Olympio Metals Unveils High-Grade Gold Hits at Bousquet, Raises $1.25M
Olympio Metals reports a successful maiden drilling campaign at its Bousquet Gold Project in Canada, revealing multiple significant gold intercepts and outlining a large, open gold system. The company also secured $1.25 million in fresh capital and agreed to divest its Dufay Project.
- Maiden drill program yields over 100 significant gold intercepts at Bousquet
- High-grade gold zones identified with grades up to 54.2 g/t Au
- Large, open east-west trending gold system defined across multiple prospects
- Raised $1.25 million via share placement to fund ongoing exploration
- Binding agreement signed to divest Dufay Project for CAD 500,000
Strong Start at Bousquet
Olympio Metals Limited (ASX – OLY) has delivered a promising update from its maiden diamond drilling program at the Bousquet Gold Project in Canada. The recently completed 7,083-metre campaign returned over 100 significant gold intercepts, including standout results such as 6.40 metres at 6.54 grams per tonne (g/t) gold from 183 metres and a remarkable 1.50 metres at 54.20 g/t gold from 235.5 metres. These results confirm the presence of multiple high-grade shoots within a large, east-west trending gold system that remains open along strike and at depth.
The drilling focused on the Paquin and Amadee prospects, which are now understood to be linked along a 1.3-kilometre strike length. The main lode at Paquin has revealed high-grade zones, while deeper drilling at Paquin Deeps has extended mineralisation down to 430 metres vertical depth. Notably, the system remains largely untested between these zones, suggesting significant upside potential.
Expanding the Gold Footprint
Beyond Paquin and Amadee, the Decoeur prospect has extended the known mineralised strike to 1.7 kilometres, with gold mineralisation confirmed down to 290 metres vertical. Additionally, the CB-1 target has emerged as a third key structural corridor, highlighted by a high-grade intercept of 1.3 metres at 12.2 g/t gold. Together, these findings define a substantial 3 km by 1.5 km gold system south of the Cadillac Break, a prolific regional structure.
Olympio’s geology team is preparing for a follow-up drill program aimed at delineating the dimensions and grade continuity of the high-grade intercepts, particularly within the Main Lode. Historical drill holes from the 1940s, though strategically located, suffered from core loss and inadequate sampling, underscoring the importance of this new drilling to establish a reliable resource estimate.
Corporate Moves and Financial Position
To support ongoing exploration activities, Olympio completed a placement raising $1.25 million through the issue of over 19 million new shares at $0.065 each, accompanied by attaching options exercisable at $0.15. The company ended the quarter with $1.02 million in cash and no debt, positioning it to advance its exploration agenda.
In a strategic portfolio move, Olympio signed a binding Asset Purchase Agreement to divest its Dufay Copper-Gold Project in Canada to Fokus Mining Corporation for CAD 500,000. This divestment streamlines the company’s focus on the highly prospective Bousquet Gold Project.
Meanwhile, the Halls Creek tenements in Western Australia remain under option agreement with Clutch Group Pty Ltd, with due diligence extended to February 2026. No work was reported on the Eurelia Rare Earths Project during the quarter.
Looking Ahead
Olympio anticipates receiving results from a maiden soil sampling program west of Paquin and Amadee in the current quarter, which could further refine drill targets. The company’s next drilling phase will be critical in confirming the scale and grade continuity of the Bousquet gold system, potentially setting the stage for a maiden resource estimate.
Bottom Line?
With high-grade gold zones emerging and fresh capital secured, Olympio Metals is poised for a pivotal exploration phase at Bousquet.
Questions in the middle?
- How will the upcoming drilling program refine the resource potential at Bousquet?
- What impact will the Dufay Project divestment have on Olympio’s financial flexibility?
- Can the company sustain its exploration momentum with current cash reserves and placement proceeds?
