Olympio Metals (ASX:OLY) has confirmed previous ‘high-grade’ rare earth element (REE) results by re-sampling historical trenches at the Eurelia Rare Earth-Niobium Project in South Australia.
The sample results identified up to 1.02% (10,250 parts per million (ppm) total rare earth oxides (TREO) and 819ppm niobium (Nb).
Olympio reports the TREO grade is increasing, trending south towards the Walloway Carbonatite which is predicted to be the source of the mineralisation.
Additionally, previous trench samples have outlined a more than 10km trend of coincident elevated Nb and REEs.
Olympio Metals Managing Director Sean Delaney says: “The REE and niobium trench sample assays have confirmed that the Eurelia Project is enriched in REE and present an exciting drill target with potential for economic REE mineralisation 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.
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 REE mineralisation”
Magnetic modelling is currently underway to better define these anomalies and define drill targets for REE mineralisation.”
Eurelia has been previously explored for diamonds and copper however, there has been little previous focus on the REE prospectivity.
Olympio reports the only drillhole located within the 10km trend that was assayed for REEs returned a ‘significant’ intersection in hole ORRK7-AC01 with 9m @ 1,647ppm TREO from 7m.
This result confirmed the potential for economic mineralisation in the trend.
Olympio Metals is a West Australian exploration company with a portfolio of projects prospective for REEs, niobium, gold, and lithium.
The company is currently earning a 90% interest in the Eurelia Rare Earth-Niobium Project and owns the adjacent Walloway Project located within the Adelaide Geosyncline in South Australia.
Olympio also wholly owns the Goldfields and Halls Creek projects which are considered prospective for gold and other commodities including lithium.
Images: Olympio Metals Ltd
