Lycaon Resources’ wholly owned subsidiary, West Arunta Resources (WA1), has entered into a conditional binding Heads of Agreement to acquire the Stansmore rare earths carbonatite project in the West Arunta region of Western Australia.
Recent discoveries by WA1 Resources and Encounter Resources have demonstrated the potential for the West Arunta region to host significant rare earth elements and IOCG (iron oxide-copper-gold) type mineralisation systems.
Technical director Thomas Langley said the identification of a mineralised carbonatite intrusion by WA1 was a significant development for the West Arunta region, and given the Stansmore prospect shares many similarities to WA1 and Encounter’s findings, this was an exciting opportunity for Lycaon to explore a similar setting for rare earth carbonatites and IOCG type deposits.
Carbonatites are important sources of niobium and REEs and host all three of the world’s operating niobium mines and Lynas Rare Earths’ Mt Weld deposit.
“I look forward to being part of the exciting developments in the West Arunta region exploring for critical minerals niobium and REEs,” Langley said.