ASX ANNOUNCEMENT11 May 2007Olympia Resources to Explore for...

ASX ANNOUNCEMENT
11 May 2007
Olympia Resources to Explore for Uranium on
Northern Territory Tenements
As previously announced the Board of Directors of Olympia Resources Limited (ASX Code:
OLY) has commissioned an independent review of Olympia’s tenements in the Northern
Territory. The review has been completed by Vince Roberts and Associates Pty Ltd. The
study has concluded that “an attractive grass roots potential for uranium exists on the
tenements generally, and should be investigated by appropriate exploration.”
Based on the results of the study Olympia will immediately commence exploration activities
for uranium in the Harts Range area in the Northern Territory. Initially this will involve a
thorough review of all existing available data, detailed mapping and geophysical assessment
prior to designing radiometric survey and drilling programs.
Several other companies hold tenements for uranium exploration in the Harts Range area.
These companies include Newera Uranium Ltd, Red Metal Ltd and Oklo Uranium Ltd.
The uranium potential for the area is considered to be related to the Arunta Metamorphics
and Valley-fill type deposits as well as a prominent uranium anomaly in the Eastern portion of
the tenement block.
Arunta Metamorphics
The Olympia tenements cover an extensive area of Arunta Metamorphics, which are known
to contain two uranium deposits (Napperby-New Well and Nolans Bore) and various uranium
occurrences elsewhere in the region. The types of deposit being sought by Olympia are in
structurally controlled situations (e.g. vein/fault related including IOCG types) within
metamorphic rocks, and possibly disseminated uranium in granitic intrusives. It is expected
that there is likely to be a variety of potentially favourable rocks within the Olympia tenements.
Valley-fill Deposits
Alluvial paleochannels of Tertiary age have developed along some of the more mature parts
of the main drainage systems of the Arunta Block. These palaeochannels are favourable
sites for the development of “roll-front” and calcrete style deposits of uranium. Mr Roberts
points out that these deposits are likely to be buried and will require careful exploration.
There is a prominent uranium anomaly in the eastern portion of the tenement block where a
prominent and extensive uranium channel, aero-radiometric anomaly accompanies a strong
lineament in the eastern part of the tenement block that warrants exploration.
Peter Gazzard
Managing Director