Olympio’s detailed magnetic survey has identified numerous shallow magnetic carbonatite REE targets that will be tested by aircore drilling next month. Several of the magnetic models extend to large targets at depth Pic: via Getty Images.
Mining
Olympio has zeroed in on drill targets in its hunt for carbonatite-hosted rare earths at Walloway, part of the Eurelia project in South Australia.
Walloway caught the company’s eye for its potential to host carbonatite-hosted rare earth elements (REEs) – an intrusive hosted mineralisation style known for its high grades.
High profile carbonatite REE projects include Hasting Technology Metals’ Yangibana and Lynas’ Mt Weld, while niobium is the star in more recent finds such as WA1 Resources (ASX:WA1) shock high-grade Luni discovery in WA’s West Arunta region.
Olympio Metals’ (ASX:OLY) Eurelia project occurs on the continental scale G2 structural corridor, a major control on mineral systems across Australia..
While historical exploration focused predominantly on diamonds and copper, limited rock chip sampling has delineated a +10km trend of coincident elevated niobium and REEs with up to 819 parts per million (ppm) niobium and 1.02% total rare earth oxides (TREO).
Subsequent drill testing confirmed REE enrichment, including:
Soil sampling carried out by the company in August 2023 returned numerous areas of elevated TREO (>400ppm) that are coincident with magnetic targets – particularly W6 and W3.
A recently completed detailed drone aerial magnetic survey has now identified numerous discrete magnetic targets highly characteristic of carbonatite bodies.
These targets have a close association with the Curdimurka Breccia.
The breccias at Walloway may have focused ascending carbonatite intrusive magmas, the company says, providing further discrimination criteria to rank drill targets.
Magnetic modelling of the targets has revealed robust magnetic models suggestive of carbonatite intrusives with typically shallow depth to source (<50m).
Additionally, magnetic models reveal significant depth extents to some of the targets, extending to >500m below surface, particularly at target W3, which is suggestive of a large blind intrusive body. Target W3 will require further magnetic modelling and a gravity survey for a comprehensive assessment.
“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,” managing director Sean Delaney said.
“We look forward to testing the shallow extents of a number of these newly defined magnetic targets at Walloway with an aircore drill program which will commence next month.”
Olympio is currently modifying received regulatory approval to drill targets W1, W2 and W3.
It has also submitted a further Exploration Program for Environment Protection and Rehabilitation (EPEPR) to drill targets W4, W5, W6, W7, W8 and W9 to the South Australian Department of Energy and Mining.
The company’s planned aircore drilling program in November will more efficiently test many shallow targets such as W2, W4, W5, W6, W8 and W9.
Deeper targets such as W1, W3 and W7 will be subject to a gravity survey planned for late 2023 before they are tested with reverse circulation drilling in 2024.
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.
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