Western Australian explorer Olympio Metals (ASX:OLY) is ‘lucky’ with its recent acquisition of ‘high quality data’ available with its Cadillac Project in Quebec, Canada.
Speaking to Mining.com.au, Olympio Metals Managing Director (MD) Sean Delaney says the company has identified a significant number of pegmatite bodies following the interpretation of recently acquired detailed light detection and ranging (LiDAR) and heli-magnetic data.
“There’s 400 pegmatites which have been identified using LiDAR and magnetic data so we are very lucky with our recent acquisition of some high quality data already available with the project. This gives us a really good starting point for our exploration and our field work.
It’s a huge area, its 190km-square, all contiguous blocks and is a great opportunity to get to work on that project straight away. We are excited about the Wells-Lacourcière prospect, this is a great starting point. We know there is lithium there on the surface, good grades, and we know there is lithium in core at depth.”
The company, which has a $11.94 million market capitalisation, says these pegmatite bodies have been defined as ‘high priority’ targets based on the proximity to intrusions, structural context, topographic anomaly, and magnetic response.
Olympio reports these pegmatites also share a similar geological content to the spodumene-bearing Wells-Lacourcière pegmatite prospect, and that reinterpretation of this data was undertaken and completed by geology consultants Geomantia Consulting.
As a result, it will move forward with planning of field exploration to inspect many of the ‘high priority’ pegmatite targets during the current field season, with access to the field being easily accessible.
This field work is expected to comprise geological mapping, rock-chip sampling, and portable XRF analysis. It is Olympio’s vision that targets which develop into lithium-bearing pegmatite prospects will be analysed in the off-season and prepared for drilling in 2024.
The MD adds the location of the project offers exciting opportunities for the company.
“This is within 100km of Sayona’s operating lithium mine in Canada so it’s a growing province there. Lithium has been known there from about the 1950s, so it is interesting we don’t fully understand why more work hasn’t been done. In terms of location and access we think it’s brilliant, and in terms of lithium results that are already on the project we think it’s a great start.”
“Lithium has been known there from about the 1950s, so it is interesting we don’t fully understand why more work hasn’t been done”
Delaney also notes the company is anticipating lithium exploration results from its Mulwarrie Project in Western Australia, where Liontown Resources (ASX:LTR) undertook lithium exploration as part of an established farm-in agreement between both parties.
Results from this exploration at Mulwarrie are expected to be received in the next month or so, says Delaney.
Olympio Metals is an ASX-listed explorer focused on exploring for carbonatite hosted rare earths in South Australia, lithium near the township of Kalgoorlie in Western Australia, and gold in the eastern Kimberley region of Western Australia.
The company’s Cadillac project is located within the ‘rapidly emerging’ Cadillac-Pontiac lithium camp less than 100km from Canada’s only operating lithium mine.
The project currently has ‘excellent’ infrastructure and access due to its proximity to Val d’Or, which represents a ‘major’ regional exploration hub for the area.
Write to Adam Drought at Mining.com.au
Images: Olympio Metals Ltd