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DY6 Metals Ltd (ASX: DY6, “DY6” or “Company”), a strategic metals explorer targeting Heavy Rare Earths (HREE) and critical metals in southern Malawi, is pleased to announce the assay results from the 8-diamond drill (DD) holes (totalling 900m) at its flagship Machinga Project in southern Malawi.
HIGHLIGHTS
- Assays received from the 8-diamond drill hole program (totalling 900m) at Machinga
- Significant intercepts include:
- 15.1m @ 1.01% TREO, 0.36% Nb2O5 from 23.9m (3.71% DyTb/TREO) incl. 4m @ 1.75% TREO, 0.63% Nb2O5 from 33m (3.8% Dy/Tb/TREO) drilled downdip (MDD007)
- 9m @ 0.70% TREO, 0.3% Nb2O5 from 3m (3.84% DyTb/TREO) incl. 2m @ 1.2% TREO, 0.58% Nb2O5 from 6m (3.64% Dy/Tb/TREO) and 5.2m @ 1.61% TREO, 0.66% Nb2O5 from 41.4m (3.99% DyTb/TREO) incl. 1m @ 2.67% TREO, 1.01% Nb2O5 from 44m (3.9% Dy/Tb/TREO) drilled downdip (MDD006)
- 6.1m @ 1.09% TREO, 0.4% Nb2O5 from 22.5m (3.78% DyTb/TREO) (MDD004)
- 7.3m @ 0.8% TREO, 0.33% Nb2O5 from 22.7m (3.70% DyTb/TREO) (MDD005)
- 9m @ 1.11% TREO, 0.41% Nb2O5 from 41m (3.72% DyTb/TREO) incl. 3m @ 1.56% TREO, 0.49% Nb2O5 from 45m (4.1% Dy/Tb/TREO) drilled downdip (MDD008)
- Results returned an average of 29% HREO:TREO and 3.6% DyTb:TREO at a cutoff grade of >0.25%TREO (consistent with RC holes’ final results)
- Results highlight the near-surface and thick intersection intercepted in RC holes MARC005 and MARC016
The Company’s CEO, Mr Lloyd Kaiser said:
“The assay results are showing outstanding intersections across multiple drill holes, especially MMD007 returning 15.1m @ 1.01%TREO with substantial Niobium grade, and a high proportion of valuable heavy rare earth elements from holes drilled for metallurgical material. The successful RC and DD drilling program has greatly improved the geological team’s interpretation of the Machinga system including the structural and lithological controls. The final assay results and historic intersections will feed into our current geological model to guide our next exploration program design. The Company now moves towards progressing a technical evaluation of the mineralisation to target a REO concentrate and Niobium by-product”.
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 from the diamond drill holes, as well as the suggestion of the mineralised zones thickening at depth and open to the NE. Significant drill intercepts received from the final batch of assays are included in Table 2. Significant intercepts include:
- 15.1m @ 1.01% TREO, 0.36% Nb2O5 from 23.9m (3.71% DyTb/TREO) incl. 4m @ 1.75% TREO, 0.63% Nb2O5 from 33m (3.8% Dy/Tb/TREO) (MDD007);
- 9m @ 0.70% TREO, 0.3% Nb2O5 from 3m (3.84% DyTb/TREO) incl. 2m @ 1.2% TREO, 0.58% Nb2O5 from 6m (3.64% Dy/Tb/TREO) and 5.2m @ 1.61% TREO, 0.66% Nb2O5 from 41.4m (3.99% DyTb/TREO) incl. 1m @ 2.67% TREO, 1.01% Nb2O5 from 44m (3.9% Dy/Tb/TREO) (MDD006);
- 6.1m @ 1.09% TREO, 0.4% Nb2O5 from 22.5m (3.78% DyTb/TREO) (MDD004);
- 7.3m @ 0.8% TREO, 0.33% Nb2O5 from 22.7m (3.70% DyTb/TREO) (MDD005); and
- 9m @ 1.11% TREO, 0.41% Nb2O5 from 41m (3.72% DyTb/TREO) incl. 3m @ 1.56% TREO, 0.49% Nb2O5 from 45m (4.1% Dy/Tb/TREO) (MDD008).
(Results returned an average of 29% HREO:TREO and 3.6% DyTb:TREO at a cutoff grade of >0.25%TREO)
Diamond drill holes MDD006, MDD007 and MDD008 were drilled downdip to obtain sufficient sample material to initiate the metallurgical test work program in Q1, 2024. The assay results are positive and significant for the Company as they continue to demonstrate continuity of mineralisation down dip and along strike of Machinga with excellent width and grade of mineralisation for a heavy rare earth rich deposit. As part of the upcoming metallurgical test work program, using core from this campaign, the Company will assess the amenability of the mineralisation to be treated through a relatively simple beneficiation process.
Figure 1. Machinga Project location in Southern Malawi (U radiometric)
The diamond drill program consisted of 5 holes to 150m and 3 holes to 50m depths to determine the structural setting and geology of the Machinga deposit and to obtain material for initial metallurgical studies.
The first 5 holes were to understand the geological nature of the deposit, its structural configuration and obtain contextual data to the results of the RC drillholes, both recent and historical.
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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.
