Olympio Metals (ASX: $OLY) Announcement Overview

Olympio Metals Limited (ASX: $OLY) has confirmed rare earth element (REE) and niobium (Nb) mineralisation at multiple magmatic intrusives across the Walloway region, including W1 and W6. The drilling programs were designed to test several high priority REE targets defined in a recent detailed aeromagnetic survey. The magmatic intrusives occur as a mix of plugs, breccias, and dykes, and the drilled intrusives correlate closely to the magnetic anomalies.

Executive Commentary

The drilling has confirmed that Walloway hosts a previously unrecognised magmatic intrusive province with widespread REE and Nb enrichment. Preliminary analysis suggests the intrusives are carbonatites, which is an important proof of concept and gives us great confidence to move forward with this project. The recent gravity survey has increased our confidence in the potential of the large W3 deep magnetic target, and we look forward to testing this later this year.

Summary of ASX Announcement

The second phase of aircore drilling by Olympio Metals has confirmed rare earth element (REE) and niobium (Nb) mineralisation at multiple magmatic intrusives across the Walloway region. The drilling intersected magmatic intrusive rocks at all eight targets drilled, confirming a new, previously unrecognised magmatic province at Walloway. The company's Managing Director, Sean Delaney, expressed confidence in the project's potential and highlighted the importance of the recent gravity survey in identifying the large W3 deep magnetic target. Further work is planned to consider each intrusive in the context of the potential discovery of a carbonatite province, with compelling carbonatite targets remaining within all projects. The Eurelia Project, including the Walloway and Yanyarrie carbonatites, is coincident with the G2 corridor, correlated with the distribution of alkaline igneous rock types and REE mineralisation on a continental scale.