Olympio Drills 85% Gold Intersections, Secures $1.25M Placement

Funding Boost for Bousquet Gold Project

Olympio Metals Limited (ASX, OLY) has successfully raised A$1.25 million through a placement to sophisticated and professional investors, providing fresh capital to advance exploration at its Bousquet Gold Project in Quebec, Canada. The placement involved the issue of over 19 million new shares at a 19% discount to the recent volume-weighted average price, accompanied by options exercisable at $0.15, subject to shareholder approval.

The funds come at a pivotal time for Olympio, following the completion of a maiden 7,083-metre diamond drilling program that delivered encouraging results. Over 85% of the drill holes intersected significant gold mineralisation, including standout intercepts such as 6.40 metres at 6.54 grams per tonne gold and a remarkable 1.5 metres at 54.2 grams per tonne. These results underscore the presence of multiple feeder structures and suggest the project holds multi-deposit potential.

Strategic Location and Exploration Outlook

Situated within 15 kilometres of Agnico Eagle’s La Ronde and Iamgold’s Westwood mines, both multi-million ounce producers on the prolific Cadillac Break, the Bousquet Project benefits from its proximity to world-class gold deposits. This regional structure is known for hosting over 110 million ounces of gold, positioning Olympio’s project in a highly prospective geological setting.

With assay results still pending for five drill holes, the company is preparing for a second drilling phase focused on testing strike extensions and down-dip positions of high-grade veins at the Paquin Prospect. This program aims to define a maiden Mineral Resource Estimate, a critical milestone that could significantly enhance the project’s valuation and appeal to investors.

Building a Pipeline of Targets

Beyond Paquin, Olympio is actively developing a strong pipeline of regional targets, particularly to the north of the Cadillac Break, an area that remains largely unexplored. The company holds an option to acquire an 80% interest in the Bousquet Project from Bullion Gold Resources, with Bullion retaining a 20% carried interest. To date, Olympio has invested close to C$1 million in exploration, reflecting its commitment to unlocking the project’s potential.

Managing Director Sean Delaney expressed confidence in the project’s prospects, highlighting the improved technical understanding gained from the initial drilling and the strategic approach to target high-impact zones in upcoming programs. The involvement of Canaccord Genuity as lead manager for the placement adds further credibility to Olympio’s capital raising efforts.