LYN granted West Arunta ground near $336M WA1 Resources

Our exploration Investment Lycaon Resources (ASX:LYN) just got granted more ground in the West Arunta to the north of $336M WA1 Resources and $178M Encounter Resources.

LYN’s ground is prospective for niobium and rare earth mineralisation - the same mineralisation that makes up WA1 Resources project.

For context - WA1 Resources’ discovery back in October 2022 sent the company’s share price from ~13.5c per share to a high of ~$7.05 per share

Now WA1 Resources trades with a market cap of $336M.

We are Invested in LYN to see it drill its EM targets that are similar to the ones that lead to WA1 Resources’ discoveries.

LYN’s market cap is ~$10M and so the company has plenty of room to re-rate off the back of any positive drill results.

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.

What’s next for LYN?

🔄 Drilling at Bow River Nickel/Copper/cobalt/PGE project

LYN expects to be drilling at its Bow River nickel/copper project in mid/late August.

Ultimately, we want to see something that could ultimately resemble Panoramic Resources’ drill hits at its Savannah North discovery:

We have set up our expectations for the drill program as follows:

• Bull case = intercepts with nickel/copper grades >0.5%.
• Base case = Sulphides intercepted worthy of follow-up drilling.
• Bear case = No valuable metals are intersected

See our deep dive on the drill program here: LYN drill testing WA nickel-copper target next month

🔄 Permitting and approvals for rare earths/niobium project

LYN is currently running through the land access & permitting process for the ground.

After permitting is organised the company will start target generation work to work out the best spots to drill.

At the same time LYN still needs to settle the acquisition of its project which includes getting shareholder approvals for the deal.