Shares in DY6 Metals (ASX:DY6) have surged after the company unveiled historical data confirming the rare earth potential at its Tundulu Project in southern Malawi.
As of 1:30pm, DY6 was up more than 413% to $0.20 per share.
The data relates to 55 holes — totalling 7,000m — that were drilled in 2014. Mineralisation remains open towards southern and western directions of Nathace Hill and potentially extends beyond the boundaries of the previously established mineralised area over Tundulu Hill.
Some of the best results include 101m @ 1.02% total rare earth oxides (TREO) and 3.6% phosphorus pentoxide; as well as 97m @ 1.35% TREO and 14.4% phosphorus pentoxide.
CEO Lloyd Kaiser says the historical results further support the potential for a significant carbonatite rare earth deposit with scope to expand the extent of mineralisation in areas that remain largely unexplored.
“We look forward to commencing the preliminary geological model from all the historic drill data,” he says.
“This will improve our knowledge of the mineralised nature of Tundulu and assist in mapping the next phase of exploration activity.”
DY6 notes the mineralogical and metallurgical assessment of recent reports are underway using experienced rare earths and phosphate consultants in Perth. The company aims to begin beneficiation testwork in the third quarter of 2024.
Further, upon granting of the Tundulu licence, the company is also planning fieldwork during the coming months, comprising a comprehensive litho-geochemical sampling program to extend known mineralisation.
DY6 aims to explore the western and southern regions of Nathace Hill, where very limited sampling and drill-testing has been completed.
Write to Aaliyah Rogan at Mining.com.au
Images: DY6 Metals
