A highly successful maiden drill program has given Olympio Metals (ASX: OLY) plenty of incentive to proceed with acquiring a majority interest in the Bousquet gold project in Quebec.
The company's geology team has identified more than 100 significant gold intercepts from a recently completed 32-hole drill program conducted across three prospects and three targets.
Olympio has the option to acquire an 80% interest Bousquet from Bullion Gold Resources for a total payment of $1.34 million in cash and shares, along with an exploration investment of $2.17m.
The company has already outlaid more than $300,000 in cash and shares, and spent more than $1m on exploration at the project, in which Bullion would retain the remaining 20% on an undivided basis.
Bousquet South Main Focus
The maiden drilling sought to gain a better understanding of the gold mineralisation previously intersected by Bullion between 2021 and 2023.
The program largely targeted the Bousquet South area, where three main feeder structures have defined a 3-kilometre by 1.5km gold system.
The Paquin and Amadee prospects seem the most advanced of these, with Phase 1 drilling to a vertical depth of 150 metres covering 2,703m at Paquin and 909m at Amadee revealing visible gold and high-grade gold mineralisation, including 6.4m at 6.54 grams per tonne from 183.0m.
This suggests multiple gold lodes across 1.3km of strike across the two prospects that remains open to the east and to the west.
Decoeur Prospect Extended
Drilling at the Decoeur prospect successfully extended the known gold mineralisation of the North Bousquet Fault to the east, creating 1.7km of strike that remains open at depth.
A highlight intersection of 14.50m at 1.96g/t from 355.5m confirmed the Decoeur trend still holds significant gold mineralisation to 290m vertical depth.
Results from the CB-1 target revealed three main zones of significant gold anomalies within a 260m area, with one return of 1.30m at 12.20g/t from 218.2m demonstrating the high-grade potential of these zones.
These results represent the third key structural east-west trending corridor defined at Bousquet South.
Multiple Gold Lodes
“The maiden program at Bousquet South has highlighted three main structural trends through Decoeur, Paquin, and CB-1,” managing director Sean Delaney said.
“Each of these structural trends has successfully demonstrated multiple significant gold intercepts confirming that Bousquet South is a large gold system with multiple deposit potential.”
The company is designing a follow-up drill program at Bousquet aimed at establishing the dimensions and grade continuity of the high-grade intercepts within the main lode.
It is also considering a follow-up of a number of drill holes from the 1940s it has identified as being in key structural positions within the main lode.
The future work will focus on upgrading areas where historical logging indicates many of the holes drilled suffered from core loss around the mineralised intervals, resulting in them being inadequately sampled.
