• First results from aircore drilling at Olympio Metals’ Walloway prospect have revealed elevated REE levels up to 5,011ppm TREO
  • The explorer believes the rare earth element (REE) concentrations show a strong correlation to magnetic susceptibility which will significantly assist targeting REE mineralisation
  • Outstanding drill assays from the remaining intrusive targets are expected to form a more complete picture of the REE distribution at Walloway


Special Report: Assays from a first phase of aircore drilling at the Walloway prospect in South Australia has confirmed REE and niobium mineralisation with total rare earth oxide grades (TREO) up to 5,011ppm.

Olympio Metals (ASX:OLY) has been focused on testing high-priority magnetic targets at the W1, W2, W3, W6 and W7 locations at the Walloway prospect within South Australia’s G2 Crustal Corridor.

The G2 Crustal Corridor is known for its association with rare earth mineralisation, hosting large REE deposits such as Arafura Rare Earths (ASX:ARU) Nolans , and also the REE mineralised IOCG deposits at Olympic Dam and Carapateena.

OLY’s drilling program was designed to test carbonatitetargets  defined in a recently flown detailed aeromagnetic survey.

Both niobium and REE mineralisation have been confirmed in magmatic intrusives W2 and W6, which share characteristics with the nearby Walloway Carbonatite.

Assays from these two targets revealed elevated REE levels up to 5,011ppm TREO including:

  • 4m @ 1,000ppm TREO from 30m;
  • 5m @ 1,357ppm TREO from 8m; and
  • 3m @ 2,777ppm TREO from 6m, including 1m @ 5,011ppm TREO and 1,491ppm NB2O5.


‘Just scratching the surface’

OLY managing director Sean Delaney says the first pass shallow aircore drilling program has been a great success.

“The drilling has confirmed carbonatites are the likely source of the rare earth mineralisation,” he says.

“We have only just scratched the surface with drilling to date and look forward to testing these REE targets at depth.”


Drilling details

Drilling was conducted in two phases across 55 holes for 1,769m.

Target W2 is a discrete magnetic anomaly on the edge of the Curdimurka Breccia.

Olympio Metals (ASX:OLY)
Collar locations of aircore drilling Nov-Dec 2023 at the Walloway prospect. Pic via Olympio Metals

A variably carbonate rich, porphyritic mafic intrusive was intersected in the majority of holes, where the best intersection was 4m @ 1,000ppm TREO.

Target 6 is a similarly discrete magnetic anomaly, also on the edge of the Curdimurka Breccia, where aircore drilling has revealed a variably iron-silica altered, variably porphyritic intrusive with common country rock xenoliths.

Significant drill results here include 5m @ 1,357ppm TREO and 3m @ 2,777ppm TREO, including 1m @ 5,011ppm TREO and 1,491ppm NB2O5.

OLY believes the distribution of the magnetic intrusives intersected by the aircore drilling closely reflects the magnetic anomalies, with the intrusives considered to be the source of the REE and Niobium mineralisation intersected.


What’s next?

The explorer is awaiting the assay results for holes WAC19 – WAC55 (targets W1, W3, W4,  W6, W8, W9), which will form a more complete picture of the REE distribution at Walloway.

Further geochemistry and petrography are also pending on all intrusives drilled to date.

A petrological analysis and classification of the intrusives drilled will be determined in the near future. This work will assist in discriminating which intrusives are the most prospective for REE mineralisation, and the planning of further drilling.



This article was developed in collaboration with Olympio Metals, a Stockhead advertiser at the time of publishing.


This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.