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Olympio Metals Limited (ASX:OLY) has finalized its Phase 2 drilling campaign at the Bousquet Gold Project in Quebec, Canada, uncovering 36 additional significant gold intercepts and increasing the total to 138 across the project. The company has reached a pivotal milestone by earning a 51% stake in the Bousquet Project and concurrently executed a binding agreement to acquire an 80% interest in the high-grade Jacknife Silver Project in Idaho. With $2.6 million cash on hand at quarter-end and an active Phase 3 drilling program underway, Olympio is progressing multiple exploration and acquisition initiatives throughout North America.
Key Points
- Olympio Metals Limited (ASX:OLY) is a mineral exploration company targeting gold and critical minerals projects across North America, operating in Canada and the United States.
- Phase 2 drilling at the Bousquet Gold Project in Quebec involved 7 holes totaling 1,639 metres, yielding 36 significant gold intercepts.
- The company has met the milestone to earn a 51% interest in the Bousquet Project, with remaining commitments to acquire 80% including C$500,000 in option payments, C$250,000 in shares, and C$1 million in expenditure over five years.
- A binding agreement was signed to acquire an 80% interest in the Jacknife Silver Project in Idaho from Scout Discoveries Corp. Phase 3 drilling has commenced at Bousquet, targeting lateral and down-dip extensions of a previously reported bonanza intercept of 19.40m @ 17.29g/t Au.
- Olympio completed divestment of the Dufay Gold Project and held $2.6 million in cash as of 30 June 2026.
Phase 2 Drilling at Paquin Prospect Adds 36 High-Grade Gold Intercepts to Bousquet Project
Olympio Metals completed Phase 2 diamond drilling at the Bousquet Gold Project, drilling 7 holes for a total of 1,639 metres. This program delivered 36 significant gold intercepts, enhancing the understanding of the Paquin Prospect within the Bousquet Project. These results bring the total significant intercepts to 138 across Olympio's drilling efforts at Bousquet, underscoring the extensive and consistent mineralisation throughout the project.
Key assay highlights from Phase 2 include 3.8 metres at 5.03 g/t Au from 59.7 metres in hole BO-26-60, featuring an internal 1.3 metres at 12.80 g/t Au from 60.7 metres. Other notable intercepts were 6.1 metres at 1.24 g/t Au from 74.9 metres in hole BO-26-64 and 4.65 metres at 0.72 g/t Au from 121.35 metres in hole BO-26-61. These findings indicate increasing gold grades at depth, suggesting potential resource expansion at Paquin.
Deepening Mineralisation at Paquin Shows 97% Increase in Gold Gram-Meters Over 100 Metres Vertical Depth
A standout result from Phase 2 pertains to the Main Lode zone at Paquin, which shows substantially higher grades at depth. The previously reported intercept of 19.40 metres at 17.29g/t Au from 172.5 metres in hole BO-26-63, intersecting the Main Lode at 141.5 metres vertical depth, yielded a 335 gram-metre gold intercept. In contrast, hole BO-26-64, located closer to the up-plunge orientation of the Main Lode, produced an 8 gram-metre intercept at 65 metres vertical depth. This represents a 97% increase in gold gram-meters over approximately 100 metres down-plunge, indicating enrichment at depth.
Hole BO-26-60’s intercept of 3.8 metres at 5.03g/t Au from 153.6 metres is significant as it intersected a high-grade zone with no historical sampling from adjacent 1940s drill holes. It remains uncertain if this is a new gold lode or an isolated zone, pending further analysis from a completed televiewer survey. Olympio is leveraging downhole televiewer data from the project's first such survey, conducted in May 2026 over 2,253 metres, to refine geological interpretations.
Phase 3 Drilling Targets Extensions of Bonanza-Grade Main Lode at Bousquet
Following Phase 2 success, Phase 3 drilling has commenced at the Paquin Prospect, involving approximately 1,500 metres of diamond drilling. This phase aims to delineate lateral and down-dip extensions of the bonanza-grade intercept of 19.40 metres at 17.29g/t Au from hole BO-26-63, focusing on expanding the high-grade Main Lode zone.
Drill targeting for Phase 3 has been guided by preliminary data from the project's initial downhole televiewer survey completed in May 2026, covering 2,253 metres of core. This structural and geological information has refined drill plans. Remaining survey data is being processed, with full results expected in Q3 2026, which will further inform exploration strategy.
Olympio Secures 51% Interest Milestone and Advances Toward 80% Ownership of Bousquet
During the June 2026 quarter, Olympio achieved the milestone to earn a 51% interest in the Bousquet Gold Project under an option agreement with Bullion Gold Resources. The agreement allows Olympio to acquire up to 80% ownership through total cash and share payments of C$1.25 million plus C$2 million in exploration expenditure. To date, Olympio has paid C$0.30 million and spent nearly C$1.0 million on exploration, with Bullion Gold retaining a 20% undivided net carried interest.
Remaining commitments to reach 80% ownership include C$500,000 in option payments, C$250,000 in shares, and C$1 million in exploration over five years, with flexibility to accelerate based on results. Achieving the 51% milestone marks a significant step in Olympio’s partnership with Bullion Gold and validates its exploration approach at Bousquet.
Acquisition of Jacknife Silver Project Expands Olympio’s Critical Minerals Portfolio in Idaho
Post-quarter, Olympio signed a binding agreement with Scout Discoveries Corp to acquire an 80% interest in the high-grade Jacknife Silver Project in Idaho, marking the company’s entry into critical minerals exploration. This sector benefits from strong U.S. government support and funding aimed at domestic mineral production. The acquisition strategically adds silver exposure within a region prioritized for critical minerals.
The Jacknife Silver Project is situated in Silver Valley, Idaho, a historically prolific area for precious and base metals. While operational details remain limited, this acquisition complements Olympio’s broader strategy to diversify beyond gold into critical minerals experiencing rising global demand and supportive domestic sourcing policies.
Raven Silver Project Offers Exploration Potential from Historic High-Grade Mines in Montana
Olympio secured a binding option agreement with Lia Energy Holdings LLC to acquire 100% of the Raven Silver Project in Montana and the Sawtooth Antimony Project in Idaho. The Raven Project, located 390 km northwest of Helena and near Thompson Falls, includes 27 mineral claims hosting the historic Raven Silver Mine (formerly Copper Mask Mine) and Silver King Mine within the Thompson River mining district. These mines historically produced silver, copper, lead, and zinc from steeply dipping veins in the Ravalli Formation during intermittent operations from the late 19th to mid-20th century.
Historical records indicate exceptional silver grades at Raven and Silver King mines, reaching up to 2,084 g/t (67 oz/t). Mining ceased in the 1950s, with no modern exploration since, presenting significant exploration upside. The Raven Project lies 45 km from United States Antimony Corporation’s operations, including an antimony smelter, offering potential infrastructure benefits. The Sawtooth Project contains prospective silver and antimony geology with known occurrences, though historical sampling details are sparse.
Dufay Gold Project Divestment and Strong Cash Position Enable Exploration Focus
During the June quarter, Olympio divested 100% of the Dufay Gold Project via a binding asset purchase agreement with Fokus Mining Corp (TSX-V: FKM). This sale streamlines the portfolio, allowing capital and management to concentrate on higher-priority exploration targets. The transaction provided liquidity to support active exploration and acquisition activities across Olympio’s North American assets.
As of 30 June 2026, Olympio held $2.6 million in cash, funding ongoing Phase 3 drilling at Bousquet and advancing the Jacknife, Raven, and Sawtooth projects. Combined with flexible option commitments at Bousquet extending over five years, the company is well-positioned to maintain an active exploration schedule without immediate capital constraints. The timing of the Dufay divestment and new acquisitions reflects management’s strategy to redeploy capital toward assets with stronger near-term exploration potential.
North American Strategy Emphasizes Critical Minerals Amid Policy Support
Olympio’s strategic shift in the June quarter highlights a focus on critical minerals exploration, leveraging increased government support and incentives for domestic production of silver and antimony in the U.S. The Jacknife acquisition and option agreements for Raven and Sawtooth align the company to capitalize on policy-driven momentum in critical minerals. This diversification from a solely gold portfolio aligns with market trends and management’s evaluation of investment opportunities within North America.
Project locations in the U.S., including proximity to infrastructure like the antimony smelter near Raven, may offer operational advantages for future development. Olympio’s multi-jurisdictional footprint across Quebec, Montana, and Idaho provides geographic diversification while maintaining a North American focus with established exploration expertise and supply chain networks. The concurrent advancement of Bousquet gold drilling and critical minerals exploration demonstrates a balanced approach to near-term upside and long-term value creation.
Upcoming Q3 2026 Milestones: Phase 3 Drilling and Televiewer Survey Results at Bousquet
Looking ahead, key milestones in Q3 2026 include assay results from the ongoing Phase 3 drilling at Bousquet’s Paquin Prospect, which involves approximately 1,500 metres of drilling. These results will be critical to assessing the lateral and down-dip extent of the high-grade Main Lode and evaluating the potential to extend bonanza-grade intercepts into a broader mineralised zone, supporting future resource definition.
The company also plans to release full results from the downhole televiewer survey completed in May 2026, covering 2,253 metres. The interpreted data will enhance geological understanding of structural geometry and mineralisation orientation at Paquin, informing drilling strategies beyond Phase 3. Additionally, investors should monitor progress on the Jacknife Silver Project acquisition and developments regarding the Raven and Sawtooth option agreements, which may include initial exploration or due diligence updates. These forthcoming updates will provide insight into management’s execution and the growth trajectory of Olympio’s expanded portfolio.
