Oar Resources (ASX:OAR) is planning to test areas which hold potential for additional graphite mineralisation in future drilling campaigns at its namesake project in South Australia.
The $10.49 million market capitalisation company will conduct these campaigns to ‘significantly’ add to the current indicated and inferred Mineral Resource Estimate (MRE).
Oar says drilling is designed to test additional geophysical target areas, as well as expand the current MRE.
The Oar Graphite Project’s current MRE includes 13.47 million tonnes (Mt) @ 3.3% total graphite concentrate, including 6.31Mt @ 4.7% TGC.
An exploration program for environmental protection and rehabilitation (EPEPR) has now been granted by the relevant South Australian Government agencies for a 5,000m aircore drilling program.
Oar has contracted independent geological consulting group Terra Resources to conduct a project-wide geophysical review of data available for the Oar project.
Oar reports the results from the review identified several opportunities to increase the size of the project’s current graphite resource.
Terra and Oar will continue to further delineate targets, streamline the targeting procedure and explore additional geophysical methods for optimising exploration for graphite within the project.
The company has dispatched 8 samples from 2 historic holes for metallurgical analysis to the Beijing General Research Institute of Mining and Metallurgy (BGRIMM). Metallurgical results from the samples are expected to be returned in the next 4 months.
Oar Resources Managing Director Paul Stephen says the company is working alongside a range of critical minerals development experts to expedite momentum at its namesake project, as well as test its product throughout various stages of the graphite supply chain.
Oar Resources is a battery and critical minerals explorer and developer focused on its assets in South Australia’s Eyre Peninsula. As of 30 September 2023, the company had $307,000 cash at hand, according to its latest quarterly report.