LKY moves closer to US antimony production with MOU

Our US critical minerals Investment Locksley Resources (ASX: LKY) just signed a Memorandum of Understanding (MOU) for processing of its antimony ore…

LKY’s deal is with leading US metallurgical firm Hazen Research Inc.

Hazen Research Inc is a Colorado-based R&D firm with over 55 years of experience in mineral processing and refining, providing laboratory, pilot plant, and analytical services globally and specialises in developing processes for both base and critical minerals.

Hazen were actually the group that LKY used to produce its first antimony ingot a few weeks back:

(Source)

(The antimony ingot that probably played a role in LKY getting a US$191M letter of intent from the US Export Import Bank)

See our deep dive note on that news here: US $191M funding from US Export Import Bank: LKY receives “Letter of Interest”.

We also note, LKY is working on processing tech with Rice University too.

Between the two partners, LKY is working on:

• Pilot plant design and metallurgical test work
• Production of representative samples for US industrial and defence qualification
• Commercial analysis and process optimisation

Here is a picture of the LKY team with Hazen research in Colorado:

(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).

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.