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DY6 Metals Ltd (ASX: DY6, “DY6” or “Company”), a strategic metals explorer targeting Heavy Rare Earths (HREE) and Niobium (Nb) in southern Malawi, is pleased to announce that it has submitted an exclusive prospecting license application (91.5km2) over a carbonatite ring complex in southern Malawi known as Tundulu, with significant potential for REE (“Tundulu” or the “Project”).
HIGHLIGHTS
- DY6 has applied for an exclusive prospecting licence over a project area with significant REE potential in southern Malawi
- ‘Tundulu’ is a known carbonatite ring complex with abundant REE mineralisation, predominantly in the form of bastnaesite and apatite
- Shallow historical drilling (1988) (>max depth of 50m), includes:
- 41m @ 3.7% TREO, from 8m (JMT-22)
- 17m @1.3% TREO, from surface and 14m @1.1% TREO, from 21m (JMT-14)
- 11m @ 2.2% TREO, from 17m and 14m @ 4.1% TREO, from 36m (JMT-17)
- 14m @ 1.1% TREO, from 3m (JMT-07)
- Samples from recent reconnaissance field visit at Tundulu have been despatched for laboratory analysis
- Tundulu complements the Company’s existing REE & critical metals portfolio in Malawi
Shallow historical drilling at Tundulu undertaken by JICA (“Japanese International Cooperation Agency”) in 1988 (up to a max depth of 50m), included:
- 41m @ 3.7% TREO, from 8m (JMT-22);
- 17m @1.3% TREO, from surface and 14m @1.1% TREO, from 21m (JMT-14);
- 11m @ 2.2% TREO, from 17m and 14m @ 4.1% TREO, from 36m (JMT-17); and
- 14m @ 1.1% TREO, from 3m (JMT-07).
The Company’s geological team recently undertook reconnaissance field visit over parts of the licence application area and samples have been submitted for laboratory analysis in South Africa.
The Company’s CEO, Mr Lloyd Kaiser said:
“We are very excited about this strategic license application in southern Malawi. Tundulu is a known carbonatite ring complex close to our flagship HREE Machinga Project with an interesting profile of bastnaesite and apatite with abundant REE mineralisation, and easily accessible by road. Tundulu will complement our existing REE projects, Machinga and Salambidwe. While the Company waits for the license to be granted, the focus of the exploration team will be on undertaking a detailed geological and geophysical review of this new licence over the coming months.”
Tundulu REE Project
Figure 1. Location of the Tundulu REE Project in Southern Malawi
Tundulu is a carbonatite ring complex forming part of the Chilwa Alkaline Province in southern Malawi located approximately 60km south-east of the Company’s flagship HREE, Machinga Project and situated at the southern tip of Lake Chilwa (refer Figure 1). The Project area covers 91.5km2. Previous exploration has identified significant REE mineralisation, mainly in the form of bastnaesite, in addition to substantial amounts of apatite (phosphate).
Figure 2. Topographical Map of Tundulu with sample locations from recent reconnaissance field visit
The geological structure of the Tundulu Ring Complex comprises of three igneous centres. The first comprises a circular aureole of fenitization about a 2 km diameter plug of syenite. The second carbonatite ring structure centred on Nathace Hill has a diameter of 500-600m. Wrench faulting prior to emplacement of the third centre displaced the western half of the Nathace Hill ring structure 250m to the north. The third centre comprises small plugs and thin sheets of meta-nephelinite and beforsite. The main apatite deposit forms an arcuate zone (300m N-S and 50m E-W) around the eastern side of the hill.
Access to the area is relatively straightforward, the east side of the complex and Nathace Hill can be reached via dirt road from nearby village of Nambazo.
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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.
DY6:AU
Reconnaissance Sampling Program Commences at Ngala Hill PGE Project to Follow up Historical Targets
HIGHLIGHTS
- Targeted reconnaissance sampling program commences at DY6’s highly prospective PGE, Cu & Ni project at Ngalla Hill, Southern Malawi
- At Ngala Hill, 3 key target zones of palladium rich Pd+Pt+Au+Cu mineralisation have been identified from historical trenching and limited drill testing
- DY6 will undertake a rock chip and soil sampling program to follow up on known high grade areas as well as aiming to expand the zone of mineralisation
- No significant modern exploration including electromagnetics (EM) to target massive sulphides has been undertaken at Ngala Hill
- Trenching by Placer Dome in 2000 included results of:
- 12m at 3g/t PGE+Au; and
- 70m at 1.12g/t PGE+Au, including 8m at 3.3g/t PGE+Au
- The main mineralised zone has only had limited modern drilling
The Company’s CEO, Mr Lloyd Kaiser said:“Our team in Malawi has actively built strong relationships with local communities across our projects and this early engagement at Ngala Hill is setting the foundation between the Company and the community as we prepare to mobilise the geo team and embark on our first exploration campaign at Ngala.”
Figure 1: Location of the Ngala Hill PGE Project in southern Malawi
Background on the Project
The Ngala Hill ultramafic chonolith is an arcuate-shaped intrusion, with dimensions of approximately 2.4km by 0.7km and was intruded into the underlying Proterozoic Basement Complex gneisses. The Ngala Hill Project is characterised by an intrusive ultramafic suite of pyroxenites and hornblende- pyroxenites that intrude basement gneisses. The pyroxenite facies of the ultramafic complex is prospective for platinum group elements (PGEs), predominantly palladium, and associated copper.
Initial work at Ngala Hill in the late 1960s included geochemical sampling programs undertaken by the British and Malawian Geological Surveys. Phelps Dodge started an exploration program for PGEs on Ngala Hill in 1999 with approximately 600 m of trenching. Metapyroxenite and amphibolite with an PGE- gold-copper nickel association was intersected trenching and yielded 1.41g/t Pt+Pd+Au and 1,430 ppm Cu over a length of 64m.
In 2000, Placer Dome confirmed further anomalies with encouraging results received from several trenches including 12m at 3g/t PGE+Au and 70 m at 1.12g/t PGE+Au, including 8m at 3.3g/t PGE+Au.
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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.
Heavy Rare Earths & Niobium Explorer DY6 Metals Lists On ASX Following Successful $7M IPO
- $7 million successfully raised via IPO, including $2.5 million from Hong Kong- based cornerstone investors, Zhenshi Group and Zhung Nam New Material Company
- Funds to be used for exploration on three 100%-owned rare earths and critical metals projects in southern Malawi
- Malawi is an attractive and stable mining jurisdiction with proven potential for hosting major rare earth deposits including Lindian Resources’ world class Kangankunde discovery (40km east of the Company’s Machinga Project)
- RC drilling is already underway at the flagship Machinga project, with diamond drilling scheduled to commence next month
- Drilling aims to follow up high grade 2010 results by Globe Metals and Mining (ASX:GBE)§Machinga is enriched in heavy rare earths (Dysprosium and Terbium) and Niobium
DY6’s listing follows a successful initial public offering (IPO), which raised $7 million. 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 in the IPO will be used primarily for exploration at the Company’s three 100%-owned rare earths and critical metals projects located in southern Malawi, a stable and attractive African jurisdiction with proven potential for hosting major mineral deposits.
DY6 has recently commenced a 5,000m program of reverse circulation and diamond drilling at the 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.
Machinga is particularly enriched with high-value heavy rare earth elements dysprosium and terbium. The project also holds significant niobium and tantalum potential as well.
Non-executive Chairman Dan Smith said: “DY6 has recently started its maiden drill program at the exciting Machinga project. In addition to being a potential source of the critical heavy rare earth elements Dysprosium and Terbium, Machinga also contains significant Niobium mineralisation.
The Company is seeking to emulate the success of Lindian Resources in proving up a major critical minerals project in southern Malawi. We believe the projects and the team we have assembled provide us with an excellent opportunity.”
Image 1: RC Drilling underway at Machinga HREO + Nb Project
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).
DY6’s other projects in southern Malawi, Salambidwe and Ngala Hill, have also been subject to previous exploration: rock chips from Salambidwe returned high grade values of TREO and Nb while soil samples from Ngala Hill and limited previous drilling by Phelps Dodge returned high grade results of Pd, Pt, Au and Cu.
The Company plans to carry out detailed geophysical and geological sampling programs at Salambidwe to aid in defining targets for a maiden drilling campaign towards the end of the year. RC drilling at Ngala Hill is scheduled for around the same time.
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.
