Cazaly Resources (ASX:CAZ) has encountered elevated light and heavy rare earth element (REE) mineralisation following an initial REE rock chip heli-sampling program at its Ashburton Project in Western Australia.
The results, generated by 26 samples collected from the sedimentary units of the Capricorn group over a 50km strike, have delivered total rare earth oxide (TREO) grades up to 0.5% to 1%, and demonstrate elevated heavy REEs including 118 parts per million (ppm) dysprosium (Dy), 179ppm gadolinium (Gd), and 619ppm yttrium (Y).
Adding on, Cazaly Resources notes results also demonstrate elevated light REEs including 431ppm praseodymium (Pr), 1,472ppm neodymium (Nd), 2,070ppm lanthanum (La), and cerium (Ce).
“The anomalous REE results are extremely encouraging”
The company notes these results are also higher than samples previously reported by Fortescue Metals Group (ASX:FMG) from within the Ashburton project area.
Addressing the results, Cazaly Resources Managing Director Tara French said: “The anomalous REE results are extremely encouraging and confirm the extensive 50km regional scale mineralised REE trend at the Ashburton.
The REE mineral enrichment could be related to hydrothermal alteration or accumulation of heavy metals within sedimentary layers of the Capricorn Group. Further work is required to determine the nature of the mineralisation.”
The company also notes these results have been delivered following the discovery of a ‘major’ regional REE trend within the Ashburton project following the completion of a heli-sampling program, as announced by the company in January 2023.
Cazaly Resources is an ASX-listed company that is working to create maximum value for its shareholders through successful acquisition and development, adding further value through effective exploration, and in divesting a range of resource projects. The company’s Ashburton project is located in the Pilbara region of Western Australia, and covers a total landholding of 2,450km-square.
The project is host to ‘major’ regional structures that are considered prospective for ‘large’ mineralised systems in a region that is also host to Northern Star’s (ASX:NST) Paulsen’s gold deposit and Kalamazoo’s (ASX:KZR) Mount Olympus gold deposit.