Olympio Metals (ASX:OLY) has announced additional assay results from its phase two drilling at the Bousquet Project in Québec, Canada, highlighted ‘high-grade’ gold with significant new intercepts.
The company reported 36 intercepts including a key result of 3.8m @ 5.03 grams per tonne gold from 153.6m. The new intercepts now bring the total significant intercept count to 138, building on previously reported results.
Additional results include 6.1m @ 1.24g/t gold from 74.9m and 4.65m @ 0.72g/t gold from 121.35m.
The company also reported a “bonanza” intercept of 19.40m @ 17.29g/t gold from 172.5m, indicating a significant increase in the gold grade down plunge at the Main Lode zone.
This intercept represents a 97% increase in gold gram metres over 100m down plunge.
Managing Director Sean Delaney says that the company is excited about these phase two results indicating the gold grade moving down plunge of the main lode.
“Our plan is to test the lateral extension of the 19.4m @ 17.29g/t intercept in hole BO-26-64 with the next drilling program in late May and then test the down plunge extension of the main lode,” Delaney says.
“The upcoming televiewer survey will help to confirm the structural links between holes.”
Phase two drilling at Bousquet is now complete, with seven holes drilled for a total of 1,639m. The planned televiewer survey will provide the company with further context about the ‘high-grade’ intercepts.
Advancing toward project acquisition
Olympio has the option to acquire an 80% interest in the Bousquet Project from Bullion Gold Resources for a total of C$1.25 million in cash and shares as well as an exploration investment of C$2 million.
To date, Olympio has made payments of C$0.30 million in cash and shares and completed an exploration spend of nearly C$1 million.
Bullion Gold will retain a 20% undivided interest in the project.
Olympio Metals is an Australian exploration company focused on the discovery and development of gold projects in Québec, Canada.
Write to Amy Rotman at Mining.com.au
Images: Olympio Metals
