Olympio Metals (ASX:OLY) has planned an aircore drilling program to test its newly discovered carbonatite targets at the Walloway rare earth element (REE) prospect in South Australia.
This new drilling work — provided Olympio receives relevant approvals — is planned for next month.
The $9.62 million market capitalisation company says the shallow targets to be tested through this work include W2 through to W9.
For the deeper targets, a gravity survey is planned for later this year. Following the gravity survey, Olympio is considering a reverse circulation (RC) drilling program for the deeper portions of these magnetic targets to be conducted in 2024.
This news comes after Olympio identified several discrete magnetic targets highly characteristic of carbonatite bodies through a detailed drone magnetic survey over the project area.
Further recent Ultrafine Fraction soil sampling over the targets revealed several instances of notable REE anomalism, spatially correlated with the magnetic targets.
The company reports magnetic modelling of the carbonatite targets has also revealed ‘robust’ magnetic models, with shallow depth to source and several models extending to more than 500m below surface.
Commenting on this new discovery, Olympio Metals Managing Director Sean Delaney says the company is looking forward to testing these magnetic targets.
“The quality of the magnetic targets identified by the recent survey has been outstanding. We have numerous magnetic targets that are very similar to the Walloway Carbonatite, based on geophysical characteristics and geological context.”
“The quality of the magnetic targets identified by the recent survey has been outstanding”
Walloway is located within the Eurelia Project area, which lies within the Adelaide Geosyncline in South Australia.
Olympio Metals is an Australian explorer focused on the discovery and development of critical minerals projects. As of 30 June 2023, the company had $2.732 million cash at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Olympio Metals