Locksley Resources reports standout assay results from its Mojave Project alongside strategic board appointments and a comprehensive review of its Tottenham Copper Project, setting the stage for accelerated exploration and resource development.
- 46% antimony and 1,022 g/t silver assay results at Mojave Project
- Strategic review and DHEM surveying underway at Tottenham Copper Project
- Appointment of mining expert Julian Woodcock as Technical Director
- Bevan Tarratt joins board with resource sector and capital markets expertise
- Cash position of $1.73 million supports ongoing exploration activities
High-Grade Antimony Discovery at Mojave
Locksley Resources Limited (ASX: LKY) has delivered a compelling update for the December 2024 quarter, highlighted by exceptional assay results from its Mojave Project in California. Rock chip sampling revealed antimony grades reaching up to 46% Sb and silver assays as high as 1,022 g/t, underscoring the project's potential as a significant polymetallic resource. These results stem from focused sampling around the historic Desert Antimony Mine, where visible quartz-stibnite veins and extensive underground workings have been mapped and assayed, confirming a zoned reduced intrusive related system (RIRS) mineralisation.
The Mojave Project, strategically located near one of the world’s highest-grade rare earth element mines, has now demonstrated promising antimony and silver mineralisation along strike extensions, with multiple samples exceeding 17% Sb. This discovery not only enhances the project’s value proposition but also diversifies Locksley’s portfolio beyond rare earth elements into critical base metals.
Tottenham Copper Project: Strategic Review and Exploration Upside
In parallel, Locksley has advanced its 100%-owned Tottenham Copper Project in central New South Wales, Australia, through a detailed strategic and geological review. The project hosts an inferred JORC resource of 9.86 million tonnes at 0.72% copper and 0.22 g/t gold, concentrated primarily at Mount Royal. The review identified opportunities to refine resource estimates by delineating high-grade sub-domains and incorporating previously unmodelled oxide material, potentially increasing resource tonnage and contained copper.
Further exploration targets have been earmarked, including historic copper occurrences at Bogan River and Jimmy Woodser, many of which remain underexplored. To support deeper sulphide target identification, Locksley commenced down-hole electromagnetic (DHEM) surveys on six drillholes, aiming to detect off-hole conductors indicative of massive sulphide mineralisation. These efforts are complemented by planned metallurgical test work to evaluate heap leaching viability for oxide copper, potentially enabling a low-cost production pathway.
Strengthening Leadership with Industry Expertise
Reflecting its growth ambitions, Locksley appointed two new directors during the quarter. Julian Woodcock, a seasoned mining professional and geologist, joined as Technical Director, bringing critical expertise to guide exploration and development strategies. Additionally, Bevan Tarratt joined the board, contributing broad resource sector experience and a strong background in equity capital markets, which could prove pivotal in supporting future funding initiatives.
Financial Position and Outlook
Locksley ended the quarter with a cash balance of approximately $1.73 million, providing a solid financial foundation for ongoing exploration and evaluation activities. The company reported $129,000 in exploration expenditure focused on Mojave fieldwork and Tottenham optimisation studies, with no mining production or development activities during the period. Related party payments, including directors’ fees, amounted to $87,065.
With high-impact assay results, a robust strategic review underway, and strengthened leadership, Locksley Resources is well-positioned to unlock value across its diversified project portfolio. The coming months will be critical as assay results are finalised, resource models updated, and drilling programs initiated to test identified targets.
Bottom Line?
Locksley’s recent breakthroughs and strategic hires set the stage for a pivotal phase of exploration and resource growth.
Questions in the middle?
- How will the high-grade antimony assays influence the company’s development timeline and capital allocation?
- What are the expected outcomes and timelines for the Tottenham Project’s resource model updates and pit optimisation studies?
- How might the new board appointments impact Locksley’s strategic direction and funding capabilities?