Key Highlights

  • Olympio has completed seven diamond drill holes totalling 906.8 metres at the Jacknife silver project in Idaho.
  • First assay results are expected in approximately five weeks, with additional soil, rock chip and channel samples still pending.
  • The maiden program is testing the Western Extension, Nexus and Conjecture targets within the Silver Triangle.
  • The historical Conjecture estimate is a non-JORC foreign estimate and has not been verified under current reporting codes.

Olympio Metals Limited (ASX:OLY) has completed its first seven diamond holes at the Jacknife high-grade silver project in Idaho, USA. The maiden drilling program was designed to test whether the historical Conjecture mine can be extended by about 500 metres to the Western Extension, and to examine the recently identified Nexus target. The update, dated 10 November 2026, describes drill core that is being logged and sampled, with laboratory results expected in roughly five weeks.

Maiden Drilling Program and Targets

The seven holes, totalling 906.8 metres, were drilled at three priority areas. Two holes were directed at the Western Extension, one at the Nexus target to 218.9 metres, and four at the Conjecture area, which sits at the corner of the Silver Triangle. The Silver Triangle encompasses three major structures and the historical Conjecture, Keep Cool and Weber mines. The company says the drill core is being logged and cut at a Facility in Coeur d'Alene and that laboratory analyses will follow.

Drilling results will not be known until assays are complete. Until then, the company's statements about the potential of each target remain interpretations of geology and historical records rather than confirmed grades or widths.

Surface Sampling and the Keep Cool Cut

Beyond drilling, the field team excavated a small cut, KCC01, across the Weber shear zone at the historical Keep Cool mine. The cut exposed a 19-metre section across a collapsed footwall drive and the hanging wall of the shear, which was channel sampled at one-metre intervals. The company describes the exposure as highly weathered and notes that the 19-metre sampled length is not a mineralised-width estimate.

The team also collected 51 soil samples along projected structures and 15 rock chip samples from outcrop, float and historical mine sites. Assays for these programs are expected in the coming weeks. The company cautions that visual estimates of mineral abundance are not a substitute for laboratory analysis, and that the grade of any visible mineralisation can only be determined by assay.

Historical Production and the Foreign Estimate

The company's historical summary lists about 3.25 million ounces of silver produced from the district's mines, including roughly 2 million ounces from the Conjecture mine between 1956 and 1964. A separate 1981 foreign estimate for the Conjecture deposit is quoted at 8.22 million ounces of silver. That estimate was not prepared under the JORC Code, and the company states that a competent person has not done enough work to classify it as a mineral resource or ore reserve.

The company intends to re-drill the target area to seek a JORC-compliant estimate, noting that historical sampling records are limited and that the samples themselves have not been preserved. The historical figures should therefore be treated as a guide to the presence of mineralisation rather than a resource base for valuation purposes.

Tenure, Partners and Geological Model

The Jacknife project covers 3,940 acres, of which 335 acres are patented Mining claims. The patented claims have allowed the company to advance to drilling more quickly, and the remaining area consists of unpatented claims that generally require additional permitting. Olympio holds an 80 per cent interest in the project following its Acquisition from Scout Discoveries Corp., which also serves as its in-country technical and operational partner and provides drill rigs.

The company's geological model points to a possible intrusion-related mineral system at explorable depth. This conceptual model draws on historical interpretation and regional geological mapping, and the company acknowledges that mineralisation at nearby properties, including the historical Vulcan Hill mine, is not necessarily indicative of mineralisation at Jacknife.

Final Word

Olympio's maiden program at Jacknife is a first test of whether the historical silver system extends beyond the ground that was mined a century ago. The outcome is not yet known, and the company's own statements stress that historical records are incomplete and that the foreign estimate is unverified. The first assay results, expected in about five weeks, will show whether the drill intercepts support the geological model, and the surface sampling results will help guide the next phase of drilling.