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Oar Resources Assay Results Confirm REE at Western Eyre

5 October 2023 11:09
ASX: OAR

Oar Resources (ASX:OAR) have released further results from its geochemical analysis of historical drill core samples from the Western Eyre Peninsula Project in South Australia, reporting ‘exceptional’ results which reinforce the rare earth element (REE) potential.

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Figure 1: OAR Resource’s 100 per cent owned Tenement Holdings in the Western Eyre Peninsula in South Australia showing locations of logged alkaline intrusives, pegmatites and identified magnetic anomalies which may be additional alkaline intrusives.

Promising Historical Analysis

The Company reported in August that it had begun analysis of 666 historic drill core samples, stored by the South Australian Government in the Department of Energy and Mining (DEM) Core library.

A total of 666 holes were drilled for a total of 46,226 metres, targeting discrete magnetic features and identifying 203 geophysical anomalies initially interpreted as kimberlite intrusions.

The initial review revealed 11 of the historic drill holes were found to have intersected alkaline intrusives and eight intersected pegmatites which have never been sampled, as the focus of previous explorers was the kimberlite intrusions.

Oar has conducted further analysis on an additional 262 drill core samples, reporting similar findings and receiving ‘highly encouraging’ results which reinforce the potential for mineralisation at the Project.

The samples were taken from 10 holes across the Conical Hill Prospect and the Hill 55 anomaly.

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Figure 2: Historical drilling at Hill 55 Prospect with assays received to date in red. Black represents collars that remain untested.

Assay result highlights include:

  • 4 metres @ 1,039ppm TREO (17% MREO) from 76 metres
  • 64 metres @ 316ppm TREO (23% MREO) from 0 metres, including 22 metres @ 805.8ppm TREO (23% MREO) from 44 metres in MH2-DH56L
  • 112 metres @ 498ppm TREO (23% MREO) from 44 metres, including 8 metres @ 1366ppm TREO (24% MREO) from 44 metres.

Oar also reported pre collar results from hole SHDD01 from the Conical Prospect demonstrated further TREO enrichment returning highly encouraging results:

  • 25.4 metres @ 632ppm TREO (27% MREO) from 58 metres, including 8metres @ 516ppm TREO (33% MREO) from 59 metres and 4.4 metres @ 1216ppm TREO (24% MREO) from 79 metres
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Figure 3: Historical drilling at the Conical Hill Prospect with assays received to date in red. Black represents collars that remain untested

Reinforced Perspectivity

The high-grade nature of these results reinforces the Western Eyre Peninsula’s prospectivity for REE mineralisation.

It is reported that the assays from 262 drill core samples returned TREO values up to 2806ppm, with the high value MREO’s accounting for up to 37% of the TREO’s and 90% of the holes returned assay values greater than 1000ppm TREO.

Future Outlook

The results from the historical analysis are promising for Oar in confirming the REE prospectivity at the tenement.

Oar intends to follow up these ‘highly encouraging’ results by expanding the current sampling program to include additional historic holes which targeted 82 magnetic anomalies previously identified by Stockdale Resources.

The Company is still in the process of reviewing the geophysical data and completing analysis with the aim of identifying further intrusives at the Project.

The Company has announced it will use the analysis to plan future drilling exploration at both Conical Hill and Hill 55 Prospects.

Oar has lodged a initial 21-hole RC program at Conical Hill to test the revised geophysical model, the intrusion at depth targeting fresher parts of the intrusion, and the magnetic core.

Preparation for a drilling proposal for Hill 55 is also underway, aiming to test the anomaly at depth, targeting the fresh core of the anomaly, and to look for internal zonation’s within the intrusion.

Oar Resources Managing Director Paul Stephen said that the latest results are encouraging for the Company as it continues to analysis the remaining historical drill core samples.

“This region of South Australia has not previously been explored using today’s technology or standards, and it has never been assessed for REE potential,” he said.

“These initial results reinforce the presence of REE across the Western Eyre Peninsula project, suggesting there is great REE potential in this largely underexplored part of Australia.”

“The OAR team continues to advance our exploration efforts for REE and critical minerals, while simultaneously assessing new opportunities and building a world-class team, as we focus on delivering metals of the future.”

OAR’s Australian Stock Exchange-listed share price is currently trading at $0.004 (11.15pm UTC+ 8 hours).

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