AI depicts what it thinks rare earths located at the surface could look like. Source: Adobe Stock
The Market Online - At The Bell

Join our daily newsletter At The Bell to receive exclusive market insights

DY6 Metals (ASX:DY6) shares are up 215% to 12cps on the back of fresh historical assay results from its rare earth (REE) project in Malawi, Africa.

The market appears to be responding – strongly – to the good concentrations and shallow depths reflected in assay results from 2014 unearthed by DY6 at Tundulu Hill.

Among the total rare earth oxides (TREO) results published on Monday were included:

  • 101m @ 1.02% TREO from surface
  • 97m @ 1.35% TREO from surface
  • 91m @ 1.09% TREO from 46m depth
  • 85m @ 1.04% TREO from 22m depth
  • 100m @ 1.09% TREO from 309m depth

The results ultimately indicate the potential for “a significant REE project enriched in REE-mineralised carbonatites.”

Carbonatites are seen as a desirable geological trait for an REE play, given it’s relatively easier to process than some clay-based materials and harder types of rock.

The company interprets mineralisation to remain open to the south and west and “potentially extends beyond the boundaries of the previously established mineralised area over Tundulu Hill.” The company expects to receive grant of the licence “imminently.”

In the background, complementary to historical drill results, the company is also assessing recent metwork reports – drawing on expert third parties in Western Australia – ahead of what is planned to be beneficiation test work in Q3 of CY24.

At Tundulu Hill, a central prospect area of interest is an asset called “Nathace Hill” where today’ drill results from 2014 were plucked from.

“These additional historical results further illustrate the potential for a significant carbonatite rare earth deposit with scope to expand the extent of mineralisation over the southern and western side of Nathace Hill and across Tundulu Hill, areas that remain largely unexplored,” company CEO Lloyd Kaiser said.

“We look forward to commencing the preliminary geological model from all the historic drill data. This will improve our knowledge of the mineralised nature of Tundulu and assist in mapping the next phase of exploration activity.”

DY6 Metals last traded at 12cps.

DY6 by the numbers
More From The Market Online
The Market Online Video

ASX Market Close: Consumer Discretionary rises ahead of interest rates decision | June 14, 2024

The ASX200 is down a third of a per cent to close the week. All sectors…
The Market Online Video

ASX Market Update: ASX slips 0.3%, Discretionary is the only sector to rise | 14 June, 2024

The ASX200 is trading down around 0.3%. The discretionary sector has made gains of 0.3%, all…

Week 24 Wrap: US contagion sentiment not so contagious; iron ore remains pressured

It was, overall, a lacklustre week for the ASX. We only saw one green day on…
The Market Online Video

Geology is King: Sun Silver says Maverick Springs will outshine high-grade Australian mines

Sun Silver Ltd (ASX:SS1) is seeking gold, silver and pathfinder elements at their Maverick Springs project…