DY6 Metals (ASX:DY6) has signed a binding agreement to acquire 100% interest in two projects in Cameroon through the acquisition of Aardvark Minerals Pty Ltd and Ekom Metals Pty Ltd. These companies hold exploration permits and applications through their wholly owned Cameroonian subsidiaries, Gorilla Mining Ltd and Rhino Resources Ltd. This acquisition complements DY6’s current rare earths and critical minerals projects in Malawi.
The acquisition includes the five exploration permits held by Gorilla Mining Ltd, which comprises their Central Rutile Project, which is over 2,140km2 and is prospective for residual, saprolite-hosted rutile. It also considers the three exploration licences and three valid exploration permit applications of Rhino Resources Ltd’s Douala Basin Project, which extends over 2,580km2 and is prospective for coastal placer style heavy mineral sands (HMS).
Historic sonic drilling at the Douala Project delivered significant intercepts from the Diwong licence, including:
- 10m @ 5.0% THM from surface (DIB_S00024)
- 12m @ 4.7% THM from surface (DIB_S00018)
- 7.7m @ 4.0% THM from surface (DIB_S00022)
- 18m @ 3.7% THM from surface, ending in mineralization (DIB_S00010)
Speaking on the acquisition, Non-executive Chairman, Dan Smith, noted “We believe that Cameroon is shaping up to become a new frontier for major rutile discoveries. The proposed acquisition will position DY6 to be a major player in this exciting sector.”
Technical Consultant, Cliff Fitzhenry, has also noted, “This acquisition provides DY6 with a highly prospective mineral sands portfolio targeting two mineralization styles. The Douala Basin Project has known paleo-placer coastline dunes with thick sand packages and visible VHM present, while the Central Project has all the right indicators to be prospective for residual placer saprolite hosted rutile deposits.”
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