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Olympio Metals (ASX:OLY) has intersected multiple occurrences of visible gold in the latest hole at the Bousquet project in Quebec, Canada, which is especially important because the explorer carries an option to acquire an 80% interest in the project from Bullion Gold Resources for C$1.25M in cash and shares.
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The latest drilling success came in the fourth hole of a follow-up at the Paquin target, with gold contained in a 6.25m interval from 182.75m. Preliminary logging of the core identified multiple grains of visible gold throughout the core.
MD, Sean Delaney, said the geology team will continue to log and process the drilling at Paquin and incorporate significant intercepts into a geological model.
“We are delighted to see significant visible gold in the fourth hole of our follow-up program at Paquin. Hole BO-26-63 has confirmed the potential of the main lode at Paquin. The drill program is ongoing and will keep the market updated as the program progresses,” the Olympio chief explained today.
Earlier this month, Olympio reported that a preliminary soil sampling program had confirmed historic high-grade gold at Bousquet.
A total of 303 soil samples were collected during the maiden hand auger soil sampling campaign, with material taken from the B horizon across 10 separate strips with a combined area of 1.6 square kilometres.
Several samples returned high-grade gold assays up to a peak of 0.58 g/t, and the program unveiled several anomalies that require follow-up exploration.
Notably, a potential anomalism the company identified had an accumulative value of key pathfinder elements to the known gold systems in the region. These February results have correlated well with an underlying intrusion and indicated a mechanical distribution parallel to the glacial drift orientation.
OLY is up +4.62% to 6.8cps. Mkt cap $8.158M.
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