Progress Tracker
Lycaon Resources ��ASX: LYN
Disclaimer: We are NOT geologists - this document is used by our team to internally to try and track LYN’s progress with its drilling program, it should not be relied upon by anyone to make any decisions. This document will change over time as the project evolves. For all disclaimers and disclosures please visit our website.
Our Big Bet:
LYN’s share price re-rates by over 1,000% off the back of a new discovery and the definition of a deposit significant enough to move into development studies.
NOTE: our “Big Bet” is what we HOPE the ultimate success scenario looks like for this particular Investment over the long term (3+ years). There is a lot of work to be done, many risks involved - just some of which we list in our LYN Investment Memo. Success will require a significant amount of luck. There is no guarantee that our Big Bet will ever come true.
15 November 2022 - LYN acquires niobium/REE project.
Our key takeaways:
WA1 Resources discovery:
WA1 makes discovery after drilling into geophysics target.
WA1’s second discovery after drilling another geophysics target.
Re-rate by ~1,800%
Market cap of $114M.
What does LYN have?
Similar geophysics target
BHP historic drillhole confirming carbonates at only 6m depth
A market cap of only $18M.
21 November 2022 - We launch our Investment
Why we invested
What we want to see from LYN
21 November 2022 - We launch our Investment
Why we invested
What we want to see from LYN
06 February 2023 - LYN’s neighbour WA1 drill results
WA1 puts out more drill results:
LYN capped at just $12M and preparing to drill its EM target in 2023.
18 July 2023 - Heritage and Flora Surveys Completed, Drilling Imminent
Bow River nickel-copper project - aiming to make a Savannah North style discovery at depth.
Drilling slated for mid/late August.
LYN confirmed that all heritage/flora surveys were completed and that a rig was en-route to site.
LYN to date has done ground gravity surveys and high powered EM surveys which has lead to the definition of a ~1.2km long EM anomaly.
LYN’s drill will be following up on historic drill intercepts, which intercepted up to 11.5m of mineralisation with grades up to 1.2% copper & 1.3% nickel.
31 July 2023 - More ground granted in the West Arunta
More ground granted in the West Arunta region - next to WA1 Resources and Encounter Resources.
LYN now has ~173km^2 of ground and six high priority drill targets.
18 August 2023 - Drilling started at Bow River
Drilling underway at LYN’s ~6km Bow River nickel-copper-PGE gravity target.
Next to Panoramic Resources chasing a discovery similar to Panoramic’s Savannah North.
Here is what we want to see from the drill program:
4 September 2023 - Sulphides hit in first hole at Bow River
1st hole hits 13m of disseminated sulphides
LYN chasing a discovery similar to Panoramic’s Savannah North.
Here is what we want to see from the drill program:
18 September 2023 - Land access in the West Arunta ✅
LYN now cleared to do heritage surveys in the West Arunta
Targeting a rare earths-niobium discovery similar to $310M capped WA1 Resources.
Heritage surveys in Q1 2024
Drilling in Q2 2024
26 September 2023 - Sulphides in both holes from Bow River
1st hole hits 13m of disseminated sulphides
2nd hole hits 43.5m of disseminated sulphides
LYN chasing a discovery similar to Panoramic’s Savannah North.
Here is what we want to see from the drill program: