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.