Lycaon Resources Ltd. announced two areas returned anomalous base metal nickel and chromium results from the first pass road-side auger geochemical sampling program completed at the Julimar Project, 45km east of Perth, Western Australia (Julimar Project). The road-side auger sampling program was designed as a first pass geochemical survey to cover public roads within the project area comprising two granted exploration licences E70/5416 and E70/5415 located in the Western Yilgarn area of Western Australia. The exploration licences are within the Jimperding Metamorphic Belt host to the recent Gonneville discovery of 330Mt @ 0.94g/t Pd+Pt+Au, 0.16% Ni, 0.10% Cu, 0.016% Co, making it the large PGE discovery in Australian history.

The auger drill sampling technique took a single point sample up to 50cm from surface which is effectively a surficial sample. The results of the sampling program will be viewed in conjunction with the planned helicopter EM survey results to prioritise targets for follow up exploration work for the remainder of 2022. Lycaon considers that the tenements may be prospective for nickel, copper and PGEs, but limited exploration has been conducted on the tenements to date.

Initial work programs will consist of reconnaissance exploration including soil sampling and ground geophysical surveys prior to drilling. Geophysical service provider New Resolution Geophysics (NRG) have been appointed to undertake a helicopter electromagnetic survey (HEM) at the Julimar Project early 2022. This high-resolution geophysical survey will provide detailed geological information and allow three-dimensional modelling of targeted anomalies.

Anticipated to take three ­ four days, the high- resolution geophysical survey will be conducted with the NRG flying XciteTM HEM system at a minimum 100m line spacing. The system provides uninterrupted `soundings' from near surface to >300m depth of investigation, simultaneously collect high resolution conductivity data and infill less detailed publicly available magnetic data. The interpreted shallow depth to basement for the Julimar Project enhances the effectiveness of the survey.