Ahead of the Noosa Mining Investor Conference, which kicks off tomorrow (17 July), Cazaly Resources (ASX:CAZ) is ready to begin drilling at its Carb Lake Rare Earth Element (REE) Project in Red Lake District, Canada.
Speaking to Mining.com.au, Managing Director Tara French says it is a “great” time to let investors know about what the second half of the year has in store.
“[Carb Lake] certainly has historical data that indicates significant mineralisation potential with the best historical niobium assay from drill core of 7.1%,” she says.
French adds that one of the “largest” niobium producers and suppliers, Brazil-based CBMM, mines at an average grade of 2.5% niobium, while Canadian miner Niobec mines at an average 0.4%.
“Cazaly recently conducted portable x-ray fluorescence on the available historical drill core, that returned up to 0.6% niobium, 1.49% neodymium, and 0.42% praseodymium,” she says.
Cazaly, which has a market capitalisation of $8.76 million, will be presenting at 12.20pm AEST tomorrow and will be discussing Carb Lake, which is a mineralised carbonatite and has “significant” scale.
French says she believes the project, a carbonatite over 3km in diameter, has potential to be the next big niobium and rare earths discovery.
“The presentations are restricted to 10 minutes, and there is only so much that can be covered in this time, so I’d encourage investors to come and have a chat with me at our booth,” she says.
“While our niobium-REE project is our primary focus at the moment, we also have a number of other exciting projects in our portfolio.”
French adds that the company will also be drilling at its Kaoko Lithium Project in Namibia during the third quarter.
Alongside Carb Lake, the company also owns the Sundown Lithium Project in the James Bay region of Quèbec, Canada.
Also in the junior explorer’s portfolio are the Halls Creek Copper, Lyons REE, and Ashburton REE, Gold, and Base Metals projects in Western Australia. The company has two joint venture projects called the Mount Venn and McKenzie Springs projects, both of which lie in Western Australia.
Mining.com.au is a media partner of this year’s Noosa Mining Investor Conference, being held at the Peppers Noosa Resort from 17-19 July. To register click here.
Write to Aaliyah Rogan at Mining.com.au
Images: Cazaly Resources
