Olympio Metals (ASX:OLY) has signed a binding asset purchase agreement with Fokus Mining Corporation (TSX-V:FKM) to acquire the Dufay Project in Canada, as part of the company’s strategy to focus on the Bousquet Gold Project.
Under the asset purchase agreement, Fokus will pay a combination of cash and shares, totalling C$500,000 ($546,415) once all conditions have been met which is expected in Q1 2026. The conditions required include TSX-V approval for issuing shares.
The divestment provides additional funding to focus on the Bousquet Project, where Olympio recently completed a 7,083m diamond drilling program.
Managing Director Sean Delaney says Bousquet continues to emerge as an “exceptional” opportunity for the company and the sale of Dufay allows Olympio to direct full attention to the project.
“With multiple new targets being defined along the Cadillac Break, including areas that remain virtually untouched, we are now in a strong position to drive exploration in one of Canada’s premier gold belts,” Delaney says.
The Bousquet Project is an advanced gold asset located on the Cadillac-Lake Larder Fault Zone in Québec, Canada.
Gold mineralisation at Bousquet is structurally controlled, quartz vein-hosted, gold associated with second and third order structures peripheral to the Cadillac Break, which is typical of the majority of mineralisation on the Cadillac Break.
This news comes following last week’s plethora of deals, as Mining.com.au reported in its M&A Monday. Over the past three years, there have been more than 120 metals and mining initial public offerings (IPOs) on the Australian bourse, raising in aggregate more than US$1.1 billion ($1.68 billion) in capital. The resources sector has continued to be highly active and in the 24 months to September 2024, with some 65% of ASX listings and 60% of follow-on offerings.
Write to Aaliyah Rogan at Mining.com.au
Images: Olympio Metals
