LKY to start drilling on US critical minerals project soon.

Our Investment Locksley Resources (ASX: LKY) now expects to be drilling its US critical minerals soon.

LKY’s first round of holes will be drilling the rare earth targets which sit inside $16BN MP Materials ground.

MP are the USA’s only vertically integrated rare earth producer and were the recipients of Department of War funding where it’s building a “10X advanced magnet production facility”.

LKY has already managed to source a drill rig that was operating nearby prior, so will be able to mobilise straight to site once ground preparation works are complete.

Here is a quick summary of what’s going on right now across LKY’s blocks:

(Source)

LKY confirmed today that drilling operations have commenced at the El Campo Rare Earth Elements (REE) Prospect, this includes the ground works to set up where drilling is planned.

There is a 5 hole drill diamond drill program which will be testing high grade REE targets, with prior surface sampling showing up to 12.1% Total Rare Earth Oxides (TREO).

(Source)

LKY has also updated a drilling application on adjacent land holding targeting antimony, which has seen much surface activity recently, from sampling and the recently released LiDAR results.

The recent LiDAR program at DAM mapped the surface and also the underground workings, with LKY believing there are 3 zones of mineralisation it will be able to easily access.

(Source)

Here is a look at the LiDAR results, which mapped mine underground workings across 4 levels, over a strike length of ~130m.

(Source)

So we are looking forward to the drill rig making its way over to test this also early next year, where a 16 hole program for ~2,300m is planned from the “Plan of Operations”.

The drill rig is planned to move directly here following the current REE drill program.

What’s next for LKY?

Drilling (this quarter) 🔄

LKY has begun drilling ground prep works so will be able to drill very soon. (Source)

With the antimony drill program, LKY plans to test for the extent of mineralisation near and extending out from the historical antimony mine, testing along the recently seen antimony workings from the LiDAR program results showing the existing adits.

(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).

Here is where LKY’s initial drilling program is scheduled from a broader view released earlier in the year (antimony in top section, rare earths in the lower):

(Source)

We are especially looking forward to seeing if LKY can prove whether or not its Desert Antimony Mine extends over the entire 1.2km of strike mapped earlier in the year…

(Source)

Updates on LKY’s processing tech partnerships 🔄

Now LKY has signed partnership agreements with Rice University, Columbia University and Hazen Research.

With Rice the next stage for this partnership 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

LKY also recently signed a MOU to develop for processing of its antimony ore with Hazen research.

Hazen Research is a Colorado based R&D firm with 55+ years’ experience. They can provide global laboratory, pilot plant, and analytical services, specialising in developing processing and refining solutions for base and critical minerals.

LKY has now also signed an agreement with Columbia University.

This agreement is focused on the REE processing side.

Between the three 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