Oar Resources Ltd (ASX:OAR) (FRA:F1S) has started fieldwork at the 100% owned and underexplored Crown nickel-copper-PGE and gold prospective project in Western Australia, with geological mapping and rock chip sampling underway.
The initial exploration is aimed at verifying the 20 target areas identified in recent geophysical interpretation and will be followed by systematic soil sampling to finalise potential drilling targets.
Oar’s intention with the fieldwork is to improve understanding of the local geology by testing magnetic targets and investors have responded well with shares up more than 15% to 1.5 cents.
The Crown Project is just nine kilometres west of the Julimar Complex, where Chalice Mining Ltd (ASX:CHN) made the major Gonneville PGE-nickel-copper-cobalt-gold discovery in an area that has since attracted considerable attention.
Background and geology
Numerous magnetic features have been interpreted to represent mafic volcanic rocks at Crown, which are highly prospective for nickel-copper PGE and gold mineralisation.
In January, Oar engaged independent consultants Southern Geoscience to undertake a detailed interpretation of the regional magnetic data, which highlighted the potential of the project and identified at least 20 separate target areas.
OAR general manager of exploration Tony Greenaway said at the time: “The identification of 20 separate priority target areas, supports our believes that Crown has significant potential given nearby discoveries of multi-mineral complexes that include old, nickel, palladium and copper.”
Strong Julimar results
The company is encouraged by the progress of its neighbours with Chalice continuing to turn out strong results from Julimar.
Previous Julimar results have included 25 metres at 3 g/t palladium, 1.4 g/t platinum, 0.2 g/t gold, 0.3% nickel, 0.3% copper and 0.03% cobalt from surface and 14 metres at 4.2 g/t palladium, 1.1 g/t platinum, 0.2 g/t gold, 0.5% nickel, 0.8% copper and 0.03% cobalt from 85 metres.