DY6 Metals

Quarterly Activities/Appendix 5B Cash Flow Report for the Period Ended 30 September 2023

Heavy rare earths and niobium explorer DY6 Metals Ltd (ASX: DY6) (“DY6”, the “Company”) is pleased to present its quarterly activities report for the September 2023 quarter.


Highlights

  • Successful completion of the Company’s maiden reverse circulation (“RC”) and diamond drilling (“DD”) program at the Machinga Main Northern Anomaly
  • Initial two batches of RC drill assays to date (being a total of 22 RC holes) reporting high- grade HREE and Nb2O5 intercepts
  • Drilling confirms Machinga Main Northern Zone is particularly enriched in valuable heavy rare earths dysprosium (Dy) and terbium (Tb)
  • Remaining assays from phase drilling program at Machinga (13 RC and 8 DD holes remaining) to be reported throughout Q4 2023
  • A comprehensive sampling and geophysics program has commenced at Salambidwe, a virgin REE project with limited previous exploration
  • Appointment of a highly experienced rare earths executive, Lloyd Kaiser as the Company’s CEO and the appointment of an experienced geologist, Troth Saindi as the Company’s Senior Exploration Geologist to help drive the Company’s growth strategy
Operations

Machinga Main Northern Zone

During the quarter the Company completed its maiden RC and DD drilling program at the Machinga Main Northern Zone, part of the Company’s flagship Machinga project in southern Malawi for a total of 4,543m, consisting of 35 reverse circulation (RC) holes for 3,643m and 8 diamond drill (DD) holes for 900m.

The initial two batches of RC drill assays received to date (being a total of 22 RC holes) have reported widespread rare earth mineralisation endowed in valuable HREE and Nb2O5 (based on a 0.25% total rare earth oxide + yttrium (TREO) cut-off grade), including:

  • 7m @ 1.42% TREO with 0.49% Nb2O5 (MR011) and 16m @ 0.54% TREO with 0.21% Nb2O5 (MR005);
  • 13m @ 0.65% TREO, 0.25% Nb2O5 from surface (3.6% DyTb/TREO) incl. 1m @ 1.06% TREO, 0.37% Nb2O5 from 7m, and 1m @ 1.28% TREO, 0.42% Nb2O5 from 9m (MR019);
  • 5m @ 0.72% TREO, 0.27% Nb2O5 from 44m, including 1m @ 1.65% TREO from 45m; and 3m @ 0.46% TREO, 0.16% Nb2O5 from 66m, including 1m @ 1.05%TREO from 66m (MR002);
  • 16m @ 0.54% TREO, 0.21% Nb2O5 (3.6% DyTb:TREO) from 78m, including 3m @ 1.63% TREO, 0.7% Nb2O5 from 87m (MR005);
  • 4m @ 1.47% TREO, 0.62% Nb2O5 (3.6% DyTb:TREO) from 17m (MR021); and
  • 3m @ 1.10% TREO, 0.56% Nb2O5 (4.0% DyTb:TREO) from 41m (MR013).

The mineralisation at the Machinga alkaline complex contains a higher proportion of valuable dysprosium-terbium (DyTb) with results indicating an average 3.2% DyTb:TREO in samples greater than 0.25% TREO.

The host rocks to the mineralisation are a complex mix of syenitic intrusives relating to the nearby Malosa pluton that have been emplaced in the basement metamorphic gneisses and migmatites. A strongly mineralised hydrothermal breccia system striking NW-SE and dipping shallowly ~35° to the NE has been confirmed by the recent drilling. Pleasingly, very high-grade zones have been intersected, as well as the suggestion of the mineralised zones thickening at depth. Refer to ASX announcements dated 3 October 2023 and 10 October 2023 for further details, including cross-sections of the recent drilling.

The breccia host was not recognised until the diamond drilling commenced, with the RC chips then being reviewed. Samples will be selected for petrography from both the DD core and RC chips.

All Machinga site works have now been completed, with the rigs and crew demobilised and the team relocated to DY6’s Salambidwe project. Exploration activity at Salambidwe is now underway.

Results for the remaining RC holes from Machinga Main Northern Zone are expected to be released progressively during October and the first batch of DD assays (from eight diamond holes drilled for 900m) are expected in the December quarter.

Drilling at the Machinga Main Northern target – one of six targets identified to date within the overall Machinga concession – aims to follow up on previous work undertaken by Globe Mining & Metals Limited during 2010/12. Exploration drilling by Globe intersected strong REE mineralisation alongside the holes drilled by DY6 at the northern end of the Machinga Main anomaly. Intercepts reported by Globe included 11m @ 1.0% TREO with 330ppm dysprosium oxide (Dy2O3) from 12m (MARC005), 5m @ 1.5% TREO with 596ppm Dy2O3 from 26m (MARC015) and 3m @ 2.2% TREO with 295ppm dysprosium oxide (Dy2O3) from 66m (MARC033).

The host rocks to the mineralisation are a complex mix of syenitic intrusives relating to the nearby Malosa pluton that have been emplaced in the basement metamorphic gneisses and migmatites.


Click here for the full ASX Release

This article includes content from DY6 Metals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

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