Cazaly Resources Flourishes with Ample Funding Across Multiple Exploration Fronts

Cazaly Resources Limited (ASX: CAZ) remains robustly funded as it advances its exploration endeavours across Australia, Canada, and Namibia in 2024.

The company successfully concluded its inaugural fieldwork at the Sundown Lithium Project in James Bay, Québec, Canada.

Spanning 260km², the project area strategically positions itself between Allkem Ltd’s (ASX: AKE) James Bay deposit and Patriot Battery Metals’ (ASX: PMT) Corvette deposit.

Noteworthy surface rock chip samples have verified the prospectivity of the Gladman intrusive suite, indicating LCT pegmatites as primary exploration targets.

With such extensive landholding, Cazaly is committed to conducting thorough exploration to unlock the potential of the entire project area.

Carb Lake REE Project

Situated in the Red Lake District of Ontario, Canada, the Carb Lake rare earth elements (REE) project spans 93 mineral claims enveloping a substantial carbonatite complex exceeding a diameter of 3km.

Recent aeromagnetic data modeling suggests significant potential, while handheld pXRF results on historical drill cores underscore the economic viability of the site.

Initial field reconnaissance further substantiated these findings, with standout grab samples boasting impressive TREO concentrations.

Despite a postponed meeting with the Sachigo First Nations due to internal issues, Cazaly remains committed to fostering positive relationships for future drilling activities and exploration programs.

Lyons Rare Earth Project

In Western Australia’s Gascoyne Province, Cazaly secured over 1,000km² of tenure within the burgeoning REE district.

Initial surface sampling unveiled promising geochemical anomalies across three target areas, with Target A3 showing the most potential.

The company plans to conduct follow-up work to validate these anomalies, emphasizing its dedication to meticulous exploration methodologies.

Royalty Revenue Streams

Cazaly’s involvement extends beyond direct exploration activities. As a royalty holder at the Parker Range Iron Ore Mine operated by Mineral Resources Limited (ASX: MIN), the company stands to benefit from iron ore production.

Additionally, the recent sale of shares in Equinox Resources Limited (ASX: EQN) yielded net proceeds of $2.145 million, further bolstering its financial position.

Cazaly retains a royalty interest in the Pilbara-based iron ore project, affirming its diversified revenue streams.

Cazaly has a solid cash reserve of $4.9 million, courtesy of a successful capital raising and strategic divestment of Equinox Resources Ltd shares in December 2023.

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