Olympio Metals

High-Grade Rare Earth Elements (REE) Confirmed In Eurelia Trench Samples

Olympio Metals Limited (ASX:OLY) (Olympio or the Company) is pleased to announced that re- sampling of historical trench samples has confirmed the previous high-grade REE results, with TREO grades up to 1.02% TREO (10,250ppm), and 819ppm niobium.1


Highlights

  • Sample results from historical trenches at the Eurelia Project have confirmed high- grade rare earth elements (REE) and niobium (Nb) mineralisation up to 1.02% (10,250ppm) TREO (total rare earth oxides) and 819ppm Nb.1
  • Drill program approval is pending at Eurelia, with drilling planned for May 2023.
  • Walloway Project aeromagnetic data has revealed numerous magnetic anomalies similar to the Walloway Carbonatite, and modelling and drill targeting is underway.
  • Both projects are highly prospective for carbonatite-hosted rare earth mineralisation including neodymium and praseodymium, and niobium, all critical minerals used extensively in electric vehicles.
The TREO grade is increasing trending south towards the Walloway Carbonatite, which is postulated to be the source of the mineralisation. Previous trench samples have delineated a

>10km trend of coincident elevated niobium and REEs.

Olympio’s Managing Director, Sean Delaney, commented:

“The REE and niobium trench sample assays have confirmed that the Eurelia Project is enriched in REE and presents an exciting drill target with potential for economic REE mineralisation over a significant strike extent. A drilling plan has been submitted for regulatory approval and we look forward to drilling the targets as soon as the approval is granted.

The Walloway Project to the south of Eurelia is also advancing quickly, where numerous carbonatite- style magnetic anomalies have been identified, comparable to the magnetic response of the Walloway Carbonatite. Magnetic modelling is currently underway to better define these anomalies and define drill targets for potential REE mineralisation.”

Figure 1. TREO assays for Eurelia trench samples

Figure 2. Niobium results for Eurelia trench samples

TECHNICAL DISCUSSION

The Eurelia Project Joint Venture and the Walloway Project are located within the Adelaide Geosyncline in South Australia and encompass a large area prospective for carbonatite-hosted REE mineralisation. Eurelia/Walloway are located near the intersection of two regionally significant crustal structures (Figure 3).

The Eurelia Project Joint Venture (Eurelia) is a JV between Copper Claim and Olympio covering EL6374. The 100% owned Walloway Project (Walloway) is an ELA (tenement application) immediately south of Eurelia (Figure 4).

The Walloway Project area covers a portion of a defined carbonatite, the Walloway Carbonatite, which the Company believes is highly prospective for niobium and/or REE mineralisation.

Review of aeromagnetic data has highlighted numerous magnetic signatures similar to the Walloway Carbonatite signature on the eastern boundary of the area, but which have never been drill tested. Advance inversion modelling of these targets is almost complete, and it is expected that numerous high priority carbonatite drill targets will result.

Furthermore, the significant niobium and REE trend of the Eurelia Project extends south on to the Walloway Project (Figure 1), increasing further the potential for Walloway to host significant REE mineralisation.

Assaying Of Historical Eurelia Trench Samples

Historical trench samples were collected by Flinders Diamonds in the period 2004-2009 (Miller & Parker 2010). The samples have been stored by JV partner, Copper Claim, in secure storage in Adelaide, and these were recently made available to Olympio exploration staff for sampling. The stored historical samples were typically 10-20kg and were representatively sampled as 200-300g samples. The samples were assayed at ALS by method ME-MS81D (trace elements including REE). All 42 available samples in storage were submitted for re-analyses, and the assay results are presented in Tables 1 and 2 below.

The sampling has identified numerous zones consistently enriched in REE and Nb (refer Figures 1 and 2).

In the south of the Eurelia tenement, a >500m strike length of REE mineralisation has been identified with TREO consistently >0.1%. The sampling has supported historical REE and Nb assay results at Eurelia (see ASX release 9th December 2022) and has produced compelling targets with significant strike potential. Olympio geologists have been to site to review the drill targets and met the landowners. An EPEPR drill proposal has been submitted to the SA Department of Mines. Drilling will commence as soon as the regulatory approvals are granted.


Click here for the full ASX Release

This article includes content from Olympio Metals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

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