Olympio Metals (ASX:OLY) has begun a maiden drilling program to test high-priority rare earth element (REE) carbonatite targets at its Eurelia Project in South Australia.
The company states this initial first-pass program will give it a better understanding of the nature and potential scale of REE mineralisation at this ‘highly prospective’ project.
Commenting on the beginning of the drill program, Olympio Metals Managing Director Sean Delaney says: “We are very excited about the rare earths and niobium potential of the Eurelia Project in South Australia and happy to have our first drilling program underway this week.
The results from this drilling program will give us a better understanding of the project potential, and we look forward to getting assay numbers out to the market as soon as we can.”
Olympio’s drilling program is targeting areas that the company resampled earlier this year. The resampling program of historical trenches and rock chips returned up to 10,250 parts per million (ppm) total rare earth oxide (TREO) and 819ppm niobium (Nb).
The Eurelia Project lies within the Adelaide Geosyncline in South Australia, near the intersection of 2 regionally ‘significant’ crustal structures, and encompasses a ‘large’ area prospective for carbonatite-hosted REE mineralisation.
Olympio Metals is a Western Australian exploration company focussed on exploring for carbonatite-hosted rare earths in South Australia, lithium near Kalgoorlie in Western Australia, and gold in the eastern Kimberley region of Western Australia.
Images: Olympio Metals Ltd
