located three previously mined underground antimony veins…

Given the old timers were willing to build 4 levels of underground workings shows that there was a pretty substantial amount of work done on this project (for antimony) in the past.

(Source)

LKY will now use the survey results to plan its sampling program (which it expects to start this month). (source)

AND to plan its first round of drilling on the project.

What’s next for LKY?

Drilling (this quarter) 🔄

LKY expects drilling to start this quarter, with first results expected before the end of this year. (Source)

LKY has received approval for its expanded Plan of Operations (“POO”) to be approved (which is LKY expanding the size of its currently permitted drill program).

With the rare earths drill program, LKY plans to test areas where a number of high grade rock chip samples were found, grading 1.20% to 6.87% TREO (rare earths).

With the antimony drill program, LKY plans to test for the extent of mineralisation near the historical antimony mine.

Here is where LKY’s initial drilling program is scheduled:

(Source)

Secure licence agreement with Rice University 🔄

Now that LKY has signed a partnership agreement with Rice University, the next stage will be to secure a larger licence deal over whatever technology is developed from the R&D agreement.

This will take some time to work out the IP sharing and mutual development of the technology.