Cazaly Resources saddles up for busy H2 2023 after ‘enhancing’ exposure to battery and critical minerals in Q2

Cazaly Resources (ASX:CAZ) is planning a channel sampling program across the stratigraphic unit at its Ashburton Project in Western Australia. 

During the June 2023 quarter, Cazaly planned a follow-up surface sampling program across the rare earth element (REE) trend where previous helicopter support surface sampling returned 7 samples with anomalous total rare earth oxide (TREO) above 0.5% and 2 samples above 1% TREO. 

The company says this second phase of sampling will include close-spaced surface rockchip sampling and geological mapping to provide more information on the style, width, and distribution of the REE mineralisation. 

In the company’s latest quarterly report released today (27 July 2023), Cazaly says it has enhanced its exposure to the battery and critical minerals markets through strategic acquisitions of 2 ‘highly prospective’ projects in Canada. 

In April, Cazaly secured an option agreement to acquire the Carb Lake rare earth elements project in Canada and completed the acquisition in June, following extensive due diligence.

Cazaly also entered into a binding agreement in May to acquire the Sundown Lithium Project in the James Bay lithium province. 

The company is continuing to progress with due diligence at Sundown and plans to conduct an initial field reconnaissance mapping and rock chip sampling program to assess the ‘large’ number of documented outcropping pegmatites for spodumene and lithium mineralisation, upon completion of due diligence. 

Cazaly adds that this will be part of the company’s exploration strategy to drill test the best targets in the subsequent phase of exploration. 

As of 30 June 2023, the company had $6.7 million cash and investments at hand. 

Commenting on the past quarter, Cazaly Resources Managing Director Tara French says: “Cazaly is delighted to secure the Sundown Lithium Project in the James Bay lithium province in Canada, as well as the outright acquisition of the Carb Lake Rare Earth Project in Canada’s Red Lake mining district. 

The Cazaly team cannot wait to start conducting modern, systematic exploration to further improve our understanding of the potential scale on offer at Sundown and Carb Lake. 

Meanwhile, progress has also continued at Cazaly’s other assets during the quarter, namely the positive Scoping Study completed by AuKing, which modelled operations at the company’s Hall Creek and Boomie copper projects. 

With 2 major acquisition opportunities this quarter, we are even better placed to continue the business model with a view to progress the best assets to development”

With 2 major acquisition opportunities this quarter, we are even better placed to continue the business model with a view to progress the best assets to development.”

Cazaly Resources is an ASX-listed company with a diverse portfolio of mineral projects across Australia, Namibia, and Canada.

Write to Aaliyah Rogan at Mining.com.au

Images: Cazaly Resources Ltd
Author Image
Written By Aaliyah Rogan
Relocated from the East Coast in New Zealand to Queensland Australia, Aaliyah is a fervent journalist who has a passion for storytelling. When Aaliyah isn’t writing stories, she is either spending time with friends and family or down at the beach.