Lycaon upgrades its Niobium-REE Targets

This morning, our exploration Investment Lycaon Resources (ASX:LYN) announced that it has re-processed magnetic data over the Stansmore Carbonatite Project in the West Arunta region.

We’re hoping that with drilling slated for next year, LYN makes a discovery in 2023.

LYN is going after a discovery from a large carbonatite structure (Stansmore) here which is prospective for Niobium-REE (rare earth element) mineralisation.

Encounter Resources announced two weeks ago a ~600m diameter gravity anomaly, which is similar to WA1 Resources’ whose grounds are prospective for IOCG style copper and carbonatite-hosted REE mineralisation.

WA1 Resources recently surged ~2,300% after making a niobium and rare earths discovery.

LYN’s re-processed geophysics also revealed a number of other targets which can be seen in the tenement adjacent to the one that hosts the large carbonatite structure:

For those unfamiliar with niobium, 90% of it is used in the steel industry as a micro alloy to improve the strength and durability of steel.

It also has a range of high-tech applications, most notably in magnetic resonance imaging (MRI) machines and particle accelerators.

What’s next for LYN?

A busy 2023, where the company is looking to drill test the Stansmore niobium-REE target but also have a go at its projects in the Kimberly region projects which includes the Gnewing Bore polymetallic project and the Bow River nickel copper PGE project.

While LYN’s focus is largely on the Stansmore project after WA1 Resource’s recent niobium discovery - we think the Kimberly projects could hold additional upside.