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Appointment of CEO
Mr Bower's appointment as CEO follows the Company's successful $2.4M placement which will settle today, 23 March 2022 with shares to be allotted tomorrow, 24 March 2022. Funds raised will be used to finalise the acquisition of 10% of REEgenerate Pty Ltd in addition to providing working capital and cash to develop the Company's mineral resource exploration projects.
Mr Bower is an experienced executive and project manager demonstrated across the mining, agricultural and industrial sectors and in particular brings a unique skill set that is highly relevant to our diversified resources Company. Jeremy brings over 15 years' experience dealing with the government, key stakeholders and engineers to obtain project approvals, in addition to strong ESG credentials, which is now demanded by investors and communities alike across the globe. His appointment comes at a time when the Company is focussed on driving a detailed plan to assess and deliver more value from its assets and take steps towards being a significant player in the emerging circular economy.
Mr Bower said, "1 was attracted to the Company because of its unique blend of highly prospective mineral resource projects in addition to the recent investment in REEgenerate, together which form a solid foundation to build value for shareholders".
The Company's non-executive Chairman, Robert Downey said "We are excited to have Jeremy join the Company as CEO. The Board and management have got to know Jeremy well over the past month, and we have no doubt that his experience and can do attitude will ensure he can hit the ground running, and importantly provide value to our loyal shareholders from development of our asset portfolio".
Mr Bower will be employed as CEO on a permanent part time basis of 2 days per week to manage and co-ordinate the development of the Company's current asset portfolio. If the Company requires a full time CEO, the parties agree to discuss and negotiate appropriate terms at the relevant time.
Details of the material terms of appointment of Mr Bower are set out below. The employment agreement between the Company and Mr Bower contains terms usual in employment agreements of its type.v
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This article includes content from Reach Resources, 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.
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Reach Resources Limited
Overview
It’s no secret that the world is pivoting toward clean technology, but it’s not as simple as flipping a switch. Manufacturing green tech calls for higher quantities of critical metals, such as lithium, nickel, and rare earth elements (REEs). REEs are necessary to produce the powerful magnets found in nearly every emerging clean technology, such as electric vehicles and wind turbines. China produces between 80 and 90 percent of all REEs on the planet. This monopoly raises concerns among world governments, as countries with ambitious goals to become carbon-neutral are effectively dependent on China.
The Australian government recognizes this challenge while acknowledging its untapped REEs and critical mineral deposits. The success of Hasting Technology Metals’ (ASX:HAS) Yangibana Project in the Gascoyne Province has rekindled interest in REEs. Reducing its dependence on imported critical metals is why the government committed AU$240 million to critical mineral projects, ranging from mining operations to building new refineries.
Reach Resources Limited (ASX:RR1), is a Perth-based exploration and development company, aiming to develop a critical metals supply chain in Australia through a portfolio of high-potential mineral assets in the prolific Gascoyne Province and an investment in their downstream technology. This diversified critical minerals portfolio comprising lithium, rare earth elements (REE) and niobium (Nb) as well as an advanced gold asset, is strategically located in close proximity to other successful projects in Yinnetharra, Western Australia. Reach Resources' critical minerals projects include the Morrissey Hill Lithium project; Camel Hill Li/REE project; and the Wabli Creek Nb/HREE project.
In addition to its lithium potential, recent results from ongoing exploration at Morrissey Hill also revealed high-grade copper, gold and silver. Assays from a recently concluded rock-chip sampling program included up to 33.2 percent copper, 0.2 grams per ton (g/t) gold and 142 g/t silver.
The company’s Primrose Gold Project presents a strategic opportunity to generate cash flow to fund its promising critical minerals exploration projects. The Primrose Gold Project has a JORC-compliant inferred gold resource estimate of ~1 million tons (Mt) at 3.2 grams per ton (g/t) for 105,000 ounces of gold. In addition, nearby mills within the district could enable Reach Resources to refine its raw materials and quickly generate cash flow.
In addition to its promising mining projects, and to exemplify the Company’s ESG objectives, Reach Resources has also invested in an exciting new REE recycling technology. Recycling discarded neodymium (NdFeB) magnets is the foundation of the company’s long-term strategy. It has invested in REEcycle, a US-based magnet recycling company, leveraging technology pioneered at the University of Houston. The current market solution for recycling these magnets dissolves iron and boron in the process, whereas REEcycle’s technology separates them, which means more value is extracted from discarded magnets. Additionally, pilot testing shows that the new technology can achieve up to 99.8 percent recovery efficiency of the REEs. Reach Resources hopes to bring this technology to Australia.
Reach Resources is led by an experienced management team that builds confidence in its ability to reach its goals. Jeremy Bower, CEO, has over 15 years of experience in the global consulting and mining industry, working with the likes of GHD Pty Ltd and BHP Iron Ore. Robert Downey, non-executive chairman, is a commercial lawyer with over 20 years of experience helping companies in the public and private sectors. Additional experts in the mineral industry and corporate governance round out the management team.
Company Highlights
- Reach Resources is an Australia-based exploration and development company with short- and long-term objectives to create near-term cash flow and long-term value with gold and critical metal-focused projects and technologies.
- The company has recently announced high grade lithium oxide assay results up to 2.3 percent at its Morrissey Hill project and up to 14.3 percent niobium with associated heavy REE’s at its Wabli Creek project. Forward plans are focused on a maiden drill program at Morrissey Hill initially before moving to Wabli Creek.
- Reach Resources wholly owns all its projects that allow for near- and long-term value creation.
- Investing in an emerging magnet recycling technology, REEcycle, diversifies the company’s portfolio and could potentially enable them to bring the US-based technology to Australia.
- A strong management team with decades of diversified experience leads the company toward its ambitious goals.
Key Projects
Morrissey Hill Lithium
Morrissey Hill contains historical high-grade lithium, tantalum, rubidium, cesium, niobium results from rock-chip samples. It adjoins Red Dirt Metals’ (ASX:RDT) Yinnetharra Lithium Project, which recently announced initial assay results from drill intersections including 55.6 meters at 1.12 percent lithium oxide including 15 meters at 1.52 percent lithium oxide from 95 meters.
Geology within Morrissey Hill is consistent with Red Dirt Metals’ “Goldilocks Zone” theory for occurrence of lithium-cesium-tantalum (LCT) pegmatites. Numerous outcropping pegmatites have already been mapped at Morrissey Hill. In addition, results show a 5-kilometer lithium soil anomaly (>100 ppm Lithium) untested by drilling.
Project Highlights:
- Historical high-grade samples: Results from historical rock-chip sampling at Morrissey Hill includes: 1.32 percent lithium oxide; 3.62 percent tantalum pentoxide; 1,936 ppm rubidium; 2,276 ppm cesium; and 1.55 percent niobium pentoxide.
- Sampling Confirms High-grade Lithium: Encouraging assay results confirmed high-grade lithium of up to 2.3 percent lithium oxide; 4,295 ppm caesium and 705.8 ppm tantalum oxide.
- High-grade copper, gold and silver: Recent rock-chip sampling also confirmed up to 33 percent copper, 0.2 grams per ton (g/t) gold and 142 g/t silver.
Wabli Creek REE Project
Pegmatites at Wabli Creek were previously evaluated by Great Mines, Kookynie Resources and Nickel Mines while targeting calcrete-hosted uranium deposits between 1974 and 1983. Two mineralised pegmatites have been the focus of exploration to date at Wabli. Reconnaissance assays indicate significant levels of critical elements like niobium and tantalum. A field program is currently underway at Wabli Creek, which includes detailed surface geochemical soil surveys, mapping the individual niobium-tantalum pits and following the niobium-tantalum-heavy-rare-earth mineralisation along strike.
Projects Highlights:
- High-grade assays: High‐grade results from surface eluvial samples at Wabli Creek include: 14.3 percent niobium pentoxide; 6.7 percent tantalum pentoxide; 3,689 ppm total rare earth oxides (TREO) with 70.3 percent heavy rare earth oxides (HREO)
- Consistent high-grade niobium and HREO: Independent geological experts have advised that the consistent high‐grade niobium and HREO are associated with an approximately 2.5-kilometer-long rare element pegmatite swarm identified from historical records at Wabli Creek.
- Future work: Geophysical work using tight spaced radiometrics, gravity and/or aeromagnetics; petrography study using powder X‐ray diffraction and scanning electron microscopy; and drill testing of key targets.
Camel Hill REE Project
The Camel Hill tenement includes historical rock-chip samples with total rare earth oxide (TREO) results of up to 1,357 ppm - an approximately 3.5-kilometer REE soil anomaly of more than 500 ppm REE. Recorded REE anomalies at Camel Hill correspond with thorium radiometric highs.
Primrose Gold Project
Project Highlights:
- Total inferred mineral resources: 1.035 million tons (Mt) at 3.2 g/t gold for 105,000 oz gold; includes higher grade components with 0.582 Mt at 4.7g/t gold for 87,000 oz gold.
- Well-known Gold Field: This project is known for its gold deposits, with historical results of up to 25 g/t found with old equipment and techniques. Now, more recent exploration programs have indicated the existence of substantial gold at shallow depths with high-grade intercepts.
- Nearby Processing Facilities: Two mills within the district may be available for processing the raw materials. However, the mine may eventually support its standalone mill.
- Robust Infrastructure: The project is located a mere four-and-a-half hours north of Perth, adjacent to the Great Northern Highway. A local roadhouse provides accommodations and maintains a nearby airstrip.
- Blue Heaven Prospect: On August 29, 2022, Reach Resources’ wholly owned subsidiary Cervantes Gold was granted a mining lease over the entire Blue Heaven tenure package within the Primrose Gold Project.
Management Team
Jeremy Bower - CEO
Jeremy Bower is an experienced company executive with a strong technical background spanning the last two decades.
He has worked across a diverse range of industries with a major focus on mining and resources with global consulting firms and BHP Billiton Iron Ore.
Bower has developed a unique skill set over the last twenty years working in technical fields such as contaminated sites, environmental impact assessment and tenure management to project management, corporate affairs and as the chief executive officer for several companies.
With the experience and understanding gained from these fields. Bower brings a highly strategic and detailed focus to company management.
Robert Downey - Non-executive Chairman
Robert Downey is a barrister and solicitor in Western Australia and has practiced as a corporate and commercial lawyer for over 20 years. He advises a wide range of public and private companies, and high-net-worth individuals, concerning commercial and corporate transactions. Downey has been a director of many publicly listed and private companies, offering significant experience as a director. He has particular experience in day-to-day listing rule compliance, disclosure, and governance issues.
Sam Wright - Non-executive Director
Sam Wright has over fifteen years of experience in the administration of ASX-listed companies, corporate governance and corporate finance. He is a member of the Australian Institute of Company Directors, the Financial Services Institute of Australasia, and the Chartered Secretaries of Australia. Wright is currently the finance director and company secretary of PharmAust (ASX:PAA) and non-executive director and company secretary of Structural Monitoring Systems (ASX:SMN). Wright is the company secretary at Buxton Resources (ASX: BUX) and Wide Open Agriculture (ASX:WOA).
Matthew O'Kane - Non-executive Director
Matthew O’Kane is an experienced mineral industry executive and company director with 25 years of experience in the mining, commodities, and automotive sectors. He has held senior leadership roles in Australia, the US, and Asia, in both developed and emerging markets. O’Kane has served on the board and as an executive of mining companies in Canada, Hong Kong, and Australia. He is currently the managing director of Comet Resources, non-executive director of Pursuit Minerals and non-executive director of Azarga Uranium. During his career, O’Kane has worked with companies involved in production, exploration, and development.
Chris Achurch - Company Secretary
Chris Achurch provides company secretarial, corporate advisory, and general consulting services to a number of ASX-listed clients.
$1.118m Placement and Launch of Share Purchase Plan to Fund Completion of HPA Pilot Plant
ChemX Materials Limited (ASX:CMX) (ChemX or the Company), an Australian based high purity critical materials developer, is pleased to advise it has received firm commitments under the Placement from new and existing professional, sophisticated investors to subscribe for 21,937,508 fully paid ordinary shares (Shares) at an issue price of $0.048 per Share to raise approximately$1,053,000.
Highlights
- $1,118,000 raised pursuant to placement to professional, sophisticated investors (“Placement”)
- Launch of Share Purchase Plan (“SPP”) to raise up to a further $500,000.
- Funds raised from Placement and SPP to fund completion of HPA Pilot Plant in O’Connor in Perth, Western Australia.
- Participants of the Placement and SPP to receive one free attaching option for every two shares subscribed for and issued with an exercise price of $0.09 on or before three years from the date of issue (“Attaching Options”) subject to shareholder approval.
- High Purity Alumina (“HPA”) Pilot Plant reaches 80% construction milestone, enabling early-stage commissioning to commence in-line with its original project timeline to deliver first 4N HPA material in Q2 CY2024.
Funds raised under the Placement will be applied towards completion of the HPA Pilot Plant, working capital and costs of the offer.
ChemX has achieved a number of important milestones within its HPA Pilot Plant construction enabling early-stage commissioning activities to commence in the O’Connor facility in Perth, Western Australia.
Over 80% of the critical equipment for the Pilot Plant has been received and the ChemX team is undertaking individual stage early-commissioning activities in line with its original project timeline to deliver first 4N HPA material in Q2 CY2024.
ChemX is well positioned to take advantage of expected increased demand for HPA across electric vehicle battery separators and LED, Synthetic sapphire and semiconductor markets.
The Shares issued under the Placement (other than those to be issued to Directors) will be issued pursuant to the Company’s available placement capacity under ASX Listing Rule 7.1A (9,534,317 Shares) and 7.1 (12,403,191 Shares).
SHARE PURCHASE PLAN
In addition to the Placement, the Company will be offering eligible shareholders the opportunity to participate in the Company’s capital raising activities via the SPP for up to a further $500,000 (before costs and with the ability to take oversubscriptions) from the issue of 10,416,667 Shares.
Under the SPP, eligible Shareholders will be able to subscribe for Shares up to the value of $30,000 at an issue price of $0.048 per Share. In addition, the Company will separately offer one free Attaching Option for every two new Shares issued, exercisable at $0.09 per Share and expiring 3 years from the date of issue.
Documentation relating to the SPP and a Prospectus for the issue of the Attaching Options will be sent to eligible shareholders shortly.
The Attaching Options offered under both the Placement and SPP are subject to Shareholder approval and will be offered under a prospectus to be lodged shortly by the Company. The Attaching Option terms and conditions are included in Annexure A.
The issue of Shares under the Placement is not subject to shareholder approval as it falls within ChemX’s available placement capacity under Listing Rules 7.1 and 7.1A. A Notice of Meeting to approve the issue of Attaching Options under the Placement and SPP, Director participation in the Placement and other matters as necessary will be circulated in due course.
At the conclusion of the Placement, the Company will have 118,634,847 Shares on issue. Following the SPP offer to raise $500,000 (with the ability to take oversubscriptions), the Company will have a total of 129,051,514 Shares on issue.
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This article includes content from ChemX Materials, 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.
Exploration Progress at Salambidwe
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.
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.
Senior Debt Process Initiated for Caldeira REE Project
The Export/Import Bank of the United States initiates a non-binding Letter of Interest for the Caldeira Project in Minas Gerais, Brazil
Meteoric Resources NL (ASX: MEI) (Meteoric or the Company) is pleased to announce it has initiated debt funding enquiries for its 100%-owned Caldeira Rare Earth Ionic Clay Project, located in the state of Minas Gerais, Brazil.
As a result of the ongoing advancement of Meteoric’s Caldeira Project, the Company has attracted the interest of both Export Credit Agencies (ECAs) and government lenders.
The Caldeira Project is a globally significant endowment of Rare Earth elements, further enhanced by its proximity to REE separation facilities in the Western Hemisphere. The Company is gearing up to mine and process high value Neodymium, Praseodymium (NdPr) and the highly sought Dysprosium and Terbium (DyTb). These four magnetic rare earth elements are critical for the generation of essential clean energy for the future.
With the support of Sprott Capital Partners (SCP), Meteoric has engaged Washington D.C.-based Woodford Resources for the initial phase of the Senior Debt Financing process. This has culminated in the Company receiving a non-binding Letter of Interest from the United States, Export-Import Bank (EXIM). Any financing support from EXIM following the Letter of Interest is subject to EXIM’s policies, procedures, credit requirements, and consideration by EXIM’s Board of Directors
The indicative terms of the potential financing are as follows:
- Facility amount of up to US$250M for United States origin equipment, goods and services.
- Subject to, but not limited to, typical conditions for financing but not yet defined.
- The willingness and interest of both parties to progress to a binding debt arrangement.
Meteoric is continuing to advance all aspects of the Caldeira Project, focussing on permitting, resource confidence, metallurgy and engineering studies. These studies are crucial to the progression of the EXIM due diligence process as Meteoric targets a Financial Investment Decision (FID) late in 2025.
In the event that the financing is approved by EXIM, the US$250M EXIM facility would have the potential to cornerstone a broad funding mix for the Caldeira Project. Meteoric is continuing to work with EXIM and other potential financiers and the details of any agreements will be announced on formalisation.
Chief Executive Officer, Nick Holthouse commented,
“We are delighted to start this process with the EXIM bank, an important step in our Debt Financing strategy for the Caldeira Project.
In recent years, there has been increased awareness of the deficiencies in the Western Supply chains for Rare Earth mining and downstream processing. Meteoric, through the Caldeira Project and support from the EXIM Bank, intends to play a part in re-building an independent and vertically integrated rare earth supply chain of scale. This is the first step in de-risking the funding aspect of Caldeira Project and we look forward to securing senior debt terms over time as we progress permitting, resource engineering and metallurgical packages and advance towards an FID.”
Click here for the full ASX Release
This article includes content from Meteoric Resources, 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.
ChemX Materials Limited (ASX: CMX) – Trading Halt
Description
The securities of ChemX Materials Limited (‘CMX’) will be placed in trading halt at the request of CMX, pending it releasing an announcement. Unless ASX decides otherwise, the securities will remain in trading halt until the earlier of the commencement of normal trading on Monday, 25 March 2024 or when the announcement is released to the market.
Issued by
ASX Compliance
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This article includes content from ChemX Materials, 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.
Major High-Grade Fluorspar Discovery
Peak Rare Earths Limited (ASX: PEK) (“Peak” or the “Company”) is pleased to announce the final set of assay results from its critical minerals exploration programme, which is targeting the multi-commodity potential of the Ngualla carbonatite system.
- Critical minerals exploration programme is supporting the multi-commodity potential of the Ngualla carbonatite system
- Completion of all remaining assays from the current drilling:
- 7 RC drill holes from the Northern Zone as well as 11 RC and 2 DD drill holes from the Breccia Zone
- Assays from Breccia Zone confirm outstanding high-grade thick intercepts of fluorspar supporting the potential of a globally significant fluorspar deposit:
- NRC390: 80m at 30.8% CaF2 from surface including 10m at 53.3% CaF2 from 34m
- NRC408: 34m at 44.2% CaF2 from surface including 10m at 59.2% CaF2 from surface
- NDD048: 68m at 30.6% CaF2 from surface including 6m at 61.5% CaF2 from surface and 8m at 58.1% CaF2 from 12m
- Prospectivity of Breccia Zone further enhanced by significant high-grade rare earth mineralisation as well as elevated levels of niobium:
- NRC408: 34m at 3.77% TREO from surface including 8m at 4.87% TREO from 2m and 16m at 4.63% TREO from 14m
- Final assays from Northern Zone extend the area of high-grade phosphate mineralisation, supporting the recently identified opportunity to supply phosphate into local fertiliser sector:
- NRC384: 28m at 16.7% P2O5 from 6m and 41m at 22.9% P2O5 from 39m to end of hole
- NRC388: 40m at 20.3% P2O5 from 6m,
- Ongoing engagement with strategic parties around low-cost phosphate and fluorspar development options that could complement the delivery of the Ngualla Rare Earth Project
- Further drilling to be evaluated as part of the next phase of the exploration programme
Assay results cover a maiden drilling campaign in the Breccia Zone, comprising of 11 Reverse Circulation (“RC”) and 2 Diamond Drill (“DD”) holes. They confirm extensive high-grade and thick intercepts of fluorspar across the Breccia Zone (Figure 1) supporting the potential of a globally significant fluorspar deposit at Ngualla. High-grade rare earth mineralisation and elevated levels of niobium have also been intercepted within the Breccia Zone; further enhancing the prospectivity of the area.
The final set of assays from 7 RC holes within the Northern Zone have also been finalised. These demonstrate further high-grade intersections of phosphate, further extending the existing extent of phosphate mineralisation in the south direction.
Both fluorspar and phosphate are increasingly strategic critical minerals:
- Fluorspar is used in electrolytes within lithium batteries and to purify graphite anodes; and
- Phosphate is used in lithium iron phosphate EV batteries and fertilisers, which are critical to boosting food security and agricultural yields in Tanzania and East Africa.
Commenting on the assay results, Bardin Davis, the CEO of Peak, said:
“The results from our maiden drilling campaign in the Breccia Zone are extremely exciting and confirm a major fluorspar discovery. Fluorspar is an increasingly strategic critical mineral, and we have the potential of a globally significant deposit. The final assay results from the Northern Zone are also very pleasing and further extend the mineralisation area of high-grade phosphate.
We intend to further assess the potential for low-cost development options for these two commodities”.
Results overview
The assay results from 18 RC holes and 2 diamond holes across the Northern Zone and Breccia Zone covering a total of 1,533m are included within this latest batch of results (Figure 2). Drilling in the Breccia Zone has targeted the southern and northern extent of the area where previous trench samples identified high-grade fluorspar at surface. The final set of drill holes from the Northern Zone has focused on infill between the current mineralised area and the Bastnaesite Rare Earth Zone, which lies ~1km south of the Northern Zone.
All assays pertaining to the current drilling campaign have been completed and covered a total of 57 drill holes for a total of 4,200m (Table 1).
Table 1. Drilling summary – 2023 exploration campaign
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This article includes content from Peak Rare Earths Limited, 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.
Rock Chip Assays up to 6.2% Li2O from Initial Reconnaissance
DY6 Metals Ltd (ASX: DY6) (“DY6”, “the Company”) is pleased to provide this update to shareholders on its initial lithium focused ground reconnaissance program completed late last year at its Mzimba South (Figure 1) and Afro Gifts (Karonga South) licence (Figure 2).
HIGHLIGHTS
- DY6 has undertaken the first lithium focused exploration program reported in Malawi – initial reconnaissance indicates huge potential for a major Li discovery
- Initial ground reconnaissance sampling at Mzimba South licence returned grades of 6.2% Li2O (lepidolite mica) and 0.3% Li2O (pegmatite rock assemblage), and also high in cesium and rubidium with significant potential for LCT pegmatite hosted mineralisation
- The first pass program at Mzimba South consisted of 8 samples from 5 outcrop locations, where artisanal workers have been excavating pegmatites for gemstones (tourmaline, aquamarine and beryl)
- The exposed pegmatites are heavily kaolonised, with the lepidolite and quartz zones appearing less weathered
- A recent follow-up rock chip sampling program consisting of 6 samples from 6 outcrop locations has been undertaken at Mzimba South and Central, with samples being prepared for dispatch to SGS South Africa
- The Mzimba licences cover a very large area (710.5km2) and remain significantly underexplored for LCT pegmatites
- DY6 has recently submitted environmental and social management plans (ESMPs) for Mzimba, Karonga and Tundulu, with the licences expected to be granted in the coming weeks
- Following grant, DY6 is preparing to undertake a more detailed mapping and sampling program across these new lithium projects
Figure 1. Location map of the Mzimba Lithium Projects (Central, West, and South)
Assay results were received from eight (8) samples from Mzimba and eleven (11) samples from Karonga project (Afro Gifts Licence Area) providing indications of locally fractionated pegmatite systems which have the potential to host lithium mineralisation. The Mzimba samples were collected from an artisanal mining area in the Southern licence targeting gemstones with the pegmatites identified by observing the presence of weathered quartz, large flakes of weathered biotite, muscovite and phlogopite micas and kaolinised feldspars (Figure 3).
Figure 2. Location map of Karonga Li Project, granted licence EPL0659, which adjoins the Company’s recent licence application (APL0526)
Figure 3. Core of the opened pegmatite showing Quartz crystals, books of Muscovite micas and K- feldspar with matrix of Albite feldspar
One rock chip sample composed predominantly of Mica with minor Quartz, and Feldspar returned exceptional Lithium grade (Li2O) of 6.2% and notably high in Cesium (Cs) and Rubidium (Rb), all excellent LCT mineralisation pathfinders. The samples were collected at the far NE region of the southern licence with the observance of outcropping along strike direction ranging NNE to WSW. (Figure 4). Furthermore, on a visual observation perspective, the topography and geology of the three Mzimba tenements are similar and as such the strike length of the pegmatites of the three tenements combined is significantly high.
The standout rock chip samples were:
- 0.279% Li2O, 1,018ppm Cs and 3,802ppm Rb (01A)
- 6.20% Li2O, 3,089ppm Cs and >10,000ppm Rb (01C)
The sample (01C) highlighted in (Figure 5a) has a low K:Rb (potassium to rubidium) ratio <7 indicating the prospectivity of Mzimba with numerous pegmatite zones identified to date. The analysis and anomalous Rb concentration along with mineral identification implies the presence of lepidolite mineralisation in the sample. A similar rock chip sample (MZB006) (Figure 5b) was collected from the same district in a recent field visit in February and appears composed of lithium hosted in Lepidolite mica. Pegmatites and potential lithium rich micas are evident across the Mzimba prospects with future exploration work to determine the extent of the lithium bearing pegmatites.
Our early-stage assays of 11 samples of pegmatite intrusions at Karonga South have delivered the geochemical information required to develop an understanding of the intrusive fractionation processes that have occurred in the district and identifying the location of fractionated rocks is the first important step to the discovery of pegmatitic LCT mineralisation. The initial sampling focused on a small area of the Afro Gifts licence and future exploration in the coming weeks will target a strike zone from South to North.
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