Olympio Metals Limited provided results from mapping and rock chip sampling at the Camelot Project, located 30km north of Leonora and 15km east of the historical Tarmoola/King of the Hills Gold Mine. The project comprises two tenements that cover the southern margin of an Archaean granite with associated gold and molybdenum mineralisation. Recent exploration by Olympio has highlighted the potential for REE mineralisation associated with kimberlitic and carbonatitic intrusions.

The Camelot Project covers a significant portion of the Teutonic Bore Kimberlite Dyke Field, identified by Stockdale Prospecting Ltd. in the mid 1990's. The kimberlites were identified via heavy mineral loam sampling, heli-mag survey, trenching and drilling. Petrography classified the dykes as kimberlitic, para-kimberlitic and melnoitic ii. The Mt Weld carbonatite REE deposit occurs within a suite of kimberlitic and melnoitic intrusives in an Archean granite-greenstone setting, directly analogous to the Teutonic Bore Kimberlite Field iii (Jaques 2008).

Regionally, there are numerous REE enriched areas analogous to Camelot, including the Mt Stirling REE/Au project 24km west (Asra Minerals), the Redlings Carbonatite Dykes (Marquee Resources) and the Melita 04 Kimberlite (Forrestania Resources). Review of historical exploration reports revealed kimberlite dyke Teutonic 01 occurs within E37/418 and was discovered by Stockdale Prospecting in 1995 iv (A52875). The dyke is part of a NW trending dyke field, interpreted to have intruded as a late stage (but undated) mantle derived magma with primary REE enrichment.

Kimberlite fields and carbonatite fields often coincide/overlap, as mantle-deep structures are exploited by a range of evolved/alkaline hypabyssal magmas over extended timescales. Olympio considers the Camelot Project may be prospective for a range of mantle-derived rocks enriched in REE, including lamprophyres and carbonatites. Stockdale undertook limited drilling of magnetic targets within E37/1418.

The historical heli-mag data is currently being reprocessed with a view to magnetic modelling and drill target selection. Regionally, the Mt Stirling ionic-clay REE Project (ASRA Minerals) occurs 25km to the west of the Camelot prospect. Further afield are the Readings Carbonatite and Mt Weld Carbonatite REE projects.

The REE evaluation of Camelot is at a very early stage, and the REE enrichment model is yet to be defined. Further exploration will give a greater clarity to the potential scale and style of the REE mineralisation. The project area occurs immediately north of the Linger and Die gold workings, and the Mt Molybdenum prospect (Mo).

Gold bearing quartz veins hosted in fresh granite occur in the southwest of E37/1417. Recent soil sampling by Ozz Resources Ltd. v has confirmed strong Au and Mo anomalism extending to the southern boundary of the Camelot tenements. The Camelot Project covers the southern margin of an Archaean granite, which has potential for greisen-hosted Mo and structurally hosted Au mineralisation.

Olympio exploration staff undertook first pass reconnaissance mapping and rock chip sampling of the Camelot Project (E37/1417, 1418). Sixteen (16) rock chip samples were collected. Ten (10) samples were collected in the region of the historical Teutonic Bore kimberlite.

No historical costeans were noted, and rocks with possible mafic or alkaline affinity were chosen for sampling from surface outcrop. Surface weathering and incipient silicification rendered positive field identification of kimberlite difficult. Of the ten samples collected in the region of Teutonic01 kimberlite dyke, six samples recorded TREO > 300ppm, with a maximum of 2,295ppm TREO (CRC018).

Of the samples with TREO > 300ppm, the proportion of desirable HREO vi is 10.7%. The TREO content of the 800m wide zone sampled across the Teutonic Bore kimberlite field trend would suggest that kimberlitic rocks may be more widespread than indicated in historical reports, and further exploration is a priority in 2023, including comprehensive auger soil sampling. The exact nature and scale of the REE enrichment is yet to be defined, and may not be restricted to kimberlitic dykes.

Olympio is confident the Teutonic Bore Kimberlite Field has the potential to host numerous REE mineralised zones, and/or an unrecognised kimberlite or carbonatite host. The historical gold workings in the southwest of E37/1417 were sampled, with six samples of quartz bearing fresh granite collected from mullock. Results indicate common grades >3 g/t Au.

These grades reflect historical sampling results. The prospect is not defined on MINDEX vii, and appears never to have been drilled, yet the scale of the historic workings supports the grades returned in the recent mullock sampling. Further evaluation is required, including planned auger soil sampling to evaluate the scale of the gold anomalism.

Historical Heli-mag data over the kimberlite field is currently being re-processed and reviewed for potential kimberlite and/or carbonatite intrusives. Auger drill grid sampling of the project area is planned for the 2023 field season, with a view to: evaluating the scale and tenor of REE enrichment of the kimberlite dyke field and further define the Au and Mo mineralisation within the Camelot Project, as indicated in soil surveys to the immediate south of the Project (OZZ Resources). Further reconnaissance mapping and rock chip sampling is planned in the coming months to help guide and advance these activities.