Locksley Resources (ASX: LKY) has unveiled a significant new exploration target, the Beefeater Shear, at its Mojave project, demonstrating potential for substantial resource expansion.
This announcement builds on recent positive developments in the company's critical minerals strategy, including the restart of US antimony production and significant government support.
Beefeater Shear: New Antimony Target Identified
Underground mapping at Locksley Resources' Mojave project has identified the Beefeater Shear, a 10-15 metre wide North-South corridor.
The Beefeater Shear is located between the Desert Antimony Mine (DAM) and Hendricks, and mirrors the structural timing and alteration of the DAM system. This makes it a new primary exploration target for potential antimony mineralisation.
Detailed underground mapping at DAM confirmed vein geometry and offsets, aiding in targeted drill planning for high-grade zones at depth. Assays are currently pending from the Beefeater Shear.
The company plans systematic sampling along the Beefeater Shear and drilling to test for mineralisation and potential resource expansion.
New DAM-type shear zones with goethite alteration and quartz-calcite shear-breccia veins were also identified immediately south of Hendricks.
Mojave Expanding Critical Minerals Focus
The identification of the Beefeater Shear adds a promising new primary exploration target for antimony mineralisation at the Mojave project.
This discovery significantly complements the project's existing focus on antimony and rare earth elements (REEs).
Locksley's broader strategy aims to advance critical minerals supply chains.
Previous exploration in the North Block of the Mojave project also identified an approximately 3 km long NW-SE oriented high-grade silver corridor.
Rock-chip assays from this corridor returned values up to 1022 g/t Ag, along with notable base metal values, including copper up to 4.2%, lead up to 1.5%, and zinc up to 1.5%.
Strategic Backing for US Critical Minerals
Locksley Resources has secured significant strategic backing for its US critical minerals strategy, reflecting the importance of its Mojave project.
The company is set to receive up to US$191 million in support from the US government to advance its Mojave antimony and rare earths project in California. This funding underscores the project's national significance.
In October 2025, Locksley successfully restarted US domestic antimony production, achieving the first US-made antimony ingot from the Mojave Desert mine. This marked the resumption of US antimony metal production after a 24-year hiatus, validating a domestic mine-to-metal supply chain.
An oversubscribed A$17 million placement in December 2025, led by US institutional investors, will further accelerate drilling, assay programmes, structural mapping, and downstream processing planning at Mojave.
Annual Review Highlights Funding and Approvals
Locksley Resources' FY25 annual report, released in September 2025, outlined a net loss of A$1.58 million and net assets of A$8.77 million.
The company's capital raising activities during this period included a A$1.47 million placement. An OTCQB listing was also completed in June 2025, aiming to broaden access for US investors.
Regulatory approvals were obtained for initial drilling at the El Campo (REE) project and a Plan of Operations (PoO) was approved for the Desert Antimony Mine. These approvals enable expanded exploration programmes at these key Mojave project areas.
