LNR's Lady Grey: Countdown to Drilling Begins with EM Survey Set to Launch
Lanthanein Resources is entering a critical phase as its Lady Grey Project moves from promising prospect to drilling reality, with gold and copper also in its sights
Lanthanein Resources, our first-ever investment pick, is stirring to life. An announcement today confirms they're charging full speed ahead towards their maiden drilling campaign at Lady Grey.
Since our initial pick back in May, we've been eagerly watching as the team has been quietly but diligently making progress.
It's now clear they're on the fast track to drilling.
Equities Club Take:
LNR's strategic approach to target identification and recent progress have us feeling even more confident in our initial investment thesis.
The Equities Club team believes that a successful drilling campaign could be a game-changer for LNR, potentially catapulting the share price to multiples of its current level.
Let's unpack the details of today's announcement and discuss the implications for LNR's future.
Five key takeaways from today's announcement:
Drilling targeted for this quarter (Q3, 2024)
Copper and Gold targets highlighted in newly processed data
EM survey to define targets to begin imminently
Programme of Works and Heritage approvals progressing
Share price at 0.4c, market cap only $10 million
Data processed, target identification underway
LNR has completed a thorough review of all available data, uncovering promising geophysical targets for gold and copper. They're wasting no time and are moving straight into magnetic surveys to pinpoint the best spots for the drilling campaign at Lady Grey.
The prime target is a massive gold anomaly over 2km long, aligned with structural flexure (a geological formation known to concentrate minerals) as well as copper targets. With both gold and copper prices hitting all-time highs recently, LNR is in a great position to capitalise on any drilling success.
Coupled with the previously announced Godzilla lithium target and a bouncing lithium price, LNR is in an envious position compared to the vast majority of juniors on the ASX.
As we've said before, we love companies that get things done. LNR's quick turnaround from data analysis to a planned drilling campaign this quarter is impressive.
We continue to press ahead with the approvals processes of PoWs and Heritage for drilling these targets in Q3, 2024."
- Brian Thomas, Technical Director of Lanthanein Resources
PoW and Heritage Approvals: The Final Hurdle
LNR continues to progress with the all-important Programme of Works and Heritage approvals. Once cleared, these will represent the final major milestone allowing LNR to begin drilling.
Not only will LNR be able to begin drilling, but it also demonstrates LNR's commitment to responsible exploration and positive community relations.
Think of the PoW and Heritage approval as the final stamp of approval before the real excitement begins.
Next Steps: Zeroing In on Drilling Targets
Even as they await final approvals, LNR is still going strong. They're already zeroing in on the most promising drilling targets with a Moving Loop Electromagnetic (MLEM) survey currently underway.
This proactive approach is designed to maximise the chances of success when the drill rig starts turning. Here's what's next on the agenda:
Complete the MLEM Survey: This survey will identify multiple assets for LNR to consider
Identify the most promising drilling targets: LNR will use the MLEM survey data to narrow down the drilling locations with the highest potential for success.
Finalise drilling plans and contractor selection: With targets identified, LNR will finalise the drilling plan and select a contractor.
Begin drilling: Once all approvals are in place, drilling will begin.
Share Price and Potential
Currently trading at just $0.04 per share, LNR's market cap is a modest $10 million. What makes this even more intriguing is that LNR's tenement borders not one but two significant mines:
Earl Grey: A producing lithium mine (part of the Mt Holland Lithium Project) that was acquired for just under $1 billion in 2019.
Bounty Gold Mine: A historic gold mine that produced roughly 1.3 million ounces of gold.
While it's too early for a direct comparison, this proximity to proven resources illustrates the fertility of this largely unexplored region. After all, no one has ever drilled LNR's specific ground before.
Just remember, this is early-stage exploration. The potential rewards are massive, but so are the risks. It's a calculated gamble, with the allure of a major discovery balanced against the uncertainty of exploration. We encourage all investors to do their own research and carefully consider their risk tolerance.
