DY6 Metals (ASX:DY6) has applied for a prospecting licence over a carbonatite ring complex in southern Malawi with ‘significant’ rare earth element (REE) potential, known as Tundulu.
The $6.14 million market capitalisation company recently tackled a reconnaissance field visit over parts of the licence application area, which covers 91.5km-square, and samples have been submitted for laboratory analysis in South Africa.
Previous exploration at Tundulu uncovered ‘significant’ REE mineralisation, mainly in the form of bastnaesite, in addition to ‘substantial’ amounts of apatite, according to DY6.
Further, shallow historical drilling at the project carried out by the Japanese International Cooperation Agency (JICA) in 1988 included hole JMT-22 with 41m @ 3.7% total rare earth oxide (TREO) from 8m and hole JMT-07 with 14m @ 1.1% TREO from 3m.
In the coming months, DY6 will look to secure all available data from government and public sources, as well as carry out a more detailed geological review.
DY6 Metals Chief Executive Officer (CEO) Lloyd Kaiser says Tundulu is a known carbonatite ring complex close to the company’s flagship Machinga project.
“Tundulu will complement our existing REE projects, Machinga and Salambidwe. While the company waits for the licence to be granted, the focus of the exploration team will be on undertaking a detailed geological and geophysical review of this new licence over the coming months.”
“Tundulu will complement our existing REE projects, Machinga and Salambidwe”
DY6 Metals is an emerging supplier of heavy rare earths and niobium. 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