Olympio Metals (ASX:OLY) will launch its maiden drill run at the WA gold play Halls Creek Project, following the successful identification of initial evidence of gold mineralisation in surface samples.
Seventy eight rock chip samples from outcrop formations were collected at the Woodward Range and Rubens prospects back in June this year; with results being made available today.
While no drilling has been undertaken and thus no early stage assessments can be made on the grade of gold ore (or whether or not it exists in significant quantities underground,) management is excited to get maiden drilling underway in the last quarter of this year.
“The exploration team will be back in the field this week, refining drill targets ahead of our maiden drill program in Q4 this year,” Olympio Metals MD Sean Delaney said.
“Our on-field exploration has highlighted several areas at the Rubens and Figaro prospects that are under-explored and require follow-up drilling.”
The Figaro prospect, which is estimated to reflect a 3km long strike zone, is related to the Woodward Range prospect, while the Rubens prospect is located some 20km southwest.
Data from stream sampling at Figaro back in the early 1990s gave Olympio’s geotech team and idea of where to start collecting rock chips, with the company noting samples have identified gold-lead soil anomalies.
Field mapping and magnetic data at Figaro suggests the right conditions for gold to form in dolerite formations underground, though, drill testing will be needed to confirm this.
If the company’s optimistic interpretations are correct, the company may find Figaro contains areas where mineralised gold commences at surface.
The company is also optimistic for its Rubens target, though, soil anomaly results were weaker at Rubens than that of Figaro.
The Rubens prospect forms part of a different permit; the permit for Woodward Range was acquired by Olympio from private Northgate limited; the transfer application remains in-situ within the relevant WA department (DMIRS).
Earlier this month, Olympio noted it had identified 15 new lithium pegmatite targets at its separate Mulwarrie project.
While the samples relating to historical data at Mulwarrie are not available for re-assaying, Olympia now has a solid idea of where to start drilling.
That drilling, however, will not be the first thing Olympia’s geotech team starts with. First, the company will run a fresh mapping and surface sampling campaign on-site to further refine the key areas of interest.
Olympio recommenced trading on the ASX in May this year following a change of company strategy.
Olympio was formerly CropLogic, an Australian-registered vehicle originally used to develop a crop soil technology solution in the US markets. That venture ultimately didn’t make the cut.
However, following the acquisition of mineral tenements in WA, CropLogic became Olympio Metals and pivoted entirely to becoming a metals player in the Kalgoorlie region.
The company finished the June quarter with $4.9m in cash; it spent $0.58m over the period.
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