Recently listed Olympio Metals hits pegmatites in new WA lithium province

Olympio Metals (ASX:OLY) has today announced its identification of key target areas at the Mulwarrie Project prospective for lithium mineralisation following a review of historical data. 

The acreage comprising Olympio's Mulwarrie play has previously been the subject of drilling wherein fifteen drillholes hit pegmatite mineralisation underground. 

Pegmatites are commonly associated with lithium, however, this cannot be guaranteed until laboratory assay tests are completed.

What is worth noting is the presence of multiple nearby lithium players, including Red Dirt (ASX:RDT), Venus Metals (ASX:VMC) and Ora Banda (ASX:OBM). 

Data guides geotech team to key targets 

While the samples relating to historical data at Mulwarrie are not available for re-assaying, Olympio now has a solid idea of where to start drilling. 

That drilling, however, will not be the first thing Olympio’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. 

Previously completed mapping on-site, as well as magnetic data, gives weight to the results of the analysis of historical drilling at the project.

Bad weather in the region limited the scope of that mapping campaign, and so now the company must execute another. 

Management positive about future exploration

Olympio is now confident in potential lithium mineralisation being present on-site in a north-easterly orientation associated with geological faults at the project. 

“Our exploration efforts will continue over the coming months as the weather improves so we can get back in the field and continue to sample pegmatites across the whole tenement area,” Olympio managing director Sean Delaney said. 

“The historical data and mapping confirms that Mulwarrie contains a significant number of pegmatites.” 

Who are Olympio Metals? 

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. 

Part of that reorientation came by way of $2m in funding from Toronto’s Waratah Capital Advisers, through its green subsidiary Electrification and Decarbonization AIE LP. 

E&D are a cornerstone investor in Olympio as a result. The company holds two gold projects in the Goldfields (Mulwarrie) and Halls Creek; with lithium potential present at Mulwarrie.

The company also sits on potential nickel plays; also a battery metal. 

The shape of Olympio's three month charts since trading resumed in late May