OAR in action: Gold riches in Nevada or battery metals in WA
Oar Resources is back on the ground at its high-priority Douglas Canyon gold project in Nevada and its equally attractive Crown nickel-copper-PGE project in Western Australia.
Fresh from a $1.5 million capital raising and the acquisition of 2.5km of new prospective ground to the west of the Douglas Canyon Project, the restart of drilling resumes the hunt for a game changing gold discovery in one of the world’s top mining jurisdictions.
Diamond holes have been planned to test the depth extensions of incredible outcropping gold and silver mineralization, grading up to 18g/t gold and 398ppm silver.
Assay results so far in hole DCD-02 drilled by Oar Resources (ASX:OAR) in late 2021 have shown elevated gold values, indicating there lies a potential plunge component or cross-cutting structure that deposited the high grade gold at surface.
Drilling successfully re-entered this hole recently, which has intersected a series of weathered, sheared and fractured meta-sediments with hard silica cherty bands and quartz stringer veinlets.
Those are often good indicators for gold mineralisation with Oar taking a cautious approach given the fractured nature of the core.
So far 175 samples have been sent for analysis. While they have not returned significant results (over 1g/t) yet it remains the first phase of drilling with the visual observations highly encouraging.
Mapping and prospecting of the new claim area increasing the strike at Douglas Canyon to the west will begin in the coming weeks.
Oar is also busy closer to home in WA, where it is searching for a repeat of Chalice’s company making Julimar Ni-Cu-PGE discovery just a few klicks to the west, near Perth.
Its field season has started with landholder access agreements underway to kickstart exploration in the prospective north-eastern area of the Crown tenement.
That will open up the area for detailed mapping and soil geochemistry, a process already delivering targets on the rest of Oar’s tenure.
121 samples from a systematic soil sampling program and 79 samples from rock chip sampling of outcrop have been sent for analysis with results pending.
An airborne geophysical survey will also be flown over the tenement in the next stage of Oar’s systematic exploration program, targeting the favourable ‘mixed geology’ domain along Crown’s eastern flank.
The eastern domain is characterised by a mixture of target mafic, ultramafic and granitic lithologies and will be the focus of exploration moving forward.
Oar will also assess historic resource estimates and a scoping study at its Oakdale graphite project in South Australia, amid an ongoing strategic asset review of its projects in SA’s Eyre Peninsula.
It is currently reviewing several investment and divestment opportunities over its package of six contiguous exploration licences across 1520km2 of the Gawler Craton on the peninsula’s western flank.
Oakdale has a JORC resource defined by drilling of 6.22Mt at 4.8% total graphitic content.
Oar says the aim of the review is to investigate the potential to grow the current JORC resource base and assess potential ore processing opportunities.
This article was developed in collaboration with Oar Resources, 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.