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DY6 Metals Ltd (ASX: DY6, “DY6” or the “Company”) is pleased to advise that it has received confirmation from Malawi’s Mining & Minerals Regulatory Authority (MMRA) that the licence area for its Karonga project (previously under application) has now been formally granted as Prospecting Licence No. EL0782/24.
Located in northern Malawi, the licence covers an area of approximately 36km2 and has the potential for copper mineralisation, as confirmed from preliminary reconnaissance/surveillance work undertaken by DY6’s in country technical team.
KEY HIGHLIGHTS
- Karonga Prospecting Licence has been granted over a recently identified high potential Copper (Cu) mineralisation anomalous area in the Karonga district.
- The licence grants to DY6 the exclusive right to prospect for copper, rare earth elements, lithium and other minerals for a term of 3 years with an option to renew the licence for a period not exceeding 2 years.
- Preliminary reconnaissance/ surveillance sampling work on the licence area revealed occurrence of elevated Cu grades, with initial portable XRF results ranging from 1.4 to 7.8% Cu in rock (refer Table 1). Results are to be verified using standard laboratory-based XRF analytical assaying methods*.
- DY6 has recently acquired and completed reprocessing of historic hyperspectral survey data, which has been used to map areas with high probability for copper mineralisation. The results from this exercise correlate well to the mineralisation identified in the sampling work.
- Historic anomalies from regional airborne geophysical radiometric and magnetic data appear to correlate with both the hyperspectral probability copper mineralisation mapping and the preliminary sampling reconnaissance work conducted.
- Exploration for Cu and other minerals will continue on the licence area.
* Cautionary Statement on pXRF – pXRF (Portable X-Ray Fluorescence) results that are announced in this report are from uncrushed, rock-chip samples and are preliminary only. The use of pXRF is an indication only of the order of magnitude of expected final assay results.
Figure 1. Location map of newly granted Karonga licence
The Project is located about 440km north of the capital Lilongwe Figure 1. It can easily be accessed using Karonga-Chitipa M1 Road turning to the west at Kasikisi School signpost along the M1 Road (Figure 2).
Figure 2. Topographical map of the Karonga licence EL0782/24
Geology and Mineralisation
The Karonga area is associated with a series of NW-SE and N-S trending ridges with metamorphic Basement complex rocks commonly identified as windows within the Karroo System which overlies the basement. The Karroo System units are typically sandstones with carbonaceous shale formations.
The eastern part of the licence area is overlain by several patches of Karoo sediments and Cretaceous to recent lacustrine sediments, the interrelations of which are complex due to unconformities and faulting (Figure 3A). This area is part of the northern sub-province of the Malawi Province of the Mozambique belt, active between about 700-400 million years ago. The major lithological components are gneisses and intrusives of the Misuku Belt, representing the south-eastern extension of the Ubendian Mobile Belt of south-western Tanzania into Malawi.
On a more local scale, the licence area is comprised of a suite of quartzite rocks, pegmatitic rocks and amphibole gneisses that intrude into the basement gneissic rocks forming the wall rock of the project area. The lithologies have a general NW-SE trend and are dipping west / south-west at very steep angles ranging from 600 to 850.
The presence of base metals and other related metal mineralisation is evident in the pegmatitic rocks and quartz zone (quartzite) group. The quartzite unit have clear malachite and azurite coexisting with sulphides minerals indicating the presence of copper and other base metals.
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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.
