Cazaly Resources (ASX:CAZ) is mobilising geologists and a drilling crew to the Carb Lake Rare Earths Project in Ontario, Canada, in August 2024.
Initial field reconnaissance exploration results provide further support that the large Carb Lake carbonatite complex is potentially enriched in niobium and rare earths, and could potentially host “significant” resources.
Cazaly plans to complete 1,200m of drilling to provide better characterisation of the distribution of niobium and rare earths mineralisation across the carbonatite. Drilling is expected to inform the next phase of drilling across the intrusive complex.
At the Kaoko Lithium Project in northern Namibia, Cazaly is planning to conduct a 1,200m reverse circulation drilling program to test and characterise the anomaly across the target area with the highest surface lithium results.
An environmental clearance certificate was renewed by the Ministry of Environment, Forestry, and Tourism and the tree clearing permit was received during the June quarter.
Field preparations are currently underway, so drilling can begin this quarter.
During the second quarter, Cazaly conducted follow-up surface sampling at the Lyons Rare Earths Project in Western Australia. As a result, the company considers the prospectivity of Lyons is no longer sufficient to warrant further work.
As such, Cazaly has surrendered E52/4212, subsequent to the end of the June quarter.
The company has also decided not to proceed with a property option agreement on the Sundown Lithium Project in Canada. This decision alloys a substantial financial commitment and the company retains a 25% interest in the property.
Cazaly Resources will also be exhibiting at Australia’s Diggers and Dealers Mining Forum in Kalgoorlie, held on August 5-7, 2024.
As of 30 June 2024, the company had $5.018 million in cash and cash equivalents at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Cazaly Resources
