Karonga Lithium Project Offers Option for Acquisition of 80%

DY6 Metals Ltd (ASX: DY6), a strategic metals explorer with a focus on Heavy Rare Earths (HREE) and Niobium (Nb) exploration in southern Malawi, has exciting news to share. The company has officially entered into an exclusive option agreement to acquire an 80% interest in the Karonga Lithium Project, covered by the granted license EPL0659, situated in northern Malawi.

Recently, the Company's geological team conducted a comprehensive reconnaissance field visit at the Karonga Lithium Project, marking a crucial step in assessing the potential of this strategic acquisition. During this field visit, the team collected ten reconnaissance rock chip samples from four distinct outcrops. These samples have been meticulously submitted for laboratory analysis in South Africa, reflecting DY6's commitment to thorough evaluation and data-driven decision-making.

The Karonga Lithium Project is strategically positioned approximately 440km north of Malawi's capital, Lilongwe (refer Figure 2), covering an expansive total area of approximately 39.27km². The accessibility of the region is noteworthy, with easy entry facilitated by the Karonga-Chitipa M1 Road, turning west at the Kasikisi School signpost along the M1 Road.

Geologically, the Karonga area is characterized by a series of N-S trending ridges containing metamorphic Basement complex rocks, identified as windows within the Karroo System, which overlies the basement. Within the Karroo System, sandstones with carbonaceous shales formations are prevalent.

During the reconnaissance field visit, observations in the Mwesa River revealed pegmatite float material, indicating the presence of pegmatite intrusions in the area. These intrusions, traceable for up to 500m in length, were a focal point of sampling. Hand specimens of these pegmatites exhibited high percentages of albite, microcline, and occasional K-feldspar, accompanied by muscovite and biotite micas. The pegmatites coexist within the basement complex, alongside biotite schist and gneisses with medium-sized dark-colored micas. Additionally, exposures of quartz-feldspathic granulites were noted, some with copper coatings on joints, and weathered reddish-brown cuprite was observed.

The decision to acquire an 80% interest in the Karonga Lithium Project aligns with DY6 Metals Ltd's strategic objectives in exploring and exploiting Heavy Rare Earths and Niobium resources. The ongoing laboratory analysis of rock chip samples will provide crucial insights into the mineral composition and potential economic viability of the project.

As DY6 Metals progresses with its exploration endeavors, the acquisition of the Karonga Lithium Project reflects the company's commitment to strategic growth and diversification within the metals exploration sector. The geological findings and laboratory analyses will play a pivotal role in shaping the next steps for DY6 Metals, as it aims to unlock the full potential of this lithium-rich resource in northern Malawi.