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DY6 Metals Ltd (ASX: DY6) (“DY6”, “the Company”) is pleased to provide this update to shareholders on its extensive geochemical and geophysical sampling program at the highly prospective Salambidwe REE and niobium (Nb) project in southern Malawi. A total of 514 soil and rock chip samples were collected over a 50km grid from outcrops across the licence area (Table 1) along with completion of an airborne geophysical program consisting of 45-line kilometres of electromagnetic plus radiometric surveying to map the magnetic and conductive properties of the geology of Salambidwe.
HIGHLIGHTS
- DY6 has completed the initial geochemical and geophysical exploration programs at the Salambidwe REE and Nb project.
- Assay results have been received for the grid-based soil and rock chip sampling. Results from the 128 soil and 386 rock chips expand the known area of anomalous responses.
- Maximum values from separate rock chip samples were 1.21% TREO & 0.12% Nb2O5
- The 45-line kilometre airborne geophysical program confirmed the highly concentric nature of the intrusive complex.
- DY6 is assessing the combined geochemical and geophysical data to refine targets prior to a maiden drill program.
Ground based grid controlled geochemical sampling (Figure 1) was undertaken to confirm historical exploration results of Globe Metals and Mining (“Globe”) and to expand the footprint of anomalous responses. Previous activity had not closed off the anomalous zones, nor had airborne geophysical surveys covered the area due to its proximity to the border with Mozambique.
Globe completed a sampling and ground radiometric survey over part of the central ring complex area of the intrusion outlining several zones of strongly anomalous TREO and Nb responses, numerous zones extended to the limits of the sampling. DY6’s sampling was specifically aimed at either extending or closing off these anomalous zones to the northern and western part of the licence.
The area of the historical sampling was not resampled, but several traverses were made across the outlined anomalous areas to ensure consistency and coherency of results (Figure 2). Absolute values obtained from the DY6 exploration appear to be slightly lower in tenor than the historical data; it is interpreted that this is due to the majority of the DY6 sampling being peripheral to the historical sampling and extending away from the central anomalous area.
DY6 detailed sampling expanded the anomalous areas on 100m x 100m spacing and the more regional and confirmatory sampling was at 100m intervals along lines 500m apart.
Figure 1: Geochemical sampling at Salambidwe prospect
Figure 2: DY6 Anomalous TREO Responses on RTP1VD aeromagnetic data at Salambidwe
The airborne data shown in Figure 2 shows the strong circular and concentric character of the intrusive syenite units at Salambidwe; note the area of anomalism seems to show a more subdued magnetic character, presumably due to alteration. Strong radiometric responses coincide with this area as shown below in Figure 3.
Figure 3 shows the extent of the historical TREO anomalism overlaid on the Total Count (TC) radiometrics image and the anomalous extensions generated by DY6’s exploration sampling.
Though a portion of the western anomalous zone is outside the current tenure; being too close to the Mozambique/Malawi border; this anomalous trend is now >2km long. The anomalous zone to the west of the western zone which does not overlay strong radiometric response requires further exploration. Both soils and rock chips return anomalous responses in this zone.
The eastern zone is approximately 1,700m long and nearly 1,000m wide near its northern limits.
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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.
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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.
