Lanthanein Resources (ASX:LNR) Begins Gold Drilling Campaign at Lady Grey

2 min read | November 19, 2024 11:10 AM AEDT | By Team Kalkine Media

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Lanthanein Resources (ASX:LNR) Begins Gold Drilling Campaign at Lady Grey — Image source: shutterstock

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Highlights

Lanthanein Resources commences gold drilling at Lady Grey targeting promising anomalies.

Initial drilling includes reverse circulation and diamond methods to assess gold mineralisation.

The site is near the historic Bounty Gold Mine, with strong geophysical and geochemical indicators.

Lanthanein Resources (ASX:LNR) has launched a new gold drilling campaign at its Lady Grey project, focusing on exploring promising gold mineralisation indicators. The exploration program targets a conductor plate identified through a Moving Loop Electromagnetic (MLEM) survey on Line 6.

The initial phase of drilling includes three reverse circulation (RC) precollars, each reaching depths of up to 150 metres. This is followed by diamond drilling, which will extend to approximately 600 metres. The conductor plate, situated 200 metres below the surface, lies under a gold geochemical anomaly and within a favourable structural zone for gold mineralisation.

Lady Grey’s strategic location near the historic Bounty Gold Mine, which produced approximately 1.3 million ounces of gold, adds to its potential. The project site is accessible via an existing road connecting the former Lady Ada mine to the Marvel Loch Forrestania Road, ensuring efficient logistics for ongoing exploration activities.

Geophysical and geochemical analysis played a critical role in identifying the current targets. One key indicator is a 75ppb ultra-fine fraction soil gold anomaly. The company is also advancing permitting for a second conductor plate, associated with a significant 256ppb gold anomaly, further expanding its exploration scope.

In addition to its exploration activities, Lanthanein Resources recently finalized the sale of its 3 million shares in Tolu Minerals Ltd (ASX:TOK). The transaction generated A$2.4 million, surpassing its original valuation of A$2 million, highlighting the company’s strategic financial management.

This exploration campaign marks a significant step for Lanthanein Resources as it seeks to unlock the mineral potential of the Lady Grey region. The combination of advanced geophysical surveys, historical gold production in the area, and precise drilling techniques provides a strong foundation for assessing gold mineralisation prospects.

The Lady Grey project underscores the company’s commitment to identifying and evaluating high-potential gold targets while maintaining efficient resource utilization and financial growth.

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