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Highlights

  • Visible gold identified in the first drillhole (BO-25-27) at the Paquin Prospect within the Bousquet Project.

  • Gold-bearing 9m zone intersected, featuring significant sulphide mineralisation and smoky quartz veining.

  • Olympio shares jumped 83.7% to 7.9 cents on 24 June following the announcement.

Olympio Metals Limited (ASX:OLY) recorded a sharp rise in its share price on Tuesday, climbing 83.7% to AUD 7.9 cents after reporting the discovery of visible gold in the first drillhole of its maiden drill program at the Paquin Prospect, part of the company’s Bousquet Gold Project in Quebec, Canada.

The company announced that hole BO-25-27 intercepted a 9-metre mineralised zone (from 183m to 192m), hosting 25% discordant smoky quartz veining and 5–7% sulphide content, including arsenopyrite, pyrite, and pyrrhotite. The gold was visibly observed within a smoky quartz vein at 187.9m depth, a rock type historically linked to gold mineralisation at Bousquet.

Olympio explained that the veining is set within a zone of strong carbonate-chlorite alteration, which further supports the mineral potential of the intersected structure. Additional quartz veining and sulphide mineralisation were logged down to 286m, with the drillhole completed to a depth of 350m. Logging and sampling of BO-25-27 are underway and will be prioritised for assay testing, with results expected by mid-July 2025.

The drill program at Paquin is continuing, with three more holes planned to test the western extension of the mineralised zone. The Paquin Prospect has previously returned high-grade gold intercepts, including 9m at 16.96 g/t Au.

The Bousquet Project is located along the Cadillac Break, a major geological fault zone associated with over 110 million ounces of historical gold production in the Abitibi gold belt of Quebec. This regional structure hosts several world-class gold deposits, making it a highly prospective area for new discoveries.

Olympio emphasised that while visual identification of gold is encouraging, it is not a substitute for laboratory assays, which are essential for determining grade, mineral content, and economic viability. The company intends to release full assay results for hole BO-25-27 in July.

Olympio’s Managing Director expressed optimism about the early signs from the maiden program.