Lanthanein Resources Ltd (ASX:LNR, OTC:FRNRF) has set the drills turning at the Lady Grey Project, in the Mt Holland region of Western Australia’s Yilgarn, in pursuit of gold in a region known for its mineral endowment.
The drilling campaign will test a modelled conductor plate identified under Moving Loop Electromagnetic (MLEM) Survey Line #6.
Modelled conductor plate (in red) with drill hole traces (in blue) superimposed on Google Earth image and cross-section below.
RC and diamond drilling
This program's first phase involves three reverse circulation (RC) precollars drilled to depths of up to 150 metres, followed by diamond drilling that will extend to a maximum depth of 600 metres.
The conductor plate, some 200 metres below the surface, is beneath a gold geochemical anomaly and a regional structural zone deemed favourable for hosting gold mineralisation.
Lanthanein’s Lady Grey Project lies adjacent to the historical Bounty Gold Mine, which produced around 1.3 million ounces of gold and is on Covalent Lithium’s Mount Holland mine site.
The project’s proximity to this major historical gold production site is just one reason the company is confident of success.
Enhanced access
Drilling will take place from an existing access road that connects the old Lady Ada mine to the Marvel Loch Forrestania Road.
The drill targets were selected based on geophysical data and geochemical anomalies, including a 75 parts per billion (ppb) ultra-fine fraction (UFF) soil gold anomaly reported earlier this year.
Lanthanein is also advancing permitting for another conductor plate under MLEM Line #1, which coincides with a 256 ppb UFF soil anomaly.
“We are really very excited to finally get the drill bit spinning so we can test the modelled electromagnetic conductor plate under Line #6 which coincides with a 75ppb UFF soil gold anomaly,” technical director Brian Thomas said.
“We expect that the program of work (PoW) to enable drill testing of the EM conductor plate under Line #1 which coincides with the 256 ppb gold UFF soil anomaly will be granted shortly now we have lodged the flora and fauna survey report with DEMIRS and planning for the heritage survey by Ballardong Aboriginal Corporation and their heritage consultants is well advanced.”
Sale of Tolu shares
On the corporate front, Lanthanein completed the sale of its 3 million escrowed shares in Tolu Minerals Limited on November 15.
The shares, received as part of the consideration for the sale of the Tolukuma Exploration Licence (EL2531) in Papua New Guinea, fetched A$2.4 million, exceeding the initial valuation of A$2 million.