Olympio nails more high-grade gold runs in Quebec
Brought to you by Bulls and Bears
Doug Bright
Olympio Metals has achieved another solid series of drilling results from the Bousquet gold project on the regional-scale Cadillac Break structure in Quebec, Canada. Recent analysis shows that ratings on the Paquin mine are improving in the downturn.
The company said its phase two drilling campaign at Paquin produced a further 36 significant gold catches, bringing Bousquet’s overall major hit count to 138 and sharpening its view of the project’s high-grade mining potential.
Notable hits from the latest sample batch included 3.8 meters of gold at 5.03 grams per tonne (g/t) gold from 59.7 m in a single hole and 1.3 m of gold at 12.80 g/t gold from 60.7 m.
A second hole in the new data package analyzed 1.24 g/t gold from 74.9 m, yielding an interception of 6.1 m, while a third hole gave up 4.65 m at 0.72 g/t gold from 121.35 m.
‘Upcoming television audience research will help confirm structural connections between holes.’
Olympio Metals managing director Sean Delaney
The results follow on the heels of an earlier ‘big pay’ hole at Paquin that yielded 19.4 million gold at 17.29 g/t gold from 172.5 m. This cut included a stunning 7.5 meter section grading 41.81 g/t gold from a depth of 182 m and an eye-catching 2 meter section grading 109.51 g/t gold from a depth of 182.7 m.
Olympio believes that the relationship between the second hole and the deeper lucrative hole, with its 6.1m intercept at 1.24 g/t gold, supports its interpretation of a significant downgrade improvement in what it calls the “Mother Lode” at Paquin.
Supporting this theory, the company states that the second hole provided a blockage of 8 grams of gold at a vertical depth of 65 meters, while the previous bonanza hole provided a blockage of 335 grams of gold at a vertical depth of 141.5 meters. Olympio thinks this relationship could indicate a 97 percent increase in slope in the 100-meter downward plunge.
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, followed by the downplunge extension of the main vein.”
The Bousquet project straddles Quebec’s famous Cadillac Break, a 250 km-long, regional-scale major gold exploration structure associated with more than 110 million ounces of gold resources.
The project is located 15 kilometers from active mines, including Agnico Eagle’s 15.8 million-ounce La Ronde gold project and Iamgold’s 2.4 million-ounce Westwood gold operation.
Olympio will be able to acquire 80 percent of the Bousquet from Canadian-listed Bullion Resources for a total of C$1.25 million (AU$1.28 million), with an additional C$2 million (AU$2.04 million) on discovery.
The company has completed a seven-hole phase two program for 1639 meters of drilling and is currently awaiting analysis of a hole drilled in the BRG01 target.
To help consolidate the new information, Olympio says it conducted a downhole geological television survey to identify vein orientations and structural connections between holes.
The company is also preparing for phase three drilling in late May after processing televised information to follow the lateral and downward subduction extensions of Paquin’s high-grade vein.
Olympio appears to be on track and is indeed sniffing out significant host structures and trends, with good intercepts and solid gold grades, including 36 significant intercepts across the entire project so far.
The next phase of drilling, scheduled to begin within a month, will be worth watching.
Is your ASX-listed company doing something interesting? Contact: mattbirney@bullsnbears.com.au
