LKY to drill US critical minerals in December

Our Investment Locksley Resources (ASX: LKY) now has a drill rig secured for its drill program planned for December.

It will be drilling its rare earth targets - next door to $19BN MP Materials.

LKY has managed to source a drill rig that was operating nearby so will be mobilised straight to site when ready.

(Source)

(Source)

Drilling is expected to take around 3 weeks once the rig has been mobilised to site, with LKY now commencing earthworks to set up the drilling pads ahead of its arrival.

Earlier in the week we did an article on the first antimony ingot produced in the US for quite a while: LKY: Delivers First domestic antimony production in USA in decades.

So LKY has quite a bit going on at the moment, including its partnership with Rice University that is developing a proprietary Deep Eutectic Solvent technology to extract and process antimony ore, we covered the recent update on that here.

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.

Updates on potential funding opportunities🔄

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