Cazaly Resources Limited (ASX: CAZ) has completed the acquisition of 100% of the Carb Lake Rare Earth project. The Project is located in the Red Lake District in Ontario, a well-known mining province in Canada and comprises 93 mineral claims covering a large carbonatite prospective for Rare Earth Elements (REE).
In late April 2023 Cazaly announced it had entered into an exclusive binding agreement to acquire 100% of the Carb Lake REE project which comprises a large, 2.5 km to three km diameter circular magnetic anomaly known as the Carb Lake Carbonatite Complex prospective for Rare Earth Elements and Niobium.
Project Update
Cazaly has completed due diligence to its satisfaction and has now finalised the acquisition of the project.
As part of the due diligence process Cazaly gained access to the diamond drill core, stored at the Ministry of Mines Geological Survey in Kenora.
Diamond drill core is very narrow, 22mm in diameter, stored in wooden core trays and is largely in a poor state. Some diamond core was available for drill holes DD001 and DD002, however the majority of drill core from holes DD003 and DD004, drilled closest to the centre of the carbonatite was unavailable, as it had been consumed for historical analytical work. Geological observations were consistent with historical reported work. The carbonatite predominantly consists of calcite with variable amounts of biotite, hornblende, apatite, actinolite, minor pyrite and chalcopyrite.
Based on the core condition and the uncertainly relating to the down hole measurements a program of non-invasive geochemical testing will be undertaken this week utilising portable XRF, portable gammaray spectrometer, and magnetic susceptibility readings. The measurements will provide information of the geochemical nature of the carbonatite at the drill hole location, but it will not be possible to attribute any values to exact down hole depths.
The 2011 aeromagnetic survey data has been located, and the company has agreed to purchase the raw data from the original contractors that collected the high resolution magnetic, radiometric and XDS VLF-EM data. Re-processing this data will be prioritised in order to facilitate drill planning.
Following completion of the initial drill core testing and re-processing the geophysics a field reconnaissance program will be refined. The programme has been planned to initially assess the project with surface mapping, float and rock sampling where possible and determine the accessibility of future drill site locations. The field based programme is expected to commence in late August following receipt of appropriate land access approvals.
