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- Assays now received from Olympio’s phase two diamond drilling at the Paquin prospect in Bousquet project.
- Results highlight further high-grade gold with significant intercepts at depth.
- Project located on Cadillac Break in Quebec, Canada.
Olympio Metals (ASX:OLY) has this week identified significant depth potential from phase two drilling at the Bousquet project in Quebec, with the program producing an additional 36 significant intercepts, including the high-grade intercept 3.8 metres at 5.03 grams per tonne (g/t) gold from 153.6 metres.
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This new assay haul has taken the total significant intercept count to 138 for Olympio’s drilling at Bousquet, the explorer told shareholders Monday.
“We are excited to see the results from the phase two drilling at Bousquet demonstrate the potential for increases in gold grade moving down plunge of the main lode,” Olympio’s managing director, Sean Delaney, said.
“Our plan is to test the lateral extension of the 19.4 metres at 17.29 grams per tonne intercept in hole BO-26-64 with next drilling… in late May and then test the down-plunge extension of the main lode.
“The upcoming televiewer survey will help to confirm the structural links between holes. The team is looking forward to compiling these results and returning to drilling in late May.”
Results from hole BO-26-64 (6.1 metres at 1.24 g/t gold from 74.9m) have demonstrated that the main lode at Paquin is significantly increasing in grade at depth, the company declared on Monday. The intercept is the closest to the ‘up plunge’ model orientation of the ‘main lode’ zone at Paquin and has produced an eight-gram-metre gold intercept, with a vertical depth of 65 metres.
A previous intercept of 19.4m at 17.29 g/t from 172.5m intersected the main lode zone at a vertical depth of 141.5m and produced a 335 gram metre gold intercept, a 97% increase in gold gram metres over ~100m down plunge.
Meanwhile, Olympio’s other drill hole, BO-26-60, successfully intersected a high-grade zone with 3.8 metres at 5.03 grams per tonne from 153.6 metres.
“This was especially significant as there was no historical sampling of the adjacent 1940s drill holes. It is not clear at this stage if this represents a new gold lode or an isolated zone. The company will use the data from the upcoming televiewer survey to gain further context of this high-grade intercept, Mr Delaney said.
Olympio currently holds the option to acquire an 80% interest in the Bousquet project from Bullion Gold Resources for a total payment of C$1.25 million in cash and shares and an exploration investment of C$2 million.
OLY closed down -1.49% to 6.6¢. Mkt cap $10.27M.
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