Olympio Metals Strikes Visible Gold and Expansive Copper Zones in Quebec
Olympio Metals reports promising visible gold intersections at its Bousquet Gold Project and extensive copper mineralisation at Dufay, backed by a $1.5 million capital raise to advance exploration.
- Visible gold intersected in maiden drilling at Bousquet Gold Project
- Extensive copper mineralisation over 850m strike at Dufay Copper-Gold Project
- Drilling program at Bousquet extended to include Amadee Prospect
- Post-quarter $1.5 million placement secured to fund ongoing exploration
- Option agreement extended for sale of Halls Creek tenements in Western Australia
Exploration Breakthroughs at Bousquet and Dufay
Olympio Metals Limited (ASX – OLY) has delivered a strong exploration update for the June 2025 quarter, highlighting early success in its maiden diamond drilling program at the Bousquet Gold Project in Quebec, Canada. The company intersected visible gold within a 9-metre zone at the Paquin Gold Prospect, marking a significant milestone in its 10-hole, 2,400-metre drilling campaign.
The visible gold was found between 183 and 192 metres, hosted in smoky quartz veins with associated sulphides and strong carbonate-chlorite alteration. This discovery aligns with historical observations of smoky quartz as a primary gold host in the region, reinforcing the prospectivity of the Bousquet project area. Additional drilling has been extended to the Amadee Prospect following the identification of similar smoky quartz veining, elevating its priority within Olympio’s exploration strategy.
Copper Potential Confirmed at Dufay
Meanwhile, at the Dufay Copper-Gold Project, also in Quebec, Olympio completed 1,875 metres of diamond drilling that revealed multiple thick zones of copper mineralisation over an 850-metre strike length. The copper grades ranged from 0.09% to 0.12% on average, with peak values reaching 1.64% copper. These mineralised zones correspond closely with geophysical models, including induced polarization and electromagnetic surveys, providing confidence in the targeting methodology.
The copper mineralisation is structurally controlled and associated with stockwork quartz veining hosted in metasediments adjacent to a syenite porphyry. Notably, the drilling suggests an increase in copper grade with depth, prompting plans for follow-up drilling to further delineate this extensive copper system.
Corporate Developments and Funding
On the corporate front, Olympio reported a cash balance of $0.7 million at quarter-end, bolstered by proceeds from the disposal of shares in Gorilla Gold Mines Ltd. Shortly after the quarter, the company successfully raised $1.5 million through a placement of 15 million new ordinary shares at $0.10 each, representing a 13% discount to the last traded price. This capital injection is earmarked to support ongoing drilling at Bousquet and advance exploration at Dufay.
Additionally, Olympio extended an option agreement for the sale of its Halls Creek tenements in Western Australia to Clutch Group Pty Ltd. The option includes staged payments and performance-based milestones, potentially providing future cash flow contingent on exploration success.
Outlook and Next Steps
With assay results from the initial Bousquet drillhole expected imminently, the market awaits confirmation of the gold grades that will underpin the economic potential of the visible gold intersections. The extension of drilling programs and planned follow-up at Dufay signal a proactive approach to advancing these projects. Olympio’s recent capital raise provides the necessary funding runway to sustain this momentum.
While early-stage, these developments position Olympio Metals as a company to watch in the gold and copper exploration space, particularly given the strategic location of its projects along the prolific Cadillac Break in Quebec.
Bottom Line?
Olympio’s early drilling success and fresh capital set the stage for a pivotal phase in its Canadian exploration journey.
Questions in the middle?
- What assay results will confirm the economic viability of the visible gold at Bousquet?
- How will follow-up drilling at Dufay refine the understanding of copper grade distribution with depth?
- What are the implications of the Halls Creek tenement sale for Olympio’s Australian portfolio?