Olympio Metals has completed Phase 2 drilling at its Bousquet Gold Project with 36 new significant gold intercepts, bringing the total to 138. The company also commenced Phase 3 drilling targeting extensions of a high-grade lode and secured an 80% interest in the Jacknife Silver Project in Idaho, USA.
- 36 new significant gold intercepts at Bousquet
- Phase 3 drilling targets lateral and down-dip extensions
- Earned 51% interest in Bousquet with option to 80%
- Binding agreement to acquire 80% of Jacknife Silver Project
- Completed divestment of Dufay Gold Project for CAD$684k
Bousquet Gold Project Delivers Continued High-Grade Gold Intercepts
Olympio Metals (ASX:OLY) has pushed forward its exploration at the Bousquet Gold Project in Quebec, Canada, completing Phase 2 drilling that added 36 significant gold intercepts to its tally, bringing the total to 138. Notably, assays from the Paquin Prospect highlighted high-grade hits including 3.8 metres at 5.03 g/t gold, with a standout 1.3 metres grading 12.80 g/t within that interval. Another intercept of 6.1 metres at 1.24 g/t gold suggests increasing grade at depth along the Main Lode.
These results build on the previously reported bonanza intercept of 19.40 metres at 17.29 g/t gold, which Olympio is now targeting in its Phase 3 drilling program. This ~1,500-metre campaign aims to delineate the lateral and down-dip extensions of that high-grade zone, using insights from a recent down-hole televiewer survey to better understand structural controls. Olympio’s successful completion of option commitments has earned it a 51% stake in Bousquet, with flexible remaining payments and expenditure commitments to reach 80% ownership. Bullion Gold Resources retains a 20% carried interest.
Expanding US Critical Minerals Exposure with Jacknife Silver Acquisition
Beyond Canada, Olympio has signed a binding agreement to acquire an 80% interest in the Jacknife Silver Project in Idaho, USA, from Scout Discoveries Corp. The project lies near the prolific Silver Valley Mining District and includes patented mining claims covering approximately 80% of a 7-kilometre mineralised shear zone trend. Historical mining records show significant past production, including an estimated 8.22 million ounces of silver at the Conjecture Mine, although this resource is a foreign estimate and not yet JORC-compliant.
Olympio plans to launch a maiden drilling program to validate grade continuity and conduct comprehensive surface mapping and sampling to prioritise targets. This acquisition complements Olympio’s critical minerals portfolio, which also includes the Raven Silver and Sawtooth Antimony Projects in Montana and Idaho, respectively, both of which have seen little modern exploration despite historic high-grade silver and antimony occurrences.
Streamlining Portfolio with Dufay Divestment and Australian Tenement Updates
In a strategic portfolio move, Olympio completed the sale of its 100% interest in the Dufay Gold Project in Quebec to Fokus Mining Corp for a total consideration of CAD$684,000 following a takeover premium. The divestment frees up capital to focus on its core assets in Canada and the United States.
Meanwhile, in Australia, Olympio has extended due diligence periods on its Halls Creek tenements under option to Clutch Group Pty Ltd, with ongoing exclusivity fees and expenditure commitments. No work was reported at the Eurelia Rare Earths Project in South Australia during the quarter.
Financial Position and Cash Flow
Olympio ended the quarter with a cash balance of $2.6 million and no debt. Operating activities consumed $445,000, reflecting ongoing exploration and corporate costs, while investing activities accounted for $160,000 in payments related to tenements. The company also received net financing inflows of $1.26 million, bolstering its cash position to support continued exploration.
Bottom Line?
Olympio’s advancing drilling at Bousquet and strategic US acquisitions position it well to unlock significant value, though upcoming assay results and maiden drilling at Jacknife will be critical to validate resource potential.
Questions in the middle?
- Will Phase 3 drilling at Bousquet confirm the lateral and down-dip continuity of the high-grade lode?
- How will Olympio progress the JORC-compliant resource estimation for the Jacknife Silver Project given the current foreign resource estimates?
- What impact will the divestment of Dufay and ongoing Australian tenement option arrangements have on Olympio’s capital allocation and exploration focus?