Olympio Metals (ASX:OLY) has posted ‘elevated’ total rare earth oxide (TREO) assays up to 5,011 parts per million (ppm) following an aircore (AC) drilling program at the Walloway prospect in South Australia.
The $8.27 million market capitalisation company says assays, generated from AC drilling of the first 2 carbonatite targets (W2 and W6), which share characteristics with the nearby Walloway Carbonatite, confirm the presence of rare earth element (REE) and niobium mineralisation.
Olympio reports the REE concentrations uncovered demonstrate a ‘strong’ correlation to magnetic susceptibility, which supports a magmatic origin for the REE mineralisation intersected.
Assays for a further 37 drillholes remain outstanding and are expected in the next few weeks.
Managing Director Sean Delaney says the results posted today are a ‘great success’ and confirm the carbonatites are the likely source of REE mineralisation.
“We have only just scratched the surface with the shallow aircore drilling to date and look forward to testing these REE targets at depth.”
Olympio Metals is an explorer focused on the discovery and development of critical minerals projects.
The company has assembled a portfolio of ‘high quality’ projects in Australia and Canada.
As of 30 September 2023, Olympio had $3.541 million cash and cash equivalents at hand, according to its latest quarterly report.
Write to Adam Drought at Mining.com.au
Images: Olympio Metals