Cazaly Resources (ASX:CAZ) reports it has applied for a new exploration licence for a rare earth element (REE) project in the northern region of Namibia through its 95% owned local subsidiary Philco One Hundred and Seventy Three.
The company says the Abenab North Project lies in the Otavi Mountains Land region of Namibia, located around 450km by road from the capital of Windhoek in an area comprising of the towns of Tsumeb and Grootfontein, is a ‘significantly’ mineralised base metals province with historic production from several mines including Tsumeb (Cu-Pb-Zn-Ag-Ge-Cd), Kombat, Abenab and the Berg Aukas mines.
The exploration licence application EPL9110 Abenab North, has no competing applications according to Cazaly, and covers an area of around 790km-square, and the project is located on the Neo-Proterozoic Damaran platform carbonate succession of the Otavi Group overlying basal clastic sediments of the Nosib Group, which in turn rests upon Paleo-Proterozoic granitic basement.
Cazaly considers the project to be ‘prospective’ for base metals and REE mineralisation evident from limited previous exploration.
Cazaly Resources Managing Director Tara French said should the application be successful, the project presents a fantastic opportunity for Cazaly to add value to its portfolio with potential base metal mineralisation and REE mineralised carbonates.
“To date our investigations indicate that previous work in the area focused more on the Abenab Vanadium Mine located to the south, and no further exploration work was completed on the carbonatites within the licence application area.
I look forward to updating the market with the progress of this application.”
“To date our investigations indicate that previous work in the area focused more on the Abenab Vanadium Mine located to the south, and no further exploration work was completed on the carbonatites”
Cazaly’s share price was up 6.250% as of 2pm AWST.
The company says aside from the REE potential, the project is also highly prospective for Tsumeb-style base metal mineralisation, and Cazaly is currently compiling and assessing the historical database in conjunction with available regional geological and geophysical datasets to plan its exploration programs whilst awaiting grant of the application.
Cazaly Resources is an Australian-based resource company with projects including the Halls Creek Copper Project, the Ashburton Project, the Vanrock Polymetallic Project, the Yabby Gold Project, the Kaoko Cobalt Project in Namibia, the McKenzie Springs Nickel-Graphite Project and the Mt Venn Gold Project.
Images: Cazaly Resources Limited & iStock
