Olympio Metals Secures 51% Stake in Bousquet Gold Project as Dufay Divestment Boosts Cash

Milestone Achieved at Bousquet Gold Project

Olympio Metals Limited (ASX:OLY) has reached a key milestone by earning a 51% stake in the Bousquet Gold Project, located in Quebec, Canada. This achievement follows the company’s ongoing exploration success, including a standout Phase 2 drill intercept of 19.40 metres grading 17.29 grams per tonne gold from 172.5 metres (hole BO-26-63). The company plans to restart field activities in late May with a Televiewer survey and further drilling to build on these promising results, which have already reinforced the project’s potential for bonanza-grade gold mineralisation.

The remaining path to increase ownership to 80% involves option payments of CAD$500,000, CAD$250,000 worth of shares, and CAD$1 million in expenditure over five years. Olympio retains flexibility to accelerate these commitments, indicating a strategic approach to advancing the project on its own timeline. This milestone aligns with the company’s earlier announcements that highlighted multiple significant intercepts at the Paquin prospect, deepening confidence in the project’s resource potential. Notably, the Phase 2 drilling campaign delivered 36 new significant gold intercepts, boosting the total to 138 at Bousquet and confirming the bonanza-grade potential first revealed in March Phase 2 drilling success.

Dufay Divestment Delivers Premium Cash Consideration

In a parallel move to sharpen its focus, Olympio has completed the divestment of 100% of the Dufay Gold Project to Fokus Mining Corp (TSX-V: FKM). Originally structured as a combination of shares and cash totalling CAD$500,000, the deal’s value increased to CAD$684,000 in cash following Fokus’s takeover by Gold Candle. This takeover premium provided Olympio with a higher and all-cash consideration than initially anticipated, streamlining the company’s portfolio and bolstering its cash position.

The divestment proceeds are partly received, with the balance pending release after statutory tax returns are completed. This cash injection, combined with Olympio’s existing $1.92 million cash balance at the end of March and an additional $1.3 million approved in April, strengthens the company’s financial capacity to pursue its exploration ambitions in Quebec and its recent expansion into the United States, including the Raven Silver Project in Montana and the Sawtooth Critical Minerals Project in Idaho US critical minerals expansion.

Strategic Focus on High-Potential Assets

Olympio’s pivot towards the Bousquet Gold Project reflects a deliberate strategy to concentrate resources on assets with the strongest exploration upside. The company’s recent drill results, including the bonanza intercept and other high-grade zones, underpin this focus. The recommencement of field activities later this month will be critical to validating and expanding these discoveries, with expenditure contributing to the earn-in commitments for increased ownership.

While the path to 80% ownership involves significant financial and operational commitments, Olympio’s flexibility to accelerate these steps offers potential to fast-track development if exploration continues to deliver. Investors will be watching how the upcoming drilling and structural surveys refine the project’s geological model and resource potential, particularly given the proximity to major gold mines along the prolific Cadillac Break in Quebec.