Locksley Resources to expand antimony push at Mojave project, California
Drilling will test three NNE-SSW veins and one E-W structure within a broader target zone
Program approvals expected in September, with drilling to begin soon after
Special Report: Interpretations from structural mapping at the Desert Antimony prospect have been incorporated into an expanded drilling plan at Locksley Resources' Mojave antimony and rare earth project in California.
Locksley Resources (ASX:LKY/OTCQB: LKYRF) has submitted a new Plan of Operations to the US Bureau of Land Management, planning to test three north-northeast to south-southwest trending quartz-carbonate-stibnite vein positions and one east-west trending structure within a broader target zone.
Locksley technical director Julian Woodcock said the expanded submission was a major step forward in unlocking the critical minerals potential of the Mojave project.
'With the benefit of a strengthened balance sheet following our oversubscribed capital raise, we are accelerating exploration to test a larger mineralised footprint at the Desert Antimony prospect,' he said.
'This is in addition to the already approved drilling program at the El Campo rare earths prospect.
'With our claims located only 1.4km from MP Materials' Mountain Pass Mine, we are placed at the centre of the US drive to secure domestic supply chains for antimony and rare earths."
Earlier this year the US Department of Defense inked a 10-year deal with MP Materials to purchase rare earths at a US$110/kg price floor, around double the price of NdPr oxide in China.
That was followed by a US$500m deal between MP Materials and US tech giant Apple for the supply of magnet rare earths, clear evidence of the strategic importance of the minerals in the US.
Watch : Locksley's head of critical minerals goes over the US industry Working toward a JORC exploration target
Locksley expects to receive the necessary approvals for its expanded drilling program from the BLM sometime in September, with site preparation and drilling to follow quickly after.
In the meantime, LKY's structural mapping and enhanced 3D modelling of the project's geology have enlarged the footprint of mineralisation targets, offering data for the eventual definition of a JORC-compliant exploration target.
The company is well funded to pursue its exploration ambitions, with a recent oversubscribed capital raise lifting its cash position to more than $6.5m.
Locksley expects to release a steady flow of news over the next 4-5 months in the lead up to the drilling program, continuing through the release of any resulting assays.
This article was developed in collaboration with Locksley Resources, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions. Sponsored
Nova Minerals has released a conceptual processing flowsheet for its 1.24Moz RPM deposit in Alaska. Sponsored
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