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Highlights
- Olympio Metals Limited has gained access to over 200 historical samples from the Eurelia Project in South Australia for resampling and assaying.
- The samples were collected by previous explorers as part of diamond-focused exploration campaigns.
- None of the samples were ever assayed for rare earth elements (REEs) or niobium.
- The company expects valuable insights from the campaign for targeting its first drilling operation at Eurelia.
Olympio Metals Limited (ASX:OLY), an Australian critical minerals explorer, has gained access to more than 200 historical samples from the Eurelia Niobium–Rare Earth Element Carbonatite Project in South Australia for resampling and assaying. The company believes that it will be able to significantly accelerate the targeting and prioritisation for drilling programs after re-assaying these samples.
According to the OLY, the Eurelia Project has significantly boosted Olympio’s focus on critical minerals. The project is highly prospective for significant niobium and/or REE mineralisation within a tier 1 mining jurisdiction in Australia. With this project, the company plans to advance its exploration strategy in the very near future.
Eurelia Project location (source: company update)
Eurelia Project: highly prospective for niobium and REEs
In December 2022, Olympio Metals had revealed that it has executed an agreement to earn into the Eurelia Niobium-Rare Earth Elements Carbonatite Project (EL6374) from Copper Claim Pty Ltd. Located near the intersection of two regionally significant structures within the Adelaide Geosyncline in South Australia, the Eurelia Project spans over an area prospective for carbonatite-hosted REE mineralisation.
Previously, multiple exploration programs have been conducted at Eurelia for copper and diamonds with limited focus on the REE prospectivity. However, limited rock chip sampling delineated a >10km trend of coincident elevated Niobium and REEs, with up to 772ppm Nb and up to 4,754ppm Total Rare Earth Oxides (TREO).
Moreover, the only drill hole within this 10km trend that was assayed for REEs (ORRK7-AC01) indicated an intersection of 9m @ 1,647ppm TREO from 7m. This further confirmed the potential for economic REE mineralisation in the trend.
Resampling and reassaying of historical samples
Olympio has been granted access to a significant number of samples which have been carefully stored in Adelaide. These samples were collected by previous explorers over the period from 2002 to 2010 as part of diamond exploration campaigns and have not been assayed for rare earth elements (REEs) or niobium.
At present, Olympio is sorting through the samples which need to be dispatched. The assay results are likely to be received in the month of February.
Management commentary
Data source: Company update, © 2023 Krish Capital Pty. Ltd.
OLY shares traded at AU$0.150 on 25 January 2023.
