Olympio sniffs pegmatites of up to 2.3% lithium in first pass Canadian exploration

Australia and Canada-focused explorer Olympio Metals Ltd (ASX: OLY) has picked up lithium oxide (Li2O) mineralisation of up to 2.3 percent within spodumene-holding pegmatites at its Cadillac play in Quebec.

Exploration work was seeking to identify and define pegmatite mineralisation at four targets on the periphery of the historic Wells-Lacourcière Lithium Prospect, with 26 diamond holes drilled for 2,715 metres.

What they found was two spacially and geochemically distinct zones at the Wells-Lacourcière Prospect Dyke B, which hints at multiple generations of LCT mineralised pegmatite intrusives.

Managing director Sean Delaney said the company was seeking to moving quickly at the Cadillac project – which comprises almost 190 kilometres of land in the Abitibi Témiscamingue region, around 70 kilometres west of Val-d’Or.

“Olympio acquired the project in August 2023 and quickly got to work generating targets close to the known spodumene at Wells-Lacourcière in the short field season available,” he said.

“This first pass drilling program on four of the pegmatite targets generated has provided us with valuable technical information, which will guide our field work for the coming summer season.

“We raised $1.1 million last month utilising the Canadian Flow Through Shares provisions at a significant premium to our share price, which means that we are funded to continue our lithium exploration at the Cadillac project in Quebec.”

Olympio is trading at 6.1c.