Option to Acquire 80% of Karonga Lithium Project

Option to Acquire 80% of Karonga Lithium Project

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 entered into an exclusive option to acquire an 80% interest in the Karonga Lithium Project (granted licence EPL0659) (the Project) located in northern Malawi.

HIGHLIGHTS

DY6 has secured a 6-month option to acquire an 80% interest in the Karonga Lithium Project located in northern Malawi, a granted licence covering a total area of 39km2The licence borders the Company’s recent exclusive prospecting license application at Karonga (for a combined ~75km2)Reconnaissance field work at the Karonga Lithium Project identified a number of pegmatites of up to 500m metres in length with the potential to host lithium mineralisationRock chip samples taken from the Karonga Lithium Project include visually observed spodumene and lithium micas (lepidolite)*. Samples have been despatched for laboratory analysis in JohannesburgThe Company is planning on undertaking a detailed geological mapping and sampling program across the Project early in 2024

The granted licence covers ~39km2 and adjoins the Company’s recent license application at Karonga (together, both licences cover ~75km2).

The Company’s geological team recently undertook a reconnaissance field visit at the Karonga Lithium Project. Ten reconnaissance rock chip samples from four outcrops were collected and have been submitted for laboratory analysis in South Africa.

The Company’s CEO, Mr Lloyd Kaiser said: “We are pleased to have reached an agreement to secure an 80% interest in the Karonga Lithium Project in northern Malawi. The project adjoins our recently applied for prospecting license near Karonga, adding scale potential. Importantly, field reconnaissance at the project identified a number of pegmatites – up to 25 metres in width and 500 metres in length – with visually observed lithium-bearing minerals. We await assay results from the reconnaissance rock chip sampling and look forward to getting back on the ground in the coming weeks.”

Karonga Lithium Project

The Project is located about 440km north of the capital Lilongwe (refer Figure 2) and covers a total area of approximately 39.27km2. The area can easily be accessed using Karonga-Chitipa M1 Road turning to the west at Kasikisi School signpost along the M1 Road.

The Karonga area is associated with a series of N-S trending ridges with metamorphic Basement complex rocks commonly identified as windows within the Karroo System which overlies the basement. The Karroo System units are typically sandstones with carbonaceous shales formations.

Pegmatite float material was noted in the Mwesa River which cuts NE-SW through the area. The sampling focused on pegmatite intrusions that are traceable for up to 500m in length. In hand specimen, these pegmatites have high percentages of albite, microcline and occasional K-feldspar with associated muscovite and biotite micas. The pegmatites are within the basement complex as biotite schist and gneisses with medium sized dark coloured micas. Quartz-feldspathic granulites were also observed. Exposures of these were found with copper coatings on joints and weathered reddish brown cuprite was observed.

Within the pegmatites, light greenish to purplish elongated feldspar-like crystals were observed, using a hand lens and tentatively identified as spodumene*. Samples were collected and some had structures which shows shearing effect depicting the structure of spodumene (refer Table 1).


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