Cazaly Resources (ASX:CAZ) has mobilised a field crew team for an initial exploration expedition at its Carb Lake Rare Earth Element (REE) Project in Ontario, Canada.
On 21 August 2023, a 4-man crew was mobilised to traverse as much of the property as possible and conduct prospecting alongside geological field mapping to determine any areas of float or outcrop suitable for sampling.
The company, which has a market capitalisation of $17.77 million, says all available datasets have been used to plan the reconnaissance trip, including recently acquired high-resolution satellite imagery. This field program will provide Cazaly with ‘essential’ information for planning future exploration activities.
This announcement comes after the company purchased Aeromagnetic survey data from 2011 that provided ‘excellent’ detailed imagery across the bulk of the carbonatite.
Cazaly says the carbonatite demonstrates multiple magnetic circular features within the complex that extend beyond the detailed surveyed area of 3.2km by 3.7km.
The company says while the Carb Lake carbonatite complex is in a very early stage of exploration, the size of the intrusive complex in the area is ‘compelling’.
The Carb Lake REE Project comprises 93 mineral claims covering a ‘large’ +3km diameter circular magnetic anomaly prospective for REEs and niobium.
Cazaly Resources is an Australia-based resources company with a diverse portfolio of mineral projects in Australia, Namibia, and Canada. The company’s portfolio of exploration projects includes the Carb Lake, Halls Creek, Ashburton, Abenab North, Kaoko Critical Minerals, Mckenzie Springs, and Mt Venn projects.
As of 30 June 2023, the company had $6.7 million cash at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Cazaly Resources
