Olympio Metals (ASX:OLY) has reported final assays from a phase three drilling program at its Bousquet Gold Project in Québec, Canada, confirming it has intersected thick gold mineralisation along strike at the Paquin prospect.
Hole BO-26-68 delivered the standout result, returning 11m @ 1.43 grams per tonne gold (Au) from 174m. This intercept is approximately 40m along strike from a previous ‘bonanza’ intercept of 19.4m @ 17.29g/t Au from 179.2m in BO-26-63.
Other intercepts from phase three’s five-hole, 1,428m program include 6.1m @ 1.01g/t Au from 54m and 3.5m @ 1.15g/t Au from 187.5m.
Olympio says the results confirm current geological modelling at Paquin, which remains open down plunge, down dip, and to the west. The company has achieved ‘significant’ gold intercepts in 39 of 43 holes drilled at Bousquet since acquiring the project.
Managing Director Sean Delaney says the drilling results continue to give the company confidence that Bousquet is in a ‘large mineralised system’.
“The Paquin/Amadee trend has 1.3km of strike and has only been tested to a depth of approximately 157m, with a further approximately 1.5km of strike [along] the main conglomerate contact open to the west, which demonstrates the tremendous upside for further discovery,” Delaney points out.
According to Olympio, less than 20% of the project has been explored.
Bousquet covers 10km of a 28km stretch of the Southern Abitibi Greenstone belt, which hosts over 28 million ounces (Moz) of gold. Within the area, two main styles of gold mineralisation have been identified: a structurally controlled 1.3km trend at Paquin/Amadee and a 1.7km shear-hosted trend at Decoeur.
“We have a further 1.7km mineralised Decoeur trend to the south of the main conglomerate giving us further upside potential on what is likely to be one of the world’s best addresses for gold exploration,” Delaney says.
The company also notes that the project is located on Cadillac Break, a regional structure associated with gold mines holding over 110Moz. It is also situated within 15km of multimillion-ounce operating gold mines such as Agnico Eagle’s (NYSE:AEM) La Ronde (15.8Moz Au) and IAMGOLD’s (NYSE:IAG) Westwood (2.4Moz Au).
Olympio has earned a 51% interest in the Bousquet Gold Project from Bullion Gold Discoveries (TSX-V:BGD). Remaining commitments to earn 80% are C$500,000 ($504,487) in option payments, C$250,000 worth of shares, and C$1 million expenditure over five years.
The company intends to progress towards a potential maiden resource at Paquin and test strike extensions to the west, alongside the additional 1.5km of untested strike along the conglomerate contact.
Olympio Metals is a mineral explorer focused on discovering and developing gold and critical mineral projects across North America and Australia.
Write to Paula Fabe at Mining.com.au
Main image: Olympio Metals
