DY6 Metals

Option to Acquire 80% of Karonga Lithium Project

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 entered into an exclusive option to acquire an 80% interest in the Karonga Lithium Project (granted licence EPL0659) (the Project) located in northern Malawi.


HIGHLIGHTS

  • DY6 has secured a 6-month option to acquire an 80% interest in the Karonga Lithium Project located in northern Malawi, a granted licence covering a total area of 39km2
  • The licence borders the Company’s recent exclusive prospecting license application at Karonga (for a combined ~75km2)
  • Reconnaissance field work at the Karonga Lithium Project identified a number of pegmatites of up to 500m metres in length with the potential to host lithium mineralisation
  • Rock chip samples taken from the Karonga Lithium Project include visually observed spodumene and lithium micas (lepidolite)*. Samples have been despatched for laboratory analysis in Johannesburg
  • The Company is planning on undertaking a detailed geological mapping and sampling program across the Project early in 2024

The granted licence covers ~39km2 and adjoins the Company’s recent license application at Karonga (together, both licences cover ~75km2).

The Company’s geological team recently undertook a reconnaissance field visit at the Karonga Lithium Project. Ten reconnaissance rock chip samples from four outcrops were collected and have been submitted for laboratory analysis in South Africa.

The Company’s CEO, Mr Lloyd Kaiser said: “We are pleased to have reached an agreement to secure an 80% interest in the Karonga Lithium Project in northern Malawi. The project adjoins our recently applied for prospecting license near Karonga, adding scale potential. Importantly, field reconnaissance at the project identified a number of pegmatites – up to 25 metres in width and 500 metres in length – with visually observed lithium-bearing minerals. We await assay results from the reconnaissance rock chip sampling and look forward to getting back on the ground in the coming weeks.”

Karonga Lithium Project

Figure 1. Location map of Karonga Li Project, granted licence EPL0659, which adjoins the Company’s recent licence application (APL0526)

Figure 2. Topographical map of the Karonga Lithium Project

The Project is located about 440km north of the capital Lilongwe (refer Figure 2) and covers a total area of approximately 39.27km2. The area can easily be accessed using Karonga-Chitipa M1 Road turning to the west at Kasikisi School signpost along the M1 Road.

The Karonga area is associated with a series of 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 shales formations.

Pegmatite float material was noted in the Mwesa River which cuts NE-SW through the area. The sampling focused on pegmatite intrusions that are traceable for up to 500m in length. In hand specimen, these pegmatites have high percentages of albite, microcline and occasional K-feldspar with associated muscovite and biotite micas. The pegmatites are within the basement complex as biotite schist and gneisses with medium sized dark coloured micas. Quartz-feldspathic granulites were also observed. Exposures of these were found with copper coatings on joints and weathered reddish brown cuprite was observed.

Within the pegmatites, light greenish to purplish elongated feldspar-like crystals were observed, using a hand lens and tentatively identified as spodumene*. Samples were collected and some had structures which shows shearing effect depicting the structure of spodumene (refer Table 1).


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.

DY6:AU
DY6 Metals

DY6 Metals Investor Kit

  • Corporate info
  • Insights
  • Growth strategies
  • Upcoming projects

GET YOUR FREE INVESTOR KIT

The Conversation (0)
DY6 Metals

DY6 Metals


Keep reading...Show less
DY6 Metals

Heavy Rare Earths & Niobium Explorer DY6 Metals Lists On ASX Following Successful $7M IPO

Heavy rare earths and niobium explorer DY6 Metals Limited (ASX: DY6) (“DY6”, “the Company”) is pleased to announce that its shares will begin trading on the Australian Securities Exchange at 9am Perth today.

Keep reading...Show less
ChemX Materials (ASX:CMX)

ChemX Materials


Keep reading...Show less
DY6 Metals

Rock Chips of up to 3.22% TREO Identified in Newly Granted Machinga Licence

Heavy rare earths (HREE) and Niobium (Nb) explorer DY6 Metals Ltd (ASX: DY6) (“DY6”, “the Company”) is pleased to announce the receipt of the assay results for the second comprehensive reconnaissance rock chip and soil sampling program completed at Machinga Main Licence Area Anomaly (Figure 1).

Keep reading...Show less
Rare earth elements on the periodic table.

Rare Earth Elements Prices 101 (Updated 2024)

From electric vehicles and wind turbines to water treatment and nuclear power, rare earth elements (REE) are critical for many of the technologies necessary for a cleaner, greener economy and world. However, understanding pricing for these commodities can be tricky.

There are 17 rare earth minerals in all, and each is classified under different groups — typically light rare earths and heavy rare earths. Prices are available for multiple individual and mixed products, including for the rare earths used in permanent rare earth magnets, so it can all seem a bit overwhelming.

“The supply chain for rare earth materials and permanent magnets is complex, regionally concentrated and marked by a lack of transparent pricing,” according to international price reporting agency Fastmarkets. “This can lead to unpredictable costs, budgeting difficulties and supply insecurity. Geopolitical tensions further add to this uncertainty.”

Keep reading...Show less
Asra Minerals Limited

Asra Declares Maiden MRE for Yttria Ree Deposit

Asra Minerals Limited (ASX: ASR) is pleased to announce its maiden JORC (2012) Mineral Resource Estimate (MRE) for its 100%-owned Yttria Rare Earth Element (REE) Deposit, located on its Mt Stirling Project near Leonora in the Goldfields region of Western Australia.

Keep reading...Show less
Appia Rare Earths and Uranium President Stephen Burega.

Appia’s Uranium, Rare Earths Assets Make for Compelling Investment Option, President Says

Appia Rare Earths and Uranium (CSE:API,OTCQX:APAAF) President Stephen Burega said his company is a compelling investment opportunity given the progress made with its PCH rare earths project in Brazil and uranium assets in Saskatchewan.

Appia recently announced a maiden resource estimate for PCH, reporting indicated resources of 6.6 million metric tons (MT) grading 2,513 parts per million total rare earth oxides, and inferred resources of 46.2 million MT at 2,888 parts per million.

“The next step (for the PCH project) would be to further the overall size of the existing zones that we've identified, the Buriti zone and the Target IV. There's expansion potential all around the area. Then we'll be targeting additional areas outside of that core and drill-testing new targets across the entirety of the property. So it's going to be a busy 2024 and 2025,” Burega said.

Keep reading...Show less
Eclipse Metals

Eclipse Metals


Keep reading...Show less
DY6 Metals

DY6 Metals Investor Kit

  • Corporate info
  • Insights
  • Growth strategies
  • Upcoming projects

GET YOUR FREE INVESTOR KIT

Latest Press Releases

Related News

×