16/06/2021 - 19:47

Cashed up Oar plans drilling programs on three fronts

16/06/2021 - 19:47

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ASX-listed Oar Resources has laid the foundation for drilling programs on three fronts following a $2.3m placement. Funds will be used to advance the Crown PGE-nickel-copper project west of Chalice Mining’s renowned Julimar discovery in Western Australia, launch a maiden gold drilling program at Douglas Canyon in Nevada, and continue work at the emerging Gibraltar kaolin-halloysite project in South Australia.

Drilling at Oar Resources’ Gibraltar halloysite-kaolin project in South Australia. Credit: File

ASX-listed Oar Resources has laid the foundation for drilling programs on three fronts following a $2.3 million share placement. Funds will be used to advance the Crown PGE-nickel-copper project west of Chalice Mining’s renowned Julimar discovery in Western Australia, launch a maiden gold drilling program at Douglas Canyon in Nevada, and continue work at the emerging Gibraltar kaolin-halloysite project in South Australia.

In WA Oar is awaiting the grant of the Crown tenement in the Julimar Complex less than 10km from Chalice’s Gonneville nickel-copper-precious group element discovery.

In March 2020 Chalice’s discovery hole returned 19m at 2.6 per cent nickel, 1 per cent copper, 8.4 grams per tonne palladium and 1.1 g/t platinum from 48m and the company’s share price has rocketed from under 20c before discovery to around $8.

Oar’s Executive Chairman, Chris Gale said: “The strong demand for our capital raising was highly encouraging. We are very excited to be preparing for our first ground-based activities at Crown. The discovery and value creation for Chalice shareholders through their Gonneville Ni‐Cu‐PGE discovery is a remarkable success story which has opened up a new province in WA, and one in which we are very fortunate to have secured a permit 10km west of the Gonneville discovery.”

Oar says recent geological interpretation carried out by Southern Geoscience identified 20 priority target areas for drilling at its ground. The targets covered a series of prominent magnetic structures similar to and extending from the Julimar Complex that hadn’t been drill tested.

In South Australia Oar has been hitting high-grade halloysite and kaolinite at Gibraltar in the Eyre Peninsular.

Stellar intercepts from a maiden air-core campaign last year included 3m at 19.6 per cent halloysite and 42.4 per cent kaolinite from 26m, and 1m at 12.6 per cent halloysite and 28.7 per cent kaolinite from 23m. Another hole hit 13m at 5.3 per cent halloysite and 80.9 per cent kaolinite from 13m depth.

In March, Oar launched into a 2,500m air-core program looking to extend mineralisation over 3.5km to the north of the location of the maiden campaign. Results are due for release soon.

In Nevada, USA, two diamond holes for 560m will target high-grade ore shoots along up to 300m of strike at Douglas Canyon. Rock chip sampling at the two prospects has returned high-grade gold and silver including 18 g/t gold, 15.6 g/t gold, 495 g/t silver and 398 g/t silver.

 

Is your ASX-listed company doing something interesting? Contact: matt.birney@businessnews.com.au

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