Cazaly Resources (ASX:CAZ) has completed its initial phase of surface sampling campaign at its Lyons Rare Earths Element (REE) Project in Western Australia.
Following an initial reconnaissance scouting expediting, acquisition, and processing of multi-spectral data, 4 preliminary target areas were selected for stream sediment sampling to test the potential for REE and base metal mineralisation.
The $13.43 million market capitalisation company collected 213 surface geochemical samples, which have been submitted to ALS Laboratories in Perth.
These sample results are expected to be returned before the end of this quarter.
As previously reported, snapped up the 1,000km-square tenure from a privately held company Murchison REE.
The Lyons project sits within the emerging REE district of the Gascoyne Province.
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, the company had $2.8 million cash at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Cazaly Resources