Unless we start drilling first...lets hope....first cut is the...

Unless we start drilling first...lets hope....first cut is the deepest !
Lets hope for a jackpot !

Since WA1 (ASX:WA1) discovered Luni, investors have been placing a watchful eye over the region, with only a few hints of additional discoveries to date.

A micro cap only a couple of years ago, WA1’s landmark find has turned it into a $1.18 billion explorer.

Lycaon (ASX:LYN) has some of the most prospective ground for a follow-up, with the Stansmore niobium-rare earths project containing 173km2 of ground 90km north of WA1’s Luni and P2 discoveries.

It already has two high priority magnetic anomaly drill targets at Stansmore and Volt, along with three secondary drill targets at Edi, Earl and Menlo, thought to be prospective for both niobium-REE carbonatite mineralisation or iron-oxide copper gold – the style of deposit found at BHP’s Prominent Hill and Carrapateena mines.

At Stansmore it plans to target a 700m long magnetic feature, which clocks in at 400m wide and contains a target zone at a depth of around 150m.

The Volt anomaly is larger at a span of 3km, with a prospect there modelled at 600m by 800m from a depth of 200m.

LYN believes cover is obscuring radiometric responses where the two co-funded drill holes will be sunk to test for iron-oxide alteration, copper, gold, niobium and rare earth mineralisation.

Both WA1 and Encounter Resources (ASX:ENR) have found niobium nearby, with WA1’s Luni unique in the high grades of the intersections upwards of 2% niobium in places.