Olympio Metals‘ (ASX:OLY) share price surged 100% to $0.086, on the back of observing visible gold in the first drillhole, as part of a maiden drilling program, within the Bousquet Gold Project in Québec, Canada.
As part of the 10,000m diamond drilling program, drillhole Bo-25-27 has identified visible gold within a smoky quartz vein, within a 9m zone of quartz veined and sulphide mineralised rock at the Paquin prospect.
Managing Director Sean Delaney says the first hole at Paquin has extended the gold mineralisation to the west.
“This is a great start and confirms for us that there is great potential in the Bousquet Gold Project,” Delaney says.
“The Bousquet Project is perfectly positioned for gold exploration success, having multi-million-ounce gold deposits to the east and west along the Cadillac Break with year-round access for drilling.”
The company notes smoky quartz has historically been identified as the primary gold host across the Bousquet Gold Project.
Hole BO-25-27 will be logged and sampled with priority, and submitted for assay. The assays are expected to be available by mid-July.
Drilling is currently proceeding on further holes at the western extension target at Paquin. Three more holes are planned to test the western extension of the mineralisation.
The Bousquet Project complements Olympio’s flagship Dufay Gold-Copper Project, located 65km to the west along the Cadillac Break. Bousquet includes several advanced gold prospects and numerous structural and geophysical targets that remain untested by drilling or modern exploration.
Olympio Metals is an Australian mineral explorer focused on discovering and developing projects considered primarily prospective for gold and critical minerals.
According to the Department of Industry Science and Resources, Canada is ranked second, alongside Australia, for the top gold producer — accounting for 4% of the total global gold exports.
Gold consumption is forecast to decrease this year to 4,196 tonnes but is expected to rise again in 2026 as prices moderate to around 4,500 tonnes per year in 2030.
Trading Economics reports that gold prices fell to around US$3,350 ($5,167.53) per ounce amid the ceasefire agreement between Israel and Iran dampened the precious metal’s safe-haven appeal.
Gold’s price sat at $5,173.27 per ounce, as reported by the ABC Bullion, at the time of writing.
Write to Aaliyah Rogan at Mining.com.au
Images: Olympio Metals
