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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.
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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.
High grade Assay Results Continue at Youanmi
- The latest batch of assays have been received from the 11,000m drilling program (both diamond core and reverse circulation) at the high gold-grade Youanmi Gold Project, located centrally in Western Australia’s prolific gold fields
- The recently-completed infill/exploration program aimed to improve resource confidence and open up corridors for resource growth; to underpin the Definitive Feasibility Study (DFS), and, additionally, provide sample material for ongoing metallurgical optimisation test-work for the DFS program
- Latest highlights from the program include:
- RXDD131: 4.38m @ 19.07 g/t Au from 387.98m,
- incl. 1.73m @ 41.43 g/t Au from 389.96m
- RXDD119: 4.56m @ 14.60 g/t Au from 220.64m
- RXDD115: 2.99m @ 21.11 g/t Au from 249.88m
- RXDD119: 4.0m @ 7.37 g/t Au from 162.0m
- RXDD132: 7.19m @ 3.90 g/t Au from 263.61m
- RXDD133: 2.83m @ 6.53 g/t Au from 431.00m
- RXDD128: 3.82m @ 4.51 g/t Au from 364.59m,
- incl. 1.73m @ 8.22 g/t Au from 364.59m
- incl. 1.73m @ 8.22 g/t Au from 364.59m
- RXDD122: 0.95m @ 13.50 g/t Au from 204.44m
- §These results further demonstrate the continuity of high- grade gold mineralisation along the Youanmi greenstone belt belt, and the potential for resource growth both at depth and along-strike, with discovery potential to the south
- 35,000m Step-up drill campaign well underway with the plan to bring forward ounces and increase the mine plan
The program focused on converting Inferred stopes at Pollard, United North and Youanmi Main to higher confidence Indicated classification and providing material for metallurgical testing for the upcoming Definitive Feasibility Study (DFS) – on track for H2 CY25.
This final consignment of diamond assay results are the fourth batch of assays results returned from the drill program and have been entirely drilled from the Pollard, Youanmi and United North areas (Figure 1).
Rox Resources’ Chief Executive Officer, Phillip Wilding, commented:
“It’s pleasing to round out the 11,000m RD and DD drilling program with another batch of excellent intercepts.
“More importantly, the program has significantly improved our knowledge of the high grade and underexplored Youanmi ore system, and shown that mineralisation remains open at depth.
“Next steps are to convert Inferred areas of the Resource to the higher confidence Indicated classification, and finalise key intercepts of sample material for metallurgical test work to feed into the Youanmi DFS.
“We are excited to have commenced the 35,000m Step-up program to potentially bring forward ounces in the mine plan and significantly increase the size of the Pollard ore zone.”
Youanmi Major Growth Drill program
Resource drilling has focused on converting selected Inferred stopes in the current Mineral Resource of 16.2Mt at 4.4g/t Au for 2.3Moz (Indicated: 10.7Mt at 4.5g/t Au for 1.6 Moz : Inferred 5.5Mt at 4.2g/t Au for 0.7 Moz) 1 to higher confidence Indicated classification at Pollard, United North and Youanmi Main as shown in plan on Figure 1. The drilling has also provided both sample material for metallurgical testing and valuable geological data for the pending Definitive Feasibility Study (“DFS”) planned for second half of 2025.
Figure 1: Plan view of the Youanmi Gold Project featuring drill hole collar locations and 2024 Resource outline overprinted on aerial photography
Outside of the immediate resource area, drilling was also conducted on near-mine exploration and focused on the Youanmi South prospect area, or Paddy’s Lode, first reporting high-grade intercepts in 20232. The drilling at Paddy’s has complimented the Company’s exploration strategy moving south along the Main Lode Shear Zone (MLSZ) and adding additional gold ounces to the Resource. Youanmi South has the potential to grow the Resource above the 103kozpa Production Target outlined in the recently completed Pre-Feasibility Study (“PFS”)3.
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This article includes content from Rox Resources Limited, 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.
Drilling Commenced at Viani in Fiji
HIGHLIGHTS
- The Phase 1, three-hole diamond drilling program has commenced at the Viani Project, Fiji and will test for extensions to the quartz vein gold mineralisation at depth.
- Phase 1 is expected to be completed in early 2025, with plans for additional drilling under the same program dependent on the initial results
- The Viani Project (SPL1513) covers an area of approximately 200km2 and is largely underexplored.
- At the Dakuniba prospect within Viani, low sulphidation epithermal high-grade gold mineralisation has been mapped over >3km strike length.
- Diamond drilling completed by Japan International Cooperation Agency (JICA) in 1995 to 1997 intersected high-grade gold in low sulphidation epithermal quartz veins, including 0.6m @ 27.6 g/t Au.
Alice Queen’s Managing Director, Andrew Buxton said,
With drilling underway, Alice Queen is positioned to test the epithermal gold-style mineralisation identified in historic drilling at the Viani Project. Weather permitting, we anticipate completing the Phase 1, three-hole diamond drilling program in early 2025. Following this, our exploration team will mobilise the drill rig to the Sabeto Project in Fiji to maintain the momentum of this campaign. To deliver timely results to shareholders, we intend to accelerate the analysis of the drill core at ALS Brisbane.”
Image 1 – Diamond drilling at Viani
Details
Geology
The geology of the Viani Project (SPL 1513) comprises olivine basalts and volcaniclastics of the Natewa Volcanic Group which are intruded by andesite sills and dykes. In the 1940s, gold mineralisation was found by local prospectors near the village of Dakuniba. At Dakuniba, low sulphidation style epithermal gold occurs in quartz veins, and silicified rocks along a 3km long NE trending zone.
In 1995-1997, Japan International Cooperation Agency (JICA) drilled six diamond holes at Dakuniba and intersected high-grade gold in chalcedonic, crustiform, colloform banded quartz veins at depths of 50m to 100m below surface (i.e. MJVFV-5 intersected 2.2m @ 11.3 g/t Au, incl 0.6m @ 27.6 g/t Au at 121m downhole). This high-grade gold mineralisation is open in all directions.
Proposed Drill program
The initial Phase 1 drill program at Viani (see Table 1) will comprise three diamond drillholes designed to test continuity to the epithermal gold mineralisation previously intersected in JICA drillhole MJVFV- 5 (2.2m @ 11.3 g/t Au) (see Figure 2). The drilling will test for extensions to the gold mineralisation at depth and along strike.
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This article includes content from Alice Queen Limited, 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.
