Assays from the final six holes of a preliminary drilling campaign at Olympio Metals’ (ASX: OLY) Bousquet gold project in Canada have intersected high grades in multiple new structures.
The best recorded intercept at the project’s CB-1 target was 1.3 metres at 12.2 grams per tonne gold from 218.2m and represents a third fertile structure separate to those seen in earlier intercepts of 2.9m at 5.7g/t from 63.26m and 2.7m at 1.49g/t from 289.5m.
Paquin structural zone
Results for the final three holes at the Paquin target confirmed a broad gold-bearing structural zone with grades up to 4.22g/t starting from 24m downhole.
Approximately 10m of thin cover and the continuity of the Main Lode structure down to 150m vertical depth and 220m along strike is believed to show the potential of the en échelon lode array structures along the Paquin/Amadee trend to produce significant mineralisation.
Refining the geological model
Managing director Sean Delaney said the company would use the new assays to review and refine the Bousquet geological model and plan follow-up drilling.
“This campaign has given us a much greater understanding of the structural controls on gold mineralisation at the Paquin prospect and gives us confidence that Bousquet is host to a large gold system,” he said.
“Our geology team is now well-positioned to test the east-to-west trending mineralised zone which extends from Paquin to the Amadee prospect and planning is also underway for high-impact drilling guided by our updated structural model at Bousquet.”
He said the new program would target the plunge direction of the main gold lode at Paquin to define its dimensions and grade continuity.
Prolific location
The Bousquet gold project is located along Quebec’s prolific Cadillac Break, which is a regional structure associated with world-class mines, including Agnico Eagle’s La Ronde project, (with more than 15.8 million ounces of gold) and Iamgold’s Westwood development (2.4Moz gold).
The southern half of Bousquet includes several advanced gold prospects and numerous structural and geophysical targets that remain untested by drilling or modern exploration.
Option agreement
Olympio has the option to acquire an 80% interest in Bousquet from Canada’s Bullion Gold Resources for a total consideration of $1.35 million in cash and shares and an exploration investment of $2.16 million.
To date, it has made payments of $324,000 in cash and shares and completed an exploration spend of nearly $1.08 million.
Under the terms of the agreement, Bullion will retain a 20% undivided interest (net carried interest) in Bousquet.
Olympio expects the acquisition to complement its Dufay gold-copper project situated 60km to the west.
