Locksley Resources delivered strong maiden drilling results at its Mojave Project, confirming high-grade antimony mineralisation at Desert Antimony Mine and NdPr-enriched rare earths at El Campo, while securing a strategic copper-gold project in NSW.
- Maiden diamond drilling confirms high-grade antimony at Desert Antimony Mine
- El Campo drilling reveals Mountain Pass-style rare earth mineralisation with 25% NdPr enrichment
- Binding option secured for Iron Duke copper-gold project near Tottenham, NSW
- Research collaborations with Columbia and Rice universities advance processing technologies
- Strong cash position of $14.9 million supports ongoing exploration and development
High-Grade Antimony Confirmed Beneath Desert Mine Workings
Locksley Resources (ASX:LKY) has taken a significant step forward at its Mojave Project in California, with maiden diamond drilling at the Desert Antimony Mine (DAM) confirming narrow but high-grade antimony mineralisation beneath and beyond historical underground workings. The eight-hole program, totaling 1,065 metres, returned standout assays including a peak of 33.51% antimony (Sb) over 0.4 metres and multiple intercepts exceeding 2% Sb. Notably, drill hole DADD0005A delivered 4.0 metres at 4.87% Sb, while southern extensions remain open for further expansion.
The mineralisation is hosted in subvertical quartz-stibnite veins within granite gneiss and tonalite, indicating a hydrothermal system with broader mineralised envelopes rather than isolated veins. These results provide vital geological data to refine Locksley's 3D modelling and targeting strategies, underpinning the project's potential as a domestic antimony supply source.
Rare Earth Drilling Highlights NdPr-Enriched Carbonatite at El Campo
Simultaneously, Locksley’s maiden drilling at the El Campo Rare Earth Element (REE) Prospect revealed high-grade light rare earth element mineralisation enriched in neodymium and praseodymium (NdPr), critical components for permanent magnets. El Campo lies just 5.5 kilometres southeast of MP Materials’ Mountain Pass Mine, the only operating rare earth mine in the US.
Key intercepts included 7.20 metres at 2.93% total rare earth oxides (TREO), with a peak of 6.03% TREO over 0.7 metres, and approximately 25% of TREO accounted for by NdPr magnet rare earth oxides. The mineralised corridor extends over 1.1 kilometres and remains open along strike and at depth, suggesting a potentially sizeable Mountain Pass-style carbonatite system.
Further regional exploration is underway, including a planned high-resolution ground scintillometer survey. These findings complement ongoing research with Columbia University aimed at developing innovative rare earth recovery and processing techniques tailored to the El Campo mineralisation style.
Strategic Expansion with Iron Duke Copper-Gold Acquisition
In Australia, Locksley executed a binding option agreement to acquire 100% of the Iron Duke Copper & Gold Project in New South Wales’ Cobar region, adjacent to its Tottenham Project. This acquisition adds an inferred JORC resource of 1.3 million tonnes grading 1.0% copper and 0.6 g/t gold, with historical drilling confirming high-grade, steeply dipping shear-hosted lodes over a 550-metre strike length.
The option agreement includes milestone-based payments and a minimum 2,000-metre drilling commitment, reflecting a low upfront capital risk approach. Proximity to Tottenham offers operational synergies and a consolidated district-scale exploration platform, enhancing Locksley’s footprint in a prolific copper-gold province.
Advancing Processing Technologies through University Collaborations
Locksley is leveraging partnerships with Columbia University and Rice University to develop processing pathways for its critical minerals. Columbia’s research focuses on ore characterisation and novel rare earth separation and metallisation techniques, including molten salt electrolysis as an alternative to traditional methods. Meanwhile, Rice University’s DeepSolv™ technology has demonstrated successful processing of antimony-bearing materials into high-purity products and metallic antimony via electrodeposition, marking progress toward an integrated US antimony supply chain.
Financial Position and Corporate Updates
As of 30 June 2026, Locksley holds a robust cash balance of $14.9 million, supporting its exploration and development activities. The company spent $1.425 million on exploration during the quarter, primarily focused on Mojave’s antimony and rare earth prospects. Corporate changes included the appointment of David Sanders as Non-Executive Director and key executive role adjustments, alongside a change of registered office to Northbridge, WA.
Bottom Line?
Locksley’s maiden drilling success and strategic acquisitions position it well in critical minerals, but upcoming drilling and processing advancements will be key to validating project scale and commercial viability.
Questions in the middle?
- Can Locksley expand the mineralised zones at Desert Antimony Mine and El Campo with follow-up drilling?
- How will the research collaborations translate into scalable processing solutions for antimony and rare earths?
- What impact will the Iron Duke acquisition have on Locksley’s exploration strategy and resource base in NSW?