LKY Moves Ahead on Multiple Exploration Fronts

Our Investment Locksley Resources (ASX: LKY) just received approvals for an upsized drilling program on its US antimony/rare earths projects, next door to $19BN MP Materials in the US.

LKY also locked in a drilling contractor for its rare earth blocks - drilling on those targets is due to start in Q4 (which is this quarter).

LKY also put out a broader exploration update where:

1. A lidar survey was completed - the survey mapped all of the underground adits and stopes on parts of LKY’s ground. LKY will now have detailed 3D mapping on its project to “guide drill targeting and mine design”.
2. Underground sampling to start soon - Systematic sampling of underground workings across LKY’s antimony prospects will start in the near term.
3. Geochem and geophysics are also in the works - LKY is also planning some more field sampling work (rock chip/soil sampling) on parts of its project that were picked up recently. (See our note on the newly acquired ground here)

So there is a quite bit going on - we are looking forward to that first drill program:

(Source)

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).

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

(Source)

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.

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.

Updates on potential funding opportunities🔄

With LKY’s appointment of GreenMet we would like to see progress on US funding pathways.

Identify rare earth targets on the northern blocks 🔄

LKY is now trying to work up some rare earth targets on the much larger blocks to the north, two of them as close as possible to MP Materials’ mine.

(Source)