Olympio Metals (ASX:OLY) has begun a new rock chip sampling program at its Cadillac Project in Canada after returning ‘exceptional’ lithium grades up to 7.43% lithium oxide (Li2O).
The $11.94 million market capitalisation company says results have been returned from the Wells-Lacourcière prospect and confirm a ‘strong’ relationship between elevated lithium and potassium/rubidium ratios (K/Rb<30) within the Wells-Lacourcière pegmatite swarm.
Olympio reports visual spodumene has also been identified in a number of pegmatite outcrops, with other key results including sample X448161 with 6.29% Li2O; sample X448158 with 6.24% Li2O; and sample X448164 with 5.81% Li2O.
The company notes multiple pegmatites throughout Cadillac exhibit a correlation between K/Rb<30 and elevated lithium mineralisation, which provides an ‘excellent’ exploration tool for numerous other prospective pegmatites observed through the project.
Following the return of these results, Olympio’s field crew has doubled in size to ensure efficient sampling of pegmatites in underexplored regions of the project whilst also generating new drill targets.
Speaking on the results, Olympio Metals Managing Director Sean Delaney says: “We are in a great position with the Cadillac Lithium Project in Quebec. We have high-grade lithium at the surface and are currently exploring 190 square kilometres of underexplored tenure, just a short drive from the town of Val-d’Or.
“We now have two field crews working simultaneously on the sampling of pegmatites, using LIBS and XRF for real-time data to ensure that the best rock samples are selected for lab assays“
We now have two field crews working simultaneously on the sampling of pegmatites, using LIBS and XRF for real-time data to ensure that the best rock samples are selected for lab assays.
We are sampling priority targets, fanning out from the high-grade Wells-Lacourcière Prospect in this current program, however, historical sampling results also demonstrate the potential of the southwest region of the project. Our plan is to generate as much data as possible in the current field season, with the aim of generating priority drill targets for the Quebec winter.”
Olympio Metals is an explorer focused on the discovery and development of critical minerals projects. The company’s assets are located in South Australia, Western Australia and Canada respectively.
The Cadillac project is located in the Cadillac-Pontiac lithium camp about 100km from Canada’s only operating lithium mine in southwest Quebec.
Olympio Metals had $2.732 million cash and cash equivalents at hand as of 30 June 2023, according to its latest quarterly report.
Write to Adam Drought at Mining.com.au
Images: Olympio Metals