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- Oar Resources (OAR) receives the first set of results from data analysis of historical exploration drill core samples at its Western Eyre Peninsula (WEP) project
- A total of 666 holes came to 46,000 metres revealing 11 holes with alkaline intrusives believed to host REE mineralisation and pegmatites
- Assay results include 36 metres of 638.88 ppm TREO from 122 metres, including 14 metres of 993 ppm TREO from 135 metres
- The company is preparing to drill test anomalies within the WEP tenure, beginning at its newest target, Hill 55, and it’s kicking off a 21-hole RC program at Conical Hill
- OAR shares are up 9.09 per cent, trading at 0.6 cents at 11:45 am AEST
Oar Resources (OAR) has received the first set of results from the data analysis of historical exploration drill core samples from its Western Eyre Peninsula (WEP) project in South Australia.
A total of 666 holes were drilled for more than 46,000 metres and targeted discrete magnetic features which revealed multiple alkaline intrusives believed to host rare earth element (REE) mineralisation and pegmatites.
Relogging and sampling of the first historic drill hole from the Conical Hill prospect identified carbonate-altered kimberlite from a 122-158 metre depth, with wide intersections of REE anomalies.
Assay results from this intersection returned 36 metres at 638.88 parts per million (ppm) total rare earth oxides (TREO) from 122 metres, which included 14 metres at 993 ppm TREO from 135 metres.
“The quality and quantity of the drill core samples that have been retained by the South Australian Government is truly remarkable and provides an invaluable source of data for OAR to work with,” OAR Managing Director Paul Stephen said.
“This has enabled us to efficiently and cost-effectively assess the REE potential of the intrusions within the Western Eyre Peninsula.”
The company has nearly 80 per cent of these historic drill holes stored in Adelaide, which are readily available for resampling and logging.
In this review, 11 holes were found to be consistent with alkaline intrusives, while OAR also identified eight pegmatites from historical drill logs, which have never been sampled.
The company is preparing to drill test a number of anomalies within the WEP tenure, beginning at its newest target, Hill 55, and a 21-hole reverse circulation (RC) program at Conical Hill will also take place.
OAR shares were up 9.09 per cent, trading at 0.6 cents at 11:45 am AEST.
