Cazaly Resources (ASX:CAZ) will undertake a 3,000m reverse circulation (RC) drilling program at its Kaoko Lithium Project in Namibia following the renewal of its exploration licence by the Ministry of Mines and Energy.
The $13.03 million market capitalisation company says drilling will begin in late Q1 to early Q2 2024 and is supported by ‘positive’ results of infill soil sampling at the Ohevenga lithium prospect.
Cazaly reports a 12km long lithium-in-soil anomaly will be drill tested with RC drilling once approvals of vegetation clearing and drilling permits are received.
The company notes the initial drill phase will test the regolith and fresh rock beneath the highest lithium in soil results on a 200m by 100m grid.
Cazaly believes that elevated lithium will be contiguous across the entire 12km strike length of an original soil anomaly, as reported from a ‘broad’ 1km sample grid which confirmed the continuity of anomalous lithium results in March this year.
Managing Director Tara French says the drilling program will enable the company to develop a better understanding of the distribution of lithium at Ohevenga and the nature of the anomaly.
Cazaly Resources is a diversified mineral explorer and developer with a portfolio of mineral projects scattered across Australia, Namibia, and Canada considered prospective for rare earths, critical minerals, battery metals, and gold.
As of 30 September 2023, the company had $2.825 million cash and cash equivalents at hand, according to its latest quarterly report.
Write to Adam Drought at Mining.com.au
Images: Cazaly Resources