Olympio Metals Limited (ASX:OLY) has pegged a new area considered highly prospective for carbonatite-hosted REE mineralization at Yanyarrie, immediately north of the Eurelia Project in South Australia, expanding Olympio’s land package in the region to 353sq. km.
The tenement application covers the northern extension of the G2 crustal corridor, and also contains an historical carbonatite occurrence.
“We have recently returned from a drilling campaign at Eurelia and eagerly await the assay results,” Managing Director, Sean Delaney, said.
“The pegging of the new Yanyarrie tenement to the north complements Eurelia and Walloway to the south and gives Olympio commanding exposure over a region that we believe is highly prospective for numerous REE-enriched carbonatite bodies.”
Eurelia Project Maiden REE Drilling Campaign
In May, Olympio completed a maiden Air Core drilling programme at the Eurelia Project, aimed at following up on an earlier trench resampling programme.
22 aircore drillholes were completed in this program, with the samples submitted to the laboratory for multi-element analyses. It is expected that the results from this programme will be announced in late June, dependent on laboratory turnaround.
The results of this programme will be used to develop an exploration plan for the next drilling campaign, which will also include the assessment of priority targets at Walloway.
The Eurelia Project Joint Venture and Walloway and Yanyarrie applications are located within the Adelaide Geosyncline in South Australia and encompass a large area prospective for carbonatite-hosted REE mineralisation.
The Eurelia Project Joint Venture (Eurelia) is a JV between Copper Claim Pty Ltd and Olympio comprising tenement EL6374. The wholly-owned Walloway tenement (Walloway) and Yanyarrie tenement applications cover contiguous ground immediately south and north of Eurelia, respectively.
For further information please visit: https://olympiometals.com.au/