Olympio Metals Limited (ASX:OLY) has confirmed previous high-grade Rare Earth Element (REE) results, with TREO grades up to 1.02% TREO (10,250ppm), and 819ppm niobium with re-sampling of historical trench samples in South Australia.
The TREO grade is increasing trending south towards the Walloway Carbonatite, which is postulated to be the source of the mineralization. Previous trench samples have delineated a >10km trend of coincident elevated niobium and REEs.
“The REE and niobium trench sample assays have confirmed that the Eurelia Project is enriched in REE and presents an exciting drill target with potential for economic REE mineralization over a significant strike extent. A drilling plan has been submitted for regulatory approval and we look forward to drilling the targets as soon as the approval is granted,” Managing Director, Sean Delaney, said.
“The Walloway Project to the south of Eurelia is also advancing quickly, where numerous carbonatite- style magnetic anomalies have been identified, comparable to the magnetic response of the Walloway Carbonatite. Magnetic modelling is currently underway to better define these anomalies and define drill targets for potential REE mineralization.”
The Eurelia Project Joint Venture and the Walloway Project are located within the Adelaide Geosyncline in South Australia and encompass a large area prospective for carbonatite-hosted REE mineralization. Eurelia/Walloway are located near the intersection of two regionally significant crustal structures.
The Eurelia Project Joint Venture is a JV between Copper Claim and Olympio covering EL6374. The wholly-owned Walloway Project is an ELA (tenement application) immediately south of Eurelia.
The Walloway Project area covers a portion of a defined carbonatite, the Walloway Carbonatite, which the company believes is highly prospective for niobium and/or REE mineralization.
Review of aeromagnetic data has highlighted numerous magnetic signatures similar to the Walloway Carbonatite signature on the eastern boundary of the area, but which have never been drill tested. Advance inversion modelling of these targets is almost complete, and it is expected that numerous high priority carbonatite drill targets will result.
Furthermore, the significant niobium and REE trend of the Eurelia Project extends south on to the Walloway Project, increasing further the potential for Walloway to host significant REE mineralization.
Assaying Of Historical Eurelia Trench Samples
Historical trench samples were collected by Flinders Diamonds in the period 2004-2009 (Miller & Parker 2010). The samples have been stored by JV partner, Copper Claim, in secure storage in Adelaide, and these were recently made available to Olympio exploration staff for sampling.
The stored historical samples were typically 10-20kg and were representatively sampled as 200-300g samples. The samples were assayed at ALS by method ME-MS81D (trace elements including REE). All 42 available samples in storage were submitted for re-analyses.
The sampling has identified numerous zones consistently enriched in REE and Nb.
In the south of the Eurelia tenement, a >500m strike length of REE mineralization has been identified with TREO consistently >0.1%. The sampling has supported historical REE and Nb assay results at Eurelia and has produced compelling targets with significant strike potential. Olympio geologists have been to site to review the drill targets and met the landowners. An EPEPR drill proposal has been submitted to the SA Department of Mines. Drilling will commence as soon as the regulatory approvals are granted.
For further information please visit: https://olympiometals.com.au/
