Ten-bagger Locksley Resources ups the ante on US antimony drilling blitz
- James Pearson
- Aug 4
- 3 min read
Locksley Resources (ASX: LKY) has upped the ante on its United States critical minerals campaign by revealing plans to increase exploration activities at its Desert antimony prospect, which is part of the company’s broader Mojave critical metals project in California.
The latest news sent the company’s shares to yet another new high, up to 19.5 cents on a huge turnover. The share price is now a massive 1000 per cent higher than it was at the start of May – placing in the company in the hallowed “10-bagger” club.
Locksley has lodged an application with the Bureau of Land Management (BLM) to more than double its current drilling program at the Desert prospect to 2180 metres in efforts to unearth what it says could be one of the highest-grade undeveloped antimony systems in the country.
The new drilling plans follow the company’s recently oversubscribed capital raise, which ballooned Locksley’s cash position to more than $6.5 million, leaving it fully funded and ready to go. BLM approvals are expected in September, with rigs set to roll soon after.
The expanded program now includes 13 reverse circulation holes to be drilled from 11 pads, targeting depths of 100m to 240m. Notably, the plan has been guided by fresh geological insights gleaned from a July structural mapping survey, which revealed three stibnite-rich, north-northeast to south-southwest trending vein systems and an additional previously unidentified east-west structure.
Further detailed 3D modelling on these corridors confirmed an expanded footprint for the prospect, which the company says will now undergo further probing from the drill rig to work up a JORC-compliant exploration target.
The submission of this expanded plan of operations is a major step forward in unlocking the critical minerals potential of the Mojave project.
Locksley Resources Technical Director Julian Woodcock
Locksley’s ground could not be more strategically placed, sitting smack bang in the middle of America’s critical minerals bullseye and right at the heart of Washington’s mission to wrest back control of its critical minerals supply chain.
Its Desert prospect - tucked in California’s Mojave Desert - lies just 1.4km from the legendary Mountain Pass rare earths mine. Mountain Pass is run by NYSE-listed MP Materials and is the nation’s only operating rare earths mine.
Locksley’s broader Mojave project spans more than 250 claims and packs a one-two critical minerals punch. Up north, the historic Desert antimony mine sits within its North Block, rubbing shoulders with MP Materials’ ground. Locksley’s El Campo prospect lies a few clicks south in a rare earths hot spot and has drilling approvals already in the bag.
Although the Desert mine has been dormant since 1937, it still holds the power to tantalise. The company’s surface sampling in October last year revealed eye-watering grades as high as 46 per cent antimony and more than 1 kilogram per tonne silver, setting the scene for a renewed exploration focus on the prospect.
As the US has zero domestic antimony production and relies on imports mostly from China, Locksley’s project looms as a potential game changer. Antimony is used in military-grade munitions, semiconductors and metal alloys. After China imposed an export ban on the critical metal a year ago, western nations have scrambled to find alternative supplies to fill the gap.
With drill rigs soon to bite into fresh targets and its news flow set to ramp up, Locksley’s timing appears spot on.
While exploration may still be in an early stage at the Desert prospect, recent high-grade hits and an exciting exploration program coupled with burgeoning government demand for critical metals will likely ensure that punters keep a close eye on Locksley’s every move.
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