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Doug Bright
Olympio Metals has delivered another solid batch of drill results from its Bousquet gold project on the regional-scale Cadillac Break structure in Quebec, Canada. Latest assays suggest grades at its Paquin prospect are improving down-plunge.
The company says its phase two drilling campaign at Paquin has produced a further 36 significant gold intercepts, taking the overall Bousquet big-hits tally to 138 and sharpening its view of the project’s high-grade lode potential.
Standout hits from the latest sample batch included 3.8 metres at 5.03 grams per tonne (g/t) gold from 59.7m in one hole, featuring 1.3m at 12.80g/t gold from 60.7m.
A second hole in the new data suite delivered a 6.1m intercept assaying 1.24g/t gold from 74.9m, while a third hole gave up 4.65m at 0.72g/t gold from 121.35m.
‘The upcoming televiewer survey will help to confirm the structural links between holes.’
Olympio Metals managing director Sean Delaney
The results follow hard on the heels of an earlier “bonanza” hole at Paquin, which delivered 19.4m at 17.29g/t gold from 172.5m. That intercept included a heady 7.5-metre section grading 41.81g/t gold from 182m depth and an eye-watering 2-metre slice going 109.51g/t gold from 182.7m.
Olympio believes the relationship between the second hole – with its 6.1m intercept at 1.24g/t gold – and the deeper bonanza hole supports its interpretation of a meaningful down-plunge grade improvement in a zone it has dubbed “Main Lode” at Paquin.
Supporting this theory, the company notes that while the second hole delivered an 8-gram-metre gold intercept at a vertical depth of 65m, the earlier bonanza hole returned a 335-gram-metre intercept at a vertical depth of 141.5m. Olympio figures the relationship could indicate a 97 per cent hike in grade across the 100m down-plunge step-out.
Olympio Metals managing director Sean Delaney said: “Our plan is to test the lateral extension of the 19.4m @ 17.29 g/t intercept in hole BO-26-64 with the next drilling program in late May and then test the down plunge extension of the main lode.”
The Bousquet project straddles Quebec’s famed Cadillac Break, a major 250km-long regional-scale gold-prospective structure associated with more than 110 million ounces of gold endowment.
The project lies within 15 kilometres of operating mines, including Agnico Eagle’s 15.8M-ounce La Ronde gold project and Iamgold’s 2.4M-ounce Westwood gold operation.
Olympio can earn 80 per cent of Bousquet from Canadian-listed Bullion Gold Resources for a total consideration of C$1.25M (A$1.28M), coupled with another C$2M (A$2.04M) in exploration.
The company has completed its seven-hole phase two program for 1639m of drilling and is still waiting on assays from one hole drilled at its BRG01 target.
To help consolidate the new information, Olympio says it’s lining up a downhole geological televiewer survey to pin down vein orientations and structural links between holes.
The company is also now gearing up for phase three drilling in late May, once the televiewer information is processed, to chase the lateral and down-plunge extensions of Paquin’s high-grade lode.
Olympio seems to have hit its stride and with a swag of good intercepts and solid gold grades, including 36 significant intercepts across the entire project so far, it is well and truly on the scent of significant host structures and trends.
The next phase of drilling, slated to kick off in a month’s time, will be worth watching.
Is your ASX-listed company doing something interesting? Contact: mattbirney@bullsnbears.com.au
