Key Highlights

  • Exploration licence EL9969 covers 139 square kilometres between existing tenements EL6592 and EL9307.
  • The Greater Tottenham package now spans about 1,000 square kilometres, including applications.
  • Roughly 800 square kilometres of that is granted ground, including about 188 square kilometres at Iron Duke held under option.
  • A further 197 square kilometres remains under application.

Locksley Resources (ASX:LKY) said on 11 November that it had been granted exploration licence EL9969, known as Tottenham West, under the New South Wales Mining Act 1992. The licence covers 139 square kilometres and sits between two of the company's existing tenements, EL6592 and EL9307, in the Tritton Trend of central New South Wales.

With the grant, Locksley says its Greater Tottenham package now spans about 1,000 square kilometres. Roughly 800 square kilometres of that is granted ground, which includes about 188 square kilometres at Iron Duke held under option, and a further 197 square kilometres remains under application. Chairman Bevan Tarratt said the new licence and the outstanding application "close gaps in our coverage".

The composition of that figure is worth noting carefully. Areas under application are not yet granted and could be reduced, conditioned or refused by the regulator. The headline figure of about 1,000 square kilometres therefore combines tenure of differing security, and the fully granted, directly held portion is smaller than the total suggests.

The target the company wants to test

The main exploration focus within Tottenham West is an interpreted north-west trending magnetic structure about 10 kilometres long. According to the company, there is no recorded drilling on it. Magnetic features of this kind can reflect geological structures that sometimes channel mineralising fluids, but an interpreted geophysical feature is a concept to be tested rather than evidence of mineralisation.

Locksley has also pointed to historical sampling by Duval between 1983 and 1984, which returned heavy mineral concentrates grading up to 1.3 g/t gold, 2,200 ppm tin and 3,000 ppm tungsten. These results were not reported under the JORC Code and are indicative only. Heavy mineral concentrate sampling deliberately enriches dense minerals from stream or soil material, so the grades are not comparable with rock or drill assays and do not indicate the grade of any potential deposit.

Why consolidation matters to an explorer

Joining up a tenement package can be valuable in a mineral belt where structures and mineralised trends cross licence boundaries. Controlling contiguous ground allows a company to run regional geophysical and geochemical surveys without gaps and reduces the risk of a competitor holding land along strike from a discovery. It also gives a single operator control over how targets are prioritised.

That said, a larger land position also brings expenditure commitments. Exploration licences in New South Wales generally carry work programme and reporting obligations, and maintaining a package of this size requires ongoing funding.

Limitations and next steps

At this stage Tottenham West is a greenfield licence with an untested geophysical target and non-JORC historical data. No drilling results, mineral resources or exploration targets for the new licence have been reported.

Locksley's application ELA7118, lodged on 17 September 2026, is still being assessed, and its grant is not guaranteed. On the new licence, the company plans to review historical data, carry out geological mapping and conduct surface geochemical and geophysical surveys. It has said drilling will follow only once targets have been defined by that work.

The sequence means meaningful exploration news from Tottenham West is likely to come first from surface programmes rather than drill holes. Those early results will indicate whether the magnetic structure and the historical concentrate anomalies Warrant drill testing, and how the new ground fits with Locksley's broader Greater Tottenham exploration strategy.