DY6 Metals - Quarterly Activities Report for June 2024
DY6 (DY6) Share Update July 2024 Wednesday 24th
DY6 Metals Reports Significant Progress in Malawi Exploration Projects
DY6 Metals Ltd (ASX: DY6) has released its quarterly activities report for the period ending 30 June 2024, highlighting significant advancements in its exploration projects in Malawi.
Instant Summary:
- High-grade drill intercepts reported at Tundulu, including 101m @ 1.02% TREO and 3.6% P2O5 from surface.
- Formal granting of the Tundulu Project licence by the Malawian Department of Mines.
- Engagement of Met Chem Consulting for initial metallurgical evaluation at Tundulu.
- Completion of a 727-sample rock chip and soil sampling program at Machinga.
- Commencement of reconnaissance sampling at Ngala Hill PGE, Cu & Ni Project.
Tundulu Project
During the June 2024 quarter, DY6 Metals reported historical high-grade drill intercepts at its Tundulu Project in southern Malawi. These intercepts include 101m @ 1.02% TREO and 3.6% P2O5 from surface, among others. The Tundulu Project, a known carbonatite complex, has now received formal grant approval from the Malawian Department of Mines.
DY6 has engaged Met Chem Consulting to review historical test work and assess findings from a 2017 metallurgical report. Initial trench sampling at Nathace Hill has been completed, with approximately 150kg of samples collected for further testing.
Machinga Project
At the Machinga Project, DY6 completed a comprehensive rock chip and soil sampling program, collecting a total of 727 samples. Significant rock chip samples returned up to 3.22% TREO and 0.75% Nb2O5. The sampling highlighted the scale potential of REE mineralization in the newly granted licence area.
Ngala Hill Project
DY6 has commenced a reconnaissance sampling program at its Ngala Hill PGE, Cu & Ni Project. The project area has identified three key target zones of palladium-rich mineralization. The company aims to expand known high-grade areas through rock chip and soil sampling.
Other Projects
DY6 also reported progress in the Mzimba and Karonga regions, with the formal granting of the Mzimba central licence. However, the company decided not to proceed with the Karonga Lithium Project after an initial due diligence exercise.
The high-grade drill results and new sampling programs at Tundulu and Machinga are likely to positively impact DY6's stock as they indicate significant resource potential. The formal granting of the Tundulu licence adds further credibility to the project. Investors may see this as a strong signal of the company's growth potential in the rare earths and critical metals sector.
Investor Reaction:
Analysts have responded positively to the high-grade drill results and the strategic engagement of Met Chem Consulting. Investor sentiment appears optimistic, with expectations of further positive developments in the upcoming quarters.
Conclusion:
Investors should keep an eye on DY6 Metals' ongoing exploration activities and upcoming test results. The company's strategic advancements in Malawi's mineral-rich regions could offer significant opportunities for growth. Stay tuned for further updates on DY6's progress and potential new discoveries.