Olympio’s Bousquet gold system expands as US silver drilling gathers pace

Bousquet drilling builds toward a maiden resource

Olympio Metals Limited (ASX:OLY) has delivered the strongest operational quarter of its North American expansion, with Bousquet drilling confirming a substantial gold system while silver programs in the United States move from acquisition to fieldwork. The immediate constraint is financial rather than geological: the company ended September with A$1.178 million in cash, equivalent to only 0.98 quarters of reported relevant outgoings.

At the Paquin prospect in Quebec, final assays from five Phase 3 diamond holes produced a headline intercept of 5.0 metres at 4.54g/t gold from 171 metres in hole BO-26-67, including 0.75 metres at 24.3g/t. A further 1.85 metres returned 2.17g/t from 208.65 metres. The result sits approximately 30 metres up plunge from an earlier hole that returned 6.4 metres at 6.54g/t, while additional Phase 3 results included 11 metres at 1.43g/t, 6.1 metres at 1.01g/t and 3.5 metres at 1.15g/t.

“Plan view map of the Paquin and Amadee prospects.”

“Paquin - Amadee long section (looking north) showing significant gold drill intersections (significant intercepts: ≥1m downhole @ ≥0.5g/t Au, max 2m internal waste).”

Caption and image © Olympio Metals Limited. From “Quarterly Activities/Appendix 5B Cash Flow Report”, 29 Oct 2026.

The results build on the Phase 3 Bousquet drilling reported earlier, with Olympio saying the program confirmed the main lode’s 300-degree strike orientation and lateral continuity. The Paquin-Amadee system now has 1.3 kilometres of confirmed mineralised strike, with a further 1.5 kilometres open to the west. Olympio plans more drilling toward a potential maiden resource at Paquin, alongside western strike extensions and surface geochemical sampling.

Jacknife moves from historic data to modern drilling

Olympio has completed due diligence and advanced its acquisition of an 80% interest in the Jacknife high-grade silver project in Idaho. Its approximately 1,500-metre maiden diamond program is testing the historic Conjecture Mine, the lateral continuity of the Conjecture Shear Zone and other targets within patented claims. The program is designed to examine mineralisation between historic underground drives and test whether the zone can extend roughly 520 metres west, potentially taking the interpreted strike to about one kilometre.

“Conjecture Mine schematic long section (looking north-west) showing inferred geological boundaries, historically mined areas, the 1981 historical foreign estimate and the…”

“Plan view of the Jacknife Project with historical mines, patented and unpatented lease boundaries and prospective shear zones.”

Caption and image © Olympio Metals Limited. From “Quarterly Activities/Appendix 5B Cash Flow Report”, 29 Oct 2026.

The campaign follows the Jacknife maiden drilling campaign, which began earlier in September. A newly identified adit roughly 500 metres along strike from the historic Conjecture Mine has added another target to the active program. The project’s frequently cited 8.22 million-ounce historical silver estimate remains a foreign, non-JORC estimate; the company explicitly says it is only a guide to mineralisation and that fresh drilling is required before any JORC-compliant resource can be considered. Rock-chip and soil samples from the project have been submitted for assay, with results expected in the coming weeks.

Raven adds a second US exploration front

“Location map of the Raven Project just 45km from the USAC Antimony Smelter.”

In Montana, Olympio completed due diligence for the Raven Silver Project and began preliminary field exploration across 27 mineral claims. The project includes the historic Raven and Silver King mines, where the company is investigating whether mine workings on opposite sides of the Thompson River relate to the same fault structure. Olympio plans rock-chip sampling first, using the results to design a broader surface program and a possible maiden drill campaign.

The company had already launched Jacknife and Raven fieldwork, but Raven remains at an earlier exploration stage than Jacknife, with no recorded modern exploration or drilling. The portfolio also includes a pathway to potential future production through its proximity to a United States Antimony Corp. processing facility and mine, although the filing does not establish a development decision or economic case for Raven.

Funding now sets the pace for exploration

Olympio spent A$1.205 million on operating activities during the quarter, including A$861,000 on exploration and evaluation, and reported no debt. Its cash-flow statement estimates less than one quarter of funding at the September burn rate. The company said it expects current net operating cash flows to continue and is in advanced discussions with brokers to raise additional cash, which it considers highly likely to succeed. That financing has not yet been completed, and its timing, size and terms remain undisclosed.

There is one modest source of near-term support outside the exploration portfolio: after quarter end, buyer Clutch Group exercised its option over Olympio’s Halls Creek tenements and paid A$10,000, with a further A$140,000 scheduled across December 2026 to February 2027. Those proceeds are small beside the planned Bousquet, Jacknife and Raven work programs. The next meaningful test is therefore whether capital arrives before the company’s exploration ambitions run into the limit shown in its cash balance.