Olympio Metals stock doubles on 12.2g/t gold hit in Canada
- Doug Bright
- 16 hours ago
- 3 min read
Olympio Metals (ASX: OLY) soared today after revealing it had nailed high-grade gold results from maiden diamond drilling at the company’s Bousquet gold project in Canada, confirming multiple gold-bearing structures at the CB-1 target and a potentially large mineralised system at nearby Paquin.
At one stage today, the market took the company’s share price as high as 9.5 cents, or more than 100 per cent higher, on the biggest trading volume since February last year.
Final assays from the last six holes include standout intercepts of 1.30m assaying 12.2 grams per tonne (g/t) gold from 218.2m in one hole and 1.45m going 2.04g/t gold from 270.9m in an adjacent hole. Both holes were centred within the company’s CB-1 target area and only 280m south of the famed Cadillac Break regional structure.
Significantly, the 12.2g/t gold intercept highlighted a third distinct gold-bearing structure within the CB-1 trend, further supporting the prospectivity of the zone, which was originally brought to light by a 2.9m hit at 5.7g/t gold from 63.26m in the historical CB-1 drill hole.
In addition, the CB-1 target was advanced with the identification of three fertile structures in close proximity.
Olympio Metals Managing Director Sean Delaney
That prospectivity has also been further enhanced by the company’s recent 2.70m run assaying 1.49g/t gold from 289.50m in a hole collared only about 65m north of the 12.2g/t intercept.
At Paquin, about 880m south of the Cadillac Break and 720m southwest of the recent 12.2g/t gold hits at CB1, the final three holes confirm broad gold mineralisation over more than 100m downhole under a thin cover of about 10m.
Key intercepts from the Paquin drilling include 3m running 2.21g/t gold from 24.35m and 1.50m at 4.22g/t gold from 92.5m in one hole. A second hole intercepted 4.25m going 0.98g/t gold from 70.15m, about 60m west of the first intercept.
Viewed in concert, the results support a conceptual model of a series of en-echelon gold lodes along a 1.3km east-west trend within the Paquin/Amadee corridor, with all lodes currently remaining open both down-dip and along strike.
The Paquin/Amadee gold-mineralised corridor is currently interpreted to be more than 1850m long, with a dominant east-west orientation.
Most of the historical drilling has been tightly clustered around just two prospect centres across a strike of a little over one kilometre, leaving large stretches of the corridor barely tested. Beyond a handful of shallow scout holes, the ground between and along strike from these zones remains wide open, offering plenty of room for new discoveries to emerge.
We are excited to see the final drill results for the preliminary drill program at the Bousquet Gold Project. The program has given us a much greater understanding of the structural controls on gold mineralisation at the Paquin Prospect and gives us confidence that the Bousquet Project is host to a large gold system.
Olympio Metals Managing Director Sean Delaney
Olympio’s Bousquet project straddles the stunningly gold-productive Cadillac Break, a regional structure that has historically produced more than 110 million ounces of gold. It lies within 15km of Agnico Eagle’s 15.8Moz LaRonde gold mine and Iamgold’s 2.4Moz Westwood gold operation.
Olympio is earning an 80 per cent interest in Bousquet through staged cash/share payments totalling C$1.25M (A$1.35M) and a C$2M (A$2.16M) exploration commitment, with nearly C$1.0M (A$1.08M) already spent.
With highly encouraging assay results from its first three-dimensional sortie into the major Cadillac Break area of influence now in hand, Olympio says it’s sharpening the structural model across the CB-1 and Paquin zones. The aim is to zero in on high-grade plunge extensions, while also hunting for untouched parallel lodes that could add fresh upside to the system.
Surrounded by giants, with a growing understanding of structural controls on gold mineralisation and high-grade mineralisation turning up across multiple structures, Olympio is already planning to remobilise for this year’s follow-up drilling once approvals are in place.
As work continues, the company appears to be gradually prising out the secrets underlying the potential of this underexplored segment of the world-class Cadillac Break.
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