DY6 Metals (ASX:DY6) has received approval from the Malawian Department of Mines for an additional licence area at its Machinga Project in the country.
The combined area for DY6’s heavy rare earths and niobium project has been ‘substantially’ increased to 197km-square.
DY6 is in the process of analysing the government’s regional radiometric and magnetic data set for Southern Malawi and has engaged Southern Geoscience Consultants to process this data over the entire Machinga prospect to better define drill targets.
Subject to future geochemistry results and the results of the re-processing of radiometric and magnetic data, DY6 plans expand the size of the known mineralised area through its next follow-up drilling program.
DY6 Metals Chief Executive Officer (CEO) Lloyd Kaiser says: “The timely grant of the greater licence area at Machinga, pending receipt of the final assays from our maiden drilling campaign at Machinga North, shows the continued support for the company’s progress in Malawi and will allow us to focus on the numerous target areas in the wider area as part of our next drilling campaign.”
“The timely grant of the greater licence area at Machinga … shows the continued support for the company’s progress in Malawi…”
To date, drilling by DY6 has focused on the northern anomaly zone in Machinga, which is a small area of the overall project and remains ‘largely unexplored’.
Reverse circulation (RC) results have shown a ‘very high’ ratio of heavy rare earth oxide to total rare earth oxide (HREO:TREO), at 28%, and dysprosium terbium (DyTb):TREO of 3.6% in samples greater than 0.25% TREO.
DY6 Metals is a heavy rare earths and niobium explorer. The company owns 3 ‘highly prospective’ heavy rare earths and critical metals projects in Southern Malawi.
As of 30 September 2023, the company had $4.714 million cash and cash equivalents at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: DY6 Metals
