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Olympio Metals Confirms Shallow Gold Mineralisation with Phase 1 Drilling at Bousquet’s Amadee Prospect

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By Imelda Cotton - 
Olympio Metals ASX OLY Shallow Gold Mineralisation Phase 1 Drilling Bousquet Amadee
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Assays from eight Phase 1 drill holes at the Amadee prospect within Olympio Metals’ (ASX: OLY) Bousquet project in Canada have revealed multiple near-surface intercepts of gold mineralisation.

The company confirmed a broad (greater than 40-metre) zone of mineralisation had been defined over a strike extent of 200m.

Best results were 4.5m at 3.29 grams per tonne gold including 0.5m at 24.5g/t, 6.85m at 1.11g/t gold, 5.8m at 1.06g/t gold, and 10.7m at 0.69g/t gold.

Paquin Campaign

Olympio believes that Amadee occurs within the same strike-extensive structural zone as its nearby high-grade Paquin prospect, where drilling this month revealed an intercept of 1.5m at 54.2g/t gold from 235.5m, representing a new mineralised lens.

The first hole of the Paquin campaign intersected 5.4m at 7.61g/t gold from 184m including an interval of 0.35m at 42.3g/t where visible gold was observed in the core.

It combines with a second hole and a third historical hole to form a contiguous high-grade zone which remains open along strike to the west, and also open up-dip and down-dip.

Incorporating Amadee

Geophysical data and historical drilling suggest the Paquin structure extends for more than 1 kilometre to the west and may expand to incorporate Amadee.

Olympio plans to test the interpreted structures which are below thin glacial cover and represent highly-prospective targets.

The Amadee mineralisation is near-surface and potentially suited to an open-pit development employing under-utilised processing facilities in the area.

Project Location

The Bousquet project is located on the Cadillac Break in Quebec, which is a regional structure associated with world-class gold mines.

It is situated within 15km of multi-million ounce working mines at La Ronde (owned by Agnico Eagle) and Westwood (owned by Iamgold).

Olympio has an option to earn an 80% stake in Bousquet under an agreement signed with Bullion Gold Resources.

Olympio expects the acquisition – which gives the company a combined 20km strike exposure within the highly-prospective region – to complement its Dufay gold-copper project 60km to the west.