LYN secures land access in the West Arunta, near WA1 Resources
Our exploration Investment Lycaon Resources (ASX:LYN) has land access agreements for its projects in the West Arunta region, WA.
A land access agreement is important because it takes LYN one step closer to getting on the ground and drilling its project.
LYN’s ground sits next to $310M WA1 Resources and $136M Encounter Resources.
Ultimately, the target here is for LYN to make a discovery similar to that of WA1 Resources.
WA1 hit its discovery hole in October 2022 and in under 12 months has seen its share price re-rate by ~52x.
Pre-discovery WA1 Resources share price was ~13.5c per share, at its peak it hit ~$7.05 per share.
LYN’s drill targets in the region:
LYN now holds ~173km^2 of ground in the region and has ~six targets it could drill - the most advanced of which is the Stansmore prospect.
Next, LYN will do some geophysical work to help work out the best spots to drill.
What’s next for LYN?
🔄 Drilling at Bow River Nickel/Copper/cobalt/PGE project
LYN’s first drillhole hit ~13m of sulphides, its second hole is currently ongoing.
See our take on the sulphide hits here: LYN hits nickel copper sulphides - What’s next?
At Bow River we want to see LYN make a discovery that resembles Panoramic Resources’ Savannah North discovery.
Here is a quick side by side of the assay results that lead to that discovery and LYN’s drill program:
🔄 Permitting and approvals for rare earths/niobium project
LYN is now doing geophysical work to help rank the highest priority drill targets.
At the same time LYN still needs to settle the acquisition of its project which includes getting shareholder approvals for the deal.