Cazaly Resources (ASX:CAZ) is lining up further mapping and surface sampling at its Sundown Lithium Project in Quebec, Canada.
The $12.27 million market capitalisation company says further exploration is being planned after posting analytical results from initial rock chip samples collected in late October 2023 at Sundown.
Results indicate pegmatitic granites of the Gladman suite are fertile and highlight several areas, mostly in the north and west, with well constrained anomalies that are open along strike.
Managing Director Tara French says future exploration will focus on uncovering potential lithium-caesium-tantalum (LCT) pegmatites in the mapped 260km-square area.
“The results at Sundown confirm the fertile nature of the granites, and we are now in the process of generating target areas and vectors. We have merely scratched the surface of the project given that we have only tested ~1% of the project area.
To date, only 1% of the 260km-square project has been tested.
Discussions with the Sachigo First Nations, regarding Cazaly’s Carb Lake rare earth element (REE) Project in Quebec, is also ongoing.
The company hopes to establish a memorandum of understanding (MoU) for drilling activities and future exploration programs.
Field logistics planning continues and negotiations are underway with several drilling companies. Cazaly reports drilling will test the carbonatite complex in areas of high and low magnetic response, as well as provide better characterisation of the distribution of REE and niobium mineralisation.
French says: “In addition, we are pleased to be progressing our Carb Lake REE project with a view to getting on the ground and testing this huge carbonatite following the appropriate government approvals and First Nations agreements.”
Cazaly Resources is a Perth-based diversified mineral explorer and resources developer focused on its assets across Australia, Canada, and Namibia.
As of 30 September 2023, Cazaly Resources had $2.825 million cash and cash equivalents at hand, according to its latest quarterly report.
Write to Adam Drought at Mining.com.au
Images: Cazaly Resources
