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Olympio Metals Ltd (ASX:OLY) has picked up a Canadian copper-gold project along a regional structure which has produced more than 110 million ounces of gold.
Olympio signed an option agreement to take on an 80% share in the Dufay project in Quebec, comprised 60 square kilometres, including 10 kilometres of strike at the prospective Cadillac Break.
It also features multiple outcrops of copper sulphides with rock chips which have been shown to grade as high as 7.7%, and is within five kilometres of various other gold-copper projects, including the 11 million-ounce Kerr-Addison, and Galloway, as well as being 35 kilometres west of the Rouyn-Noranda mining centre and copper smelter in southwest Québec.
Olympio was attracted to its position close to ample road and rail infrastructure, as well as its underexplored status – drilling has not run there since the 1980s. The company has gained approvals for its program to begin in January, and is focusing on the presence of an untested high priority IP anomaly adjacent to a syenite porphyry.
Managing director Sean Delaney said the project offered Olympio a low cost, strategic play to add to its portfolio.
“The Dufay Project offers Olympio significant strike exposure to one of the world’s premier mineralised structures, the famed Cadillac Break,” he said.
“The project offers a range of underexplored exploration targets, including high-grade copper showings that have never been drilled and compelling porphyry Cu-Au geophysical targets that remain untested.
“The project is adjacent to numerous large gold-copper mineral resources, with a major highway through the project directly to the Rouyn-Noranda copper smelter 35km to the east.
“The project has significant potential to host porphyry Cu-Au mineralisation, with exploration drilling planned to commence during the upcoming Canadian winter field season.”
Olympio shares moved up on the news, and at 15:44 AEDT, they were trading at 5.5 cents – a rise of 61.76% since the market opened.
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