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Heavy rare earths and niobium explorer DY6 Metals Ltd (ASX: DY6) (“DY6”, “the Company”) is pleased to present its quarterly activities report for the June 2023 quarter.
Highlights
- DY6 commenced trading on ASX on 29 June 2023, following a successful $7m IPO
- Funds raised will be allocated towards aggressive exploration of the Company’s 100% owned heavy rare earths (“HREE”) and critical metals projects in southern Malawi
- Machinga, the Company’s flagship project, is particularly enriched with high-value heavy rare earth elements dysprosium and terbium. The project also holds significant niobium and tantalum potential as well. Machinga is only 40km east of Lindian Resources’ Kangankunde carbonatite discovery
- Six targets have been identified to date within the Machinga North concession and the Company will be following up on previous high grade intercepts from a previous 2010 campaign undertaken by Globe Metals and Mining (ASX:GBE)
- The Company’s maiden drilling program at Machinga (consisting of a combined ~5,000m of RC and DD) commenced with RC drilling in late June 2023. RC Drilling is continuing, with 19 holes for 2162 metres drilled so far. DD drilling commenced mid-July 2023 with a total of 1 hole for 110 metres having been completed to date with drilling ongoing
- The first batch of RC samples are being cleared for despatch to Intertek’s laboratory in Zambia, prior to transit to Perth for analysis. First assay results from the ongoing drilling are expected in late Q3, 2023
Corporate
The Company commenced trading on ASX on 29 June 2023, following a successful $7m IPO. As part of this, the Company attracted a combined $2.5 million from Hong Kong-based strategic investors, Zhensi Group (HK) Heshi Composite Materials Co., Limited and Zhung Nam New Material Company Limited.
The funds raised from the IPO are being used primarily for exploration at the Company’s three 100%-owned REE and critical metals projects located in southern Malawi, a stable and attractive African jurisdiction with proven potential for hosting major mineral deposits.
Image 1: Machinga North Targets
DY6 is currently undertaking a 5,000m program of reverse circulation and diamond drilling at its flagship Machinga project, only 40km east of Lindian Resources’ Kangankunde carbonatite discovery, which is widely regarded as the world’s best undeveloped rare earths project.
Drilling at the Machinga North target – one of six targets identified to date within the Machinga concession – in 2010/12 returned intercepts of 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) including 1m @ 5.1% TREO with 584ppm dysprosium oxide (Dy2O3) from 67m.
Previous trenching in 2010 included: MATR001: 7m @ 1.26% TREO, MATR002: 33m @ 0.71% TREO (inc: 11m @ 1.00% TREO with 0.46% Nb2O5) and MATR003: inc: 15m @ 0.45% with 0.75% Nb2O5, incl: 5m @ 0.54% TREO and 1.34% Nb2O5.
Click here for the full ASX Release
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