Olympio Metals (ASX:OLY) has increased its ownership of the Bousquet Gold Project in Québec, Canada, to a 51% stake in the asset.
The company completed a commitment milestone to earn this interest rate, with remaining commitments in place to earn up to 80% through C$500,000 ($504,895) option payments and C$250,000 worth of shares.
The 80% ownership will be obtained with an additional C$1 million in expenditure at the asset over five years. The agreement provides Olympio with flexibility to accelerate these commitments.
Olympio will restart field activities at the Bousquet Project in late May, following up on phase two drilling which intersected a ‘bonanza’ intercept of 19.4m @ 17.29 grams per tonne gold from 172.5m.
This intercept indicates an increase in gold grade down plunge at the Main Lode zone, as reported by Mining.com.au.
The company says expenditure on the upcoming field activities will contribute to the remaining commitments to earn 80% of the asset. Field activities include a Televiewer survey and the next phase of drilling.
Focused on Bousquet
Meanwhile, Olympio has completed the divestment of the Dufay Gold Project with its vendors through a binding asset purchase agreement with Fokus Mining Corp (TSX-V:FKM).
Fokus agreed to acquire a 100% interest in Dufay for a total consideration value of C$500,000, which comprises a combination of shares and cash.
The Dufay divestment delivered an all-cash consideration of C$684,000 after Fokus was subject to an all-cash takeover transaction, resulting in Olympio benefiting from the flow-through takeover premium.
Olympio has received a portion of the total C$684,000 to date, with the company to receive the remaining balance in the coming months after a routine completion of its statutory tax returns.
Olympio Metals is a gold explorer focused on discovering and developing its portfolio of assets in Canada and the US.
Write to Maddison Elliott at Mining.com.au
Images: Olympio Metals
