Olympio Metals hits shallow gold to unlock open pit potential in Canada

Olympio Metals has hit shallow gold at the company’s Bousquet project in Canada, revealing a promising open-pit development opportunity.

Recent drilling by Olympio Metals (ASX: OLY) has intersected multiple zones of shallow gold mineralisation at its Amadee prospect, which is part of the company’s Bousquet gold project in Quebec.

Diamond drilling has unearthed broad mineralisation zones up to 40 metres wide and impressive high-grade hits such as 4.5m grading 3.29 grams per tonne (g/t) gold from 5.65m, including a standout 0.5m section running at 24.5g/t gold.

The company says the results extend mineralisation at depth and bolster the project’s potential for open-pit development.

Eight diamond holes were drilled up to a depth of more than 100m to zero in on an area beneath previously identified shallow gold mineralisation and to test the continuity of the gold system along a strike length of more than 200m.

Notably, all holes lit up with gold hits, suggesting a broad, underexplored gold system at Amadee.

Most intriguingly, though, historical results from a very low frequency electromagnetic survey now hint at a structural link between Amadee and the high-grade Paquin prospect, just 500m east.

When combined with the geophysical findings, the newly found mineralisation suggests Amadee is part of a much larger structural system that remains open to the west and could run the whole way to Paquin.

Olympio also recently put Paquin to the test, with a diamond rig hauling in some excellent results. The company’s first hole nailed 5.4m running at 7.6g/t gold from 184m, including a 0.35m section at a remarkable 42.3g/t gold, with visible gold present in the core.

A second hole revealed a stunning 1.5m hit grading 54.2g/t gold from 235.5m depth, suggesting a new mineralised lens at the bottom of the hole. The upper section of the hole hit 7.9m grading 6.2g/t gold, including a 1.3m slice going at 17g/t gold.

Together with a historical hole that returned 9m at 16.96g/t gold, these intercepts form a continuous high-grade zone spanning more than 300m, which remains open to the west, up-dip and down-dip.

The shallow gold mineralised zone identified in our recent drilling at Amadee, including grades up to 24.5g/t gold, has confirmed that both Amadee and Paquin are contained within the same large, strike-extensive gold mineralised structure that remains very under-explored along strike.

Olympio Metals Managing Director Sean Delaney

Olympio has the option to earn 80 per cent of the Bousquet project from Canadian-listed Bullion Gold Resources in exchange for C$1.1 million (A$1.2 million) worth of staged payments across eight years. The company will also pay Bullion Gold a performance fee of C$1 per ounce of gold, racked up in a maiden resource up to 500,000 ounces and C$0.50 per ounce thereafter.

The gold mineralisation at site is hosted in smoky quartz-carbonate stockwork veins, which is a common rock type within the Cadillac Break - a Canadian region laced with world-class gold deposits.

The 23.69-square-kilometre project is strategically positioned 15km from several major gold mines, including Agnico Eagle’s La Ronde mine, which has more than 15 million ounces of gold, and Iamgold’s 2.4M-ounce Westwood mine.

Should Olympio go on to define a gold resource, its proximity to underutilised infrastructure and processing plants in the area could be a boon for the explorer, further enhancing the economic potential of future gold discoveries.

Moving forward, the rig is continuing its work at Amadee, with further exploration set to focus on extending the mineralised zone both eastward and westward toward Paquin. This strategy aims to unlock the project’s full potential and Olympio expects to receive more exciting results in the coming months.

Olympio appears to be making substantial progress at Bousquet, with drilling at Amadee confirming significant shallow gold mineralisation, underscoring the potential for a major gold discovery in Quebec’s renowned Cadillac Break.

With some uber-high grades and widths exceeding 40m, the results have provided plenty of encouragement for the company to expand its search. In turn, punters will likely be laser focused on further results as Olympio continues to explore and expand its gold footprint.

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