Cazaly Resources Limited (ASX: CAZ) has secured over 1,000 sq. km of tenure within the emerging rare earth element (REE) district of the Gascoyne Province, Western Australia.
The tenure consists of a total of six tenements, that together form the Lyons Project a very prospective package of ground in the Bangemall Basin. Four tenements were targeted and pegged by Cazaly around the Lyons River Fault and Talga Fault, with one of the four tenements now granted.
The remaining two granted tenements along the Lyons River Fault (E09/2671 and E52/4040), consolidate the Lyons Project via an exclusive binding option agreement to acquire up to 100% with private company Murchison REE Pty Ltd.
The Gascoyne is emerging as a hot spot for rare earths and we are excited to have secured such a significant landholding in the region,” Managing Director, Tara French, said.
“Importantly, the new tenements sit along the Lyons River Fault which is considered to be the conduit for mineralised fluids that formed the ferrocarbonatites which are host to the world-class Yangibana and Yin REE deposits.
“The structural complexity around the Lyons River Fault highlights the potential for further discoveries along this structure. This package represents an excellent opportunity with only limited historical exploration for lead, zinc, and manganese.
“A reconnaissance field trip has been planned to determine the best exploration methods to apply to this area to advance the project and delineate REE targets early.”
Emerging REE district
The Gascoyne region is highly prospective for rare earth elements (REE) as well as base metals.
Hastings Technology Metals Dreadnought Resources REE projects are located approximately 100 km northwest from Cazaly’s tenement package along the Lyons River Fault.