Table 1. Assay results of the new epithermal discovery in drillhole BREDD002. Interval lengths reported are drilled lengths, not true widths. Silver equivalents (“AgEq”) are based on assumed metal prices of US$2,700/oz for gold (Au), US$30/oz for silver (Ag), US$1.40/lb for zinc (Zn), US$17.50/lb for antimony (Sb) and US$0.90/lb for lead (Pb). *Assumed metal recoveries of 90% Au, 93% Ag, 95% Sb, 94% Pb and Zn are based on published metallurgical tests on analogous intermediate sulphidation epithermal vein deposits. The Sb pricing derived from the Nov. 2024 average Rotterdam Warehouse 99.6% ingot price.
Figure 1. Section through the Brezani target illustrating conductivity and the 95th percentile magnetic shell. Drillhole BREDD002 is shown, with a tabular conductivity feature extending to the ENE from the epithermal mineralized interval. Conductivity feature is interpreted as the continuation of the host structure with increased conductivity due to sulphide and clay within the broken rock mass. It passes through a break in the magnetics, which is further evidence of structural control.
Figure 2.Photographs of three HQ3 diameter core samples from the interval of epithermal mineralization labelled with AgEq values for assay results of host sample. A) 482.1-482.4 m millimeter scale banded chalcedonic quartz-calcite-rhodochrosite-sulphide. B) 483.6-483.85 m calcite-rhodochrosite breccia cemented by chalcedonic quartz-sulphide crosscut by a later calcite-chalcedonic quartz-sulphide vein set. C) 485.1-485.5 m banded quartz-calcite-sulphide vein grading into a stibnite-sphalerite sulphide breccia cement with clasts of wallrock hornfels and banded veins.
Table 1. Collar locations for reported drillhole. Coordinates and elevation were taken by local consultant surveyors using a differential GPS unit. (WGS84/UTM Zone 34N).
Table 2. Chemical assays for the remainder of the drill hole BREDD002 form the 2023 Phase II campaign at the Brezani Target. Assays for the topmost 214 were released previously.The Conversation (0)
In his role as Executive Chairman of Meteoric Resources NL (ASX:MEI), MC ~$370m, he oversaw the transformative acquisition and advancement of the Caldeira ionic clay REE project in Brazil, one of the world's largest high grade ionic clay rare earth deposits. Mr Burke was actively involved in all aspects of the project's initial progression, including negotiations with government agencies, local partners and funders.
He is a qualified lawyer, with over 20 years legal and corporate advisory experience. Mr Burke's legal expertise is in corporate, commercial and securities law. His corporate advisory experience includes identification of acquisition targets, deal structuring and financing and project development.
He has held Board roles across numerous ASX companies, as well as AIM and NASDAQ-listed companies, including Mandrake Resources and Vulcan Energy Resources.
Locksley is entering a significant growth phase as it advances its Mine to Market Strategy. In conjunction with Mr Burke's appointment, Mr Nathan Lude will transition from Chairman to the newly created role of Head of Strategy, Capital Markets & Commercialisation. This reflects the Company's focus on advancing its U.S. minerals projects, processing pathways and downstream critical minerals and technology initiatives. In this role Mr Lude will dedicate his time to:
Downstream Technology & Commercialisation
- Coordinating Locksley's collaboration with Rice University to fast-track antimony extraction, processing and energy storage innovation
- Securing commercial licensing opportunities, pilot site identification, and deployments
- Driving the establishment and contributions of Locksley's U.S. subsidiary and Advisory Board
Strategic Partnerships & Government Engagement
- Building strategic partnerships and alliances with U.S. defense, energy, and targeted technology sectors
- Coordinating engagement through GreenMet, including submissions to U.S. federal and state government programs and funding opportunities such as the DOE, DoD, and EXIM Bank
Capital Markets & Investor Growth
- Overseeing marketing, investor relations, and public relations
- Coordinating with ASX funds and investors, while expanding the U.S. investor base via OTCQB
- Assessing growth pathways to OTCQX, NASDAQ, SPAC structures, and Frankfurt listing
Mr Lude commented:
"Locksley has rapidly advanced its growth strategy in recent months, advancing both upstream project development and new downstream opportunities. This change allows me to focus on our Mine to Market initiatives in the U.S., where our projects and partnerships can meaningfully strengthen America's critical minerals supply chain. With Pat leading the Board, drawing on his experience and success in identifying and advancing the Meteoric REE opportunity and his deep industry knowledge on critical minerals, I can dedicate my time to building the business foundations for Locksley's next phase of investor growth."
Mr Burke commented:
"Locksley's integrated approach from resource development through to downstream processing and advanced applications is well aligned with the current U.S. focus on secure, strategic critical minerals supply chains. I look forward to working with the Board and management to advance the Company's portfolio and deliver value for shareholders."
About Locksley Resources Limited:
Locksley Resources Limited (ASX:LKY) (OTCMKTS:LKYRF) is an ASX-listed explorer focused on critical minerals in the United States of America. The Company is actively advancing exploration across the Mojave Project in California, targeting rare earth elements (REEs) and antimony. Locksley Resources aims to generate shareholder value through strategic exploration, discovery and development of critical minerals for U.S.
Mojave Project
Located in the Mojave Desert, California, the Mojave Project comprises over 240 claims across two contiguous prospect areas, namely, the North Block-Northeast Block and the El Campo Prospect. The North Block directly abuts claims held by MP Materials, while El Campo lies along strike of the Mountain Pass Mine and is enveloped by MP Materials' claims, highlighting the strong geological continuity and exploration potential of the project area.
In addition to rare earths, the Mojave Project hosts the historic "Desert Antimony Mine", which last operated in 1937. Despite the United States currently having no domestic antimony production, demand for the metal remains high due to its essential role in defense systems, semiconductors, and metal alloys. With surface samples grading up to 46% Sb as well as silver up to 1,022 g/t Ag, the Desert Mine prospect represents one of the highest-grade known antimony occurrences in the U.S.
Locksley's North American position is further strengthened by rising geopolitical urgency to diversify supply chains away from China, the global leader in both REE & antimony production. With its maiden drilling program planned, the Mojave Project is uniquely positioned to align with U.S. strategic objectives around critical mineral independence and economic security.
