Olympio Metals Ltd (ASX:OLY, OTC:COPGF) made solid progress at the Cadillac Lithium Project in Canada over a quarter of exploration activities, confirming the lithium prospectivity of the tenure with a drill hit returning 2.3% lithium.
The lithium mineralisation appears to be concentrated around the Dyke B structure at Cadillac, which Olympio targeted with a 3,000-metre diamond drilling program, particularly focused on several pegmatite formations.
Apart from the 2.3% lithium hit, that program also hit a dozen intersections of more than 1,000 parts per million lithium.
Regional field exploration program
Importantly for Olympio, the lithium drill hits at Dyke B validate a geochemical model the company has been working on, using the potassium/rubidium (K/Rb) index as a reliable indicator of pegmatite fertility for lithium mineralisation.
OLY kicked off a field program based on that information last quarter, targeting the East-West zone surrounding the Wells-Lacourcière spodumene pegmatite prospect.
Exploration targets areas where pegmatite K/Rb index are being applied in coming summer field exploration program 2024.
Olympio intends to use portable x-ray fluorescence (pXRF) and Laser Induced Breakdown Spectroscopy (LIBS) scanners to fast-track the discovery of targets worthy of follow-up exploration and drilling.
With only 85.5 million shares on issue and $2.3 million in cash on hand at the end of the quarter, Olympio believes it has both the tight capital structure and robust funding to pursue its lithium exploration goals rapidly.