Olympio Metals Limited (ASX:OLY) has completed its first seven diamond drill holes at the Jacknife high-grade silver project in Idaho, USA, with core cutting and sampling underway and first assay results expected in approximately five weeks.

Key Points

  • Seven maiden diamond drill holes completed across three priority targets: Western Extension, Nexus, and Conjecture Mine
  • First assay results from drilling expected in approximately five weeks; assays from soil and rock chip sampling programs also pending
  • A 19-metre channel sample cut (KCC01) was excavated across the Weber Shear Zone at the Level 1 adit of the historical Keep Cool Mine
  • 51 soil samples and 15 surface rock chip samples collected across the Jacknife Project for multi-element analyses
  • Jacknife comprises 335 acres of patented mining claims in Idaho's Silver Valley Region, USA

Maiden Drill Program Targets and Hole Details

The maiden drilling program at Jacknife targeted three priority areas: the Western Extension, the Conjecture Mine, and the newly identified Nexus target. Hole JK001 and JK002 tested the Western Extension to depths of 119.8 m and 121.3 m respectively, while holes JK004 through JK007 targeted the Conjecture Mine at depths ranging from 75.6 m to 159.7 m. Hole JK003 tested the Nexus target, described as a corner of the Silver Triangle encompassing three major structures and historical mines, to a depth of 218.9 m. Drill core is being logged and cut at Scout Discoveries Corp's facility in Coeur d'Alene, Idaho.

Surface Sampling Programs at Keep Cool Mine and Jacknife Project

The field team excavated a cut designated KCC01 across the Weber Shear Zone at the Level 1 adit of the historical Keep Cool Mine, exposing a 19-metre section across the collapsed footwall drive and hanging wall. The exposed sequence includes gossanous argillite footwall material, bleached argillite of approximately 5 metres observed width, a Weber Shear Zone of approximately 3 metres observed width with quartz veining and silicification, and a lamprophyre intrusion of approximately 2 metres observed width. Nineteen channel samples at 1-metre intervals have been submitted to a laboratory for multi-element analyses. The company noted that widths are approximate field observations and their relationship to true thickness requires verification.

Geological Model Points to Possible Intrusion-Related Mineral System

Olympio has developed a conceptual geological model for the Jacknife Project based on historical interpretation from Peter Kun (1974) and regional scale geology maps. The model assesses the potential for a Cretaceous-aged intrusive system to be present at an explorable depth at the project. Regional scale maps have identified outcropping Cretaceous intrusions in the footwalls of the Packsaddle and Cascade faults within 8 kilometres of the Jacknife Project. The historical mines within the Jacknife Project collectively recorded production of 3,247,794 ounces of silver from 255,621 tonnes of ore across multiple operations spanning from 1901 to 1981, according to available historical mining records disclosed in the filing.