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- Binding agreement signed to acquire 80% of Jacknife silver project
- District-scale silver and patented mining claims in premier location
- Leading prospect Conjecture mine has foreign estimate for 8.22Moz of silver
- Historical high-grade production from Conjecture of 2.0 Moz of silver
Olympio Metals (ASX:OLY) has signed a binding agreement with Scout Discoveries Corp for an 80% interest in the highly prospective Jacknife silver project in Idaho, USA.
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MD, Sean Delaney, said the company views this as a significant opportunity to acquire an advanced project with a pathway to rapid development through patented mining claims.
Jacknife is located just 45km from the tier-1 Silver Valley mining district in Idaho, with the area containing six historical mines, which have produced over 3.2 million ounces of silver at an average grade of 12.7 ounces per tonne (oz/t) during a period when the silver price was less than US$1.30 per ounce.
“The Jacknife project in Idaho is an excellent acquisition for Olympio to complement our recently acquired Raven high grade silver project,” Mr Delaney said.
“Northern Idaho is a famous silver mining district with the Silver Valley area producing over 1.2 billion ounces of silver. The Jacknife project mineralisation is hosted in the same geological formations as Silver Valley just 45km to the south.
“The Conjecture mine within the project area hosts a significant foreign estimate of 8.22 million ounces (Moz) at 13 oz/t silver and remains open along strike and at depth.
“There are six historically mined areas including Conjecture within a core of patented mining claims at Jacknife, with the area being consolidated for the first time by Scout Discoveries who will be our local partner providing geological and drilling services to the project.”
The 3,940 acre project comprises 335 acres of patented mining claims covering around 80% of an approximately seven km trend of mineralised shear zones. The remaining 20% of the mineralised strike trend is covered by unpatented claims. The patented mining claims include the high-grade Conjecture silver mine.
Mr Delaney told shareholders the company will continue to work through historical datasets and is planning a maiden drill program to intercept the Conjecture Shear Zone between the known levels of the Conjecture mine to validate the continuity of grade between the levels.
“The patented mining claims provide immediate access and therefore the program will commence as soon as a drill rig is available.
“Additionally, Olympio has planned surface mapping and sampling across the Jacknife project. This will be a combination of soil, ridge and spur sampling and geological mapping in order to generate and prioritise the next drill targets,” he said.
OLY was steady at 4.7¢ with a Mkt cap of $8.323M.
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