Perth-based minerals explorer Westar Resources (ASX:WSR) reports it has completed negotiations to acquire 100% of the Olga Rocks Lithium-Gold Project, located adjacent to the company’s Parker Dome Project in Western Australia.
The company says acquiring Olga Rocks complements the existing tenement holding, and will bring its landholding in the region to 32.5km-square. Olga Rocks contains numerous albite-rich pegmatites intercepted in historical drillholes, which are consistent with observed outcrops and highlight the potential for up to 1km of strike.
Additionally, Westar reports these pegmatites have never been tested for lithium or rare metals. The company has completed initial reconnaissance and due diligence work with independent pegmatite experts Lily Valley International, which supports the historical mapping and drilling with several pegmatite bodies overserved.
Commenting on the potential acquisition, Westar Resources Managing Director Karl Jupp says: “Westar is delighted to extend our exploration portfolio and expand our commodity targets in the rapidly growing rare metals sector and there is arguably no better place to enter the market than amongst emerging world-class lithium projects in Western Australia’s Forrestania region.
“Westar is delighted to extend our exploration portfolio and expand our commodity targets in the rapidly growing rare metals sector”
This project provides a unique opportunity to explore along strike of known gold mineralisation, in conjunction with a region of known LCT (lithium-caesium-tantalum) pegmatite swarms with the ability to fast-track exploration.”
Westar reports it has executed an option agreement with a private vendor to acquire Olga Rocks, which comprises of tenements M77/563, M77/634, M77/1293, M77/1294, P77/4271, and P77,4614.
Olga Rocks is located within the Forrestania lithium district of Western Australia which hosts the Mt Holland Project held by unlisted mining company Covalent Lithium which hosts a mineral resource of 189 million tonnes @ 1.5% Li20, along with Zenith Minerals’ (ASX:ZNC) recent lithium-pegmatite discovery at the Split Rocks Project.
Westar reports due diligence fieldwork undertaken by company geologists confirmed the presence of pegmatites in drill logging undertaken by previous owners and identified muscovite and albite-rich pegmatites in outcrop, indicating a potential strike extent of 1km to 1.5km. It also notes pegmatite rock chip samples taken during field reconnaissance, combined with site visit observations highlight the potential of LCT-class pegmatites within the project.
The company also notes the project is prospective for gold mineralisation with numerous mineralised intercepts reported through WAMEX A-files in 1997.
Moving forward, Westar is planning an aggressive exploration program over Olga Rocks focused on systematic exploration methods not applied by previous owners.
With results from multi-element rock chip sampling expected soon, the company is planning to undertake a detailed analysis of historical drilling and mapping over the region to define the local and regional fractionation. This will be followed by a targeted drill program in Q2 2023.
Westar Resources is an ASX-listed exploration company focused on discovering precious and future metal assets in Western Australia. The company holds a portfolio of projects in the Pilbara, Murchison, and Yilgarn regions including the Opaline, Mindoolah, Winjangoo, Gidgee North, Mt Finnerty, and Parker Dome projects.
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