Olympio Metals (ASX:OLY) has completed a phase two rock chip sampling program at its Cadillac Lithium Project in Quebec, Canada.
The $9.62 million market capitalisation company says it has submitted 30 samples to ALS Laboratories in Val d’Or for analysis, with results expected in 2 weeks.
A phase three sampling program is expected to begin at the end of this month.
Commenting on the sampling program, Olympio Metals Managing Director Sean Delaney says: “The field teams have done a great job to date, and we look forward to having them back on the ground following up numerous priority targets at the end of October.
As noted previously, our plan is to generate as much data as possible in the current field season, with the aim of generating drill targets for the Quebec winter.”
“Our plan is to generate as much data as possible in the current field season, with the aim of generating drill targets for the Quebec winter”
Previous rock chip samples have confirmed high surface lithium grades of up to 7.43% lithium oxide (Li2O) at Cadillac.
Olympio had 2 field crews sampling the priority targets in the area, fanning out from the known ‘high-grade’ lithium areas to test for lithium prospectivity to generate new drill targets.
The Cadillac project lies in the ‘rapidly emerging’ Cadillac-Pontiac lithium camp, less than 100km from Canada’s only operating lithium mine in southwest Quebec.
Olympio Metals is an Australian explorer focused on discovering and developing critical minerals projects. The company has projects in Canada, Western Australia, and South Australia.
As of 30 June 2023, the company had $2.732 million cash and cash equivalents at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Olympio Metals
