Olympio Metals (ASX:OLY) has signed a binding letter of intent with Bullion Gold Resources Corporation (TSX-V:BGD) to acquire up to 80% of the Bousquet Gold Project in Québec, Canada.
The project sits on the Cadillac-Lake Larder Fault Zone, also known as the Cadillac Break, which is associated with orogenic gold and copper mineralisation.
Under the deal, Olympio will pay C$100,000 ($110,103) cash within five business days after executing a formal option agreement, as well as issue C$50,000 worth of shares at a 15-day volume weighted average price to Bullion Gold.
The company will also pay C$800,000 cash and $300,000 worth of Olympio shares to Bullion Gold in deferred payments over eight years after achieving certain milestones.
Once completed, Olympio will take 80% ownership of the Bousquet Project.
During the option period, the company may also exercise the option, subject to and conditional on incurring C$1.3 million in exploration expenditure within the eight years from starting the agreement.
Managing Director Sean Delaney says acquiring this project presents an opportunity for the company to expand its exposure to one of the world’s premier gold-bearing structures.
“The project is strategically positioned between substantial gold deposits to the east and west, with numerous high-grade gold prospects featuring gold both at surface and in drilling,” Delaney says.
“This makes Bousquet an exceptional exploration target. The geological setting and mineralisation style closely resemble the nearby million-ounce O’Brien Project, where high-grade gold zones are often associated with visible gold in quartz veining.
“The project is next to working gold mines with under-utilised mills, with a major highway, railway, and hydroelectric power all traversing the centre of the project.”
Olympio notes the project consists of numerous priority drill-ready targets and as such, permitting will begin immediately for drilling.
The company intends to conduct drilling at the Paquin East, Decoeur and Joannes prospects, as well as unexplored induced polarisation (IP) anomalies to the southwest of Paquin.
Further planned work also includes modelling of IP anomalies from historical geophysical data, modelling of numerous magnetic anomalies that are not yet resolved, as well as structural analysis and drill targeting.
Olympio Metals is an Australian explorer focused on discovering and developing critical minerals projects. The company’s projects, considered prospective primarily for gold and copper, are located in Australia and Canada.
The company will be exhibiting at this year’s Prospectors & Developers Association of Canada (PDAC) event being held from 2-5 March in Toronto, Canada.
The annual convention brings together up to 30,000 attendees from over 130 countries for its educational programming, networking events, as well as business and investment opportunities.
Mining.com.au is an official media partner for the upcoming event. To register for PDAC 2025 click here.
Write to Aaliyah Rogan at Mining.com.au
Images: Olympio Metals
