Neighbour Dreadnought confirms significant discovery
Today, LNR’s Gascoyne neighbour Dreadnought Resources (capped at $430M) announced some of its best drilling results to date, extending its “Yin” rare earths discovery with high grade rare earths assays.
Dreadnought’s results continue to demonstrate a very good thickness and grade of intercept along what is now ~3kms of strike at Yin.
At the same time Dreadnought also announced that it may have made an entirely new discovery at one of its other drilling targets with hand held XRF analysis confirming the presence of rare earths mineralisation.
Dreadnought’s discoveries sit roughly 30km away from LNR’s ground, which also shares similar geological characteristics to both Dreadnought and Hastings - more on this below.
All of this bodes well for LNR which is set to commence its own drilling program in the region any day now.
Dreadnought has been on a tear up the charts in the last month, with its share price moving up more than 300% since mid-June from low to high.
Dreadnought is chasing another Gascoyne rare earths company Hastings Technology Metals (capped at ~$550M) - which Twiggy Forest’s Wyloo Metals recently backed with $150M, and has just entered a trading halt ahead of a capital raise this morning.
As we mentioned above, LNR’s project sits on similar geology to both Hastings’ discovery and the recent discoveries made by Dreadnought, in particular:
- Outcropping ironstones confirmed to host rare earths (through rock chip sampling) - LNR has returned rock chips grading as high as 8.01% total rare earths oxide (TREO).
- Geophysical anomalies used to rank the highest priority drill targets - LNR has 12 high priority geophysical anomalies over its project area.
The only difference between LNR and its neighbours is that LNR is yet to drill and make a rare earths discovery.
We are hoping LNR can emulate the success of its neighbours and close in on the market caps of its neighbours with a successful drilling program set to run over the coming weeks and months.
What’s next for LNR? The commencement of drilling. This should be imminent as the company flagged “early September” for the start of drilling.
