Economy 15-12-2023 13:12 10 Views

DY6 Stakes Highly Prospective Lithium Ground

DY6 Metals Ltd (ASX: DY6, “DY6” or “Company”), a strategic metals explorer targeting Heavy Rare Earths (HREE) and Niobium (Nb) in southern Malawi, is pleased to announce that it has submitted four (4) exclusive prospecting licence applications totalling 746.7km2 in northern Malawi for tenements it considers to be highly prospective for lithium.

HIGHLIGHTS

Exclusive prospecting licences – considered highly prospective for lithium – applied for in northern Malawi, covering a total area of 746.7km2Multiple pegmatite swarms identified from recent field visits with the potential to host lithium mineralisationPegmatites were traced for up to 500m in length, with varying widths between 5m to 25m+Rock chip samples from recent reconnaissance field visit at the Mzimba licence areas have been despatched for laboratory analysisAdditional landholding complements the Company’s existing critical metals portfolio

The licence areas under application are “Mzimba” (West, Central and South) and “Karonga”. The recent applications will expand the Company’s overall strategic footprint in Malawi to a total 1,080 km2. Full details of the licences are annexed to this announcement.

The Company’s geological team recently undertook a reconnaissance field visit over parts of the licence application areas. Seven (7) random reconnaissance rock chip samples from the Mzimba license areas have been submitted for laboratory analysis in South Africa.

The Company’s CEO, Mr Lloyd Kaiser said: “We are very excited about these four strategic lithium license applications in northern Malawi. Field reconnaissance has identified several pegmatite systems, which are currently being worked by artisanal miners for a range of minerals, including the gemstones tourmaline and beryl, and lithium micas. While the Company waits for license granting, the focus of the exploration team will be on undertaking a detailed geological and geophysical review of these three new licence areas over the coming months.”

Mzimba Lithium Project

Located in the Mzimba district of central Malawi about 200km north of the capital Lilongwe, (refer Figure 1A) the Mzimba Project covers an area of approximately 710.5km2 extending through three separate tenements namely: Mzimba West, Mzimba Central and Mzimba South (Figures 1B, 1C and 1D).

A desktop study identified two areas for field inspection by DY6 staff and a field reconnaissance program was conducted over parts of the tenement area during November 2023. The first area is 65km north of Mzimba Township covering portion of the Traditional Authority Mtwalo, Chindi and part of Inkosi Paramount Chief M’belwa.

According to unpublished reports, regional geological mapping and reconnaissance surveys were conducted in the area by British Geological Survey in the 1980’s and the Malawian Geological Survey Department. The results indicated that Mzimba district has potential for a range of gemstones (such as aquamarine, tourmaline, beryl, and ruby) and industrial minerals occurring in pegmatites (Gaskell, 1973).

Click here for the full ASX Release

This post appeared first on investingnews.com
Other news