Olympio’s maiden drilling at Walloway to focus on multiple carbonatite rare earths targets
Special Report: Olympio has started an AC drill campaign at the Walloway prospect where it has identified carbonatite targets highly prospective for rare earth deposits.
The extensive G2 crustal corridor is known for its alkaline igneous rock types and rare earths (REE) mineralisation, hosting large REE deposits at Arafura Rare Earth’s (ASX:ARU) Nolans and Australian Rare Earths’ (ASX:AR3) Koppamurra, as well elevated REE values at BHP’s (ASX:BHP) monstrous Olympic Dam and Carrapateena projects.
However, Olympio is the first explorer to recognise the rare earths potential of the carbonatites and alkaline igneous rocks at Eurelia.
Alkaline intrusive complexes often occur as plugs, dykes, sills, breccias or veins. Those that are carbonatite in nature are often mineralised with REEs and a plethora of critical minerals too.
OLY has delineated a >10km trend of coincident niobium and REE mineralisation with up to 819 parts per million (ppm) niobium and 1.02% total rare earth oxides (TREO) at Eurelia and is now focusing on drilling the Walloway prospect.
Recent Ultra Fine fraction soil sampling revealed several areas of notable REE anomalism that are spatially correlated with magnetic targets.
OLY is getting the drill bit out to test these high-priority magnetic targets at the W1, W2, W3, W6 and W7 locations, which have shown to start close to surface and extend down to a considerable depth.
Initial AC drilling has commenced and will be followed up by a ground gravity survey combined with deep RC drilling – the same methods used by WA1 Resources (ASX:WA1) to define carbonatite targets that extend to significant depths in the West Arunta region.
OLY MD Sean Delaney says the company is excited to start maiden drilling campaign at Walloway.
“This is the first opportunity to test the rare earths potential in an area with a known carbonatite source and this first pass drilling will narrow our focus on the multiple magnetic targets.”
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.