Cazaly Resources (ASX:CAZ) is continuing to review new opportunities for its assets at Halls Creek in Western Australia while it prepares for drilling at its Carb Lake Rare Earth Element Project in Ontario, Canada.
The $7.72 million market capitalisation company says drilling at Carb Lake will be the first program to be undertaken in more than 50 years. The program is scheduled to begin late in Q3 2024, pending approvals.
A drilling contractor has been secured to lead the program. In the interim, Cazaly is continuing discussions with the Sachigo First Nations people to establish a memorandum of understanding for all drilling and future exploration programs at Carb Lake.
Drilling is expected to provide a better understanding of the distribution of REE and niobium mineralisation across the carbonatite, and will inform further drilling across the intrusive complex.
Also in Canada lies the company’s Sundown Lithium Project in Quebec, where during the previous quarter results from surface rock chip sampling confirmed a portion of the project as a primary exploration target for lithium-caesium-tantalum pegmatites.
Cazaly is currently reviewing its options to support ongoing works at Sundown, including helicopter-supported exploration programs.
The company is also exploring opportunities for its assets at Halls Creek in Western Australia, near the border with the Northern Territory.
According to Cazaly, results from a Scoping Study at AuKing Mining’s (ASX:AKN) Koongie Park Copper-Zinc Project, which include mineralisation from Cazaly’s Halls Creek Project and Bommie copper deposits, confirm the potential for a competitive operation.
The AuKing study assessed four deposits, including the mineral resources at Cazaly’s Mt Angelo North (1.72 million tonnes @ 1.4% copper, 1.4% zinc, and 12.3 grams per tonne silver) and Bommie (95.6Mt @ 0.27% Cu) deposits.
Meanwhile, the company is expecting to imminently get additional drilling underway at its Kaoko Lithium Project in Namibia once an environmental clearance certificate (ECC) is renewed.
The renewal of the ECC is currently being assessed by the Ministry of Environment, Forestry and Tourism.
Cazaly closed the quarter with $5.2 million in cash and cash equivalents at hand.
Cazaly is a diversified mineral explorer with a portfolio of projects considered prospective for a range of commodities in Canada, Namibia, and Australia.
Write to Adam Drought at Mining.com.au
Images: iStock
