Oar Resources Ltd (ASX:OAR) is finalising plans for an airborne geophysical mapping at its 100%-owned Crown Project in the emerging Julimar district of Western Australia, considered highly prospective for nickel-copper-PGE mineralisation.
The EM survey over multiple target areas along the eastern tenement area, including areas of historic mining activity, is aimed at identifying drilling targets for the first phase of drill testing.
The survey will commence as soon as possible, subject to aircraft availability.
Land access agreements
Oar Resources has also obtained further land access within the priority Eastern Domain in February. The Eastern Domain is the main exploration focus at the Crown Project.
OAR has successfully obtained access to two of its three key target areas and established a positive rapport with landholders, who are interested to learn more about the geology of their property and its surroundings.
Technically-driven fieldwork continues
OAR is continuing its technically-driven exploration approach at Crown as follows:
Stage 1 - Detailed geological mapping and outcrop mapping has established basement geology and is mostly complete. As a result, OAR’s technical team has determined the best area to focus efforts is on the Eastern Domain characterised by a mixture of the targeted mafic, ultramafic, and granitic lithologies and has become the focus of OAR’s exploration activity.
Stage 2 - Systematic soil/surface geochemical sampling is complete for several target areas and is continuing over additional targets within the Eastern Domain throughout February. The airborne geophysical survey is soon to commence in preparation for the commencement of the next stage.
Stage 3 - OAR’s maiden drilling at Crown.
Priority project
A strategic review is underway on the company’s project portfolio, and Crown Project has already been determined to be a priority project.
This is based on:
➢ Crown’s 88 square kilometres tenement contains numerous geophysical trends interpreted to represent rock sequences like those reported in the Chalice Mining’s adjacent Julimar Complex;
➢ significant nickel-copper--PGE mineralisation continues to be found in the Western Yilgarn Region through the application of technically driven exploration strategies similar to those being employed by OAR;
➢ the pending aerial EM survey to be conducted in consultation with Southern Geoscience; and
➢ the impact that a significant discovery at Crown would have on the company.
Bramfield Iron Ore has been identified as a non-core asset and is becoming the subject of a $500,000 sale agreement.
Oar Resources will continue pursuing its technically-driven exploration program and is considering potential to extend the Crown exploration area.
Further updates on its other projects can be expected in the coming week.
Crown Project
As an early mover in the district, OAR has secured a prime position, with the Crown Project only 8 kilometres from Chalice Mining’s world-class Gonneville polymetallic discovery, at its Julimar Project.