Olympio confirms ‘bonanza’ gold intercept at Bousquet, where it holds 80% interest option

Olympio Metals’ (ASX:OLY) confidence in the high-grade upside at the Bousquet project in Quebec has been boosted by a 41.81 grams per tonne gold hit.

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The Australian company has the option to acquire an 80% interest in Bousquet from Bullion Gold Resources for around $1.29 million in cash and shares, as well as an exploration investment of around $2.079 million.

Olympio has made payments of approximately $311K in cash and shares to date and completed exploration spend of nearly $1.39M. Those already-paid funds have supported phase two drilling at the Paquin prospect, where the first assay results have recently returned “bonanza” gold grades.

“We are excited to see this high-grade intercept at Paquin confirming the visual gold that was logged in the drill core,” said Olympio’s MD, Sean Delaney.

“These first results from the second phase of drilling highlight the potential of the high- grade lodes and are the best drill results for the Bousquet Project to date.”

Olympio had previously reported intervals of logged visible gold from the successful hole and prioritised it for analysis. Those recent lab studies confirmed a gold intercept of 7.5 metres at 41.81 g/t from 182 metres.

The successful hole, the best to date, was drilled at a 3,300 azimuth to test for high-grade gold lodes that potentially run parallel to a previous drill-hole orientation.

Drilling has now been completed at Bousquet with seven holes drilled for a total of 1,639 metres. Assay results are still pending for the remainder of the “bonanza” hole, along with those for the remaining six drill holes of phase two.

Bousquet is located on the Cadillac Break in Quebec, a regional structure associated with world-class gold mines. It’s situated within 15km of multi-million ounce working gold mines such as Agnico Eagle’s 15.8Moz La Ronde project and Iamgold’s Westwood, which is estimated to contain around 2.4Moz.

OLY is down -3.17% today already, to 6.1cps.

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