Olympio Metals Ltd (ASX:OLY, OTC:COPGF) believes it may have identified a magmatic intrusive province with widespread rare earth element (REE) and niobium enrichment at W3 carbonatite target of the Walloway prospect within the Eurelia Project in South Australia.
A detailed gravity survey completed over the W3 target also defined a discrete gravity anomaly in the same position as a previously defined magnetic target.
The double anomaly is particularly promising as nearby aircore drilling at the W1 and W6 targets at Walloway produced elevated total rare earth oxide (TREO) levels, up to 3 metres at 2,039 parts per million (ppm) TREO from 12 metres at W6 and 8 metres at 1,419 ppm TREO from 27 metres at W1.
Widespread REE mineralisation
“The drilling has confirmed that Walloway hosts a previously unrecognised magmatic intrusive province with widespread REE and niobium enrichment,” Olympio Metals managing director Sean Delaney said.
“Preliminary analysis suggests the intrusives are carbonatites, which is an important proof of concept and gives us great confidence to move forward with this project.
“The recent gravity survey has increased our confidence in the potential of the large W3 deep magnetic target, and we look forward to testing this later this year.”
Previous drilling at Walloway produced results of up to 5,011 ppm TREO and 1,491 ppm niobium oxide.
The full results from the latest round of aircore drilling include:
- 1-metre at 2,717 ppm TREO from 5 metres (W6);
- 1-metre at 2,221 ppm TREO from 22 metres (W6);
- 3 metres at 2,039 ppm TREO from 12 metres (W6);
- 8 metres at 1,419 ppm TREO from 27 metres (W1); and,
- 8 metres at 1,221 ppm TREO from surface (W1).
Olympio has intersected magmatic intrusives at all eight targets drilled, which the company has interpreted as a new magmatic province with carbonatite affinity – and therefore REE prospectivity – at Walloway.