DY6 Metals (ASX:DY6) has identified potential widespread rare earth element (REE) mineralisation across the majority of the diamond drill cores at its Machinga Project in southern Malawi.
The $9.99 million market capitalisation company has completed a maiden drilling program at the project that consisted of 35 reverse circulation (RC) holes for 3,643m of drilling and 8 diamond drillholes for 900m.
DY6 says the REE mineralisation visually identified in the majority of drill cores at the Machinga North prospect indicates the potential for a ‘large’ mineralised system over numerous zones.
Assaying of the first and second batch of RC drill chips is currently underway at Intertek Perth. Results are expected to be progressively released over the coming months.
Commenting on the conclusion of the drill program, DY6 Metals Chief Executive Officer (CEO) Lloyd Kaiser says: “DY6 has reached a significant milestone with the completion of its maiden drilling program on the Machinga North prospect.
The company is pleased by the widespread visual rare earth mineralisation across the majority of diamond holes from its initial drilling campaign and the program provides an extensive sample set for future delineation of the deposit.
“We are optimistic that future assay and mineralogy results will further quantify visual assessment of the rare earth mineralisation in the core samples“
We are optimistic that future assay and mineralogy results will further quantify visual assessment of the rare earth mineralisation in the core samples.”
Once assays are available, the geological team will begin a full geological interpretation of Machinga North in order to determine the controls on mineralisation and uncover the most prospective areas for further evaluation.
Meanwhile, DY6 reports full assay results have been received from a soil sampling program conducted at Machinga North. The soil results indicate that ‘significant’ potential exists uphill and to the south of the initial focus of drilling activity.
A rock chip sampling program is also underway in the southern area of anomalous soil responses. The company notes it will be worthwhile to extend the area of soil sampling further to the south at Machinga.
DY6 Metals is a minerals exploration and development company focused on heavy rare earths and critical metals projects in Malawi. As of 30 June 2023, the company had $6.727 million cash and cash equivalents at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: DY6 Metals
