Olympio Metals Ltd (ASX:OLY, OTC:COPGF) has inked a binding letter of intent with Bullion Gold Resources Corporation to enter into an option agreement, allowing the company to acquire up to 80% of the Bousquet Gold Project in Quebec, Canada.
The project sits within the Cadillac Break, a regional fault zone understood to be favourable to high-grade gold and copper mineralisation and host to more than 110 million ounces of gold across multiple deposits.
Bousquet covers 24 square kilometres of contiguous tenure, with exposure to 10 kilometres of the Cadillac Break’s strike – the point at which the structural geological features meet, and mineralisation is most likely to form.
Advanced project with several prospects
“Acquiring the advanced Bousquet Gold Project presents a significant opportunity for Olympio to expand our exposure to one of the world’s premier gold-bearing structures—the renowned Cadillac Break,” Olympio Metals managing director Sean Delaney said.
“The project is strategically positioned between substantial gold deposits to the east and west, with numerous high-grade gold prospects featuring gold both at surface and in drilling.
“This makes Bousquet an exceptional exploration target. The geological setting and mineralisation style closely resemble the nearby million-ounce O’Brien Project, where high-grade gold zones are often associated with visible gold in quartz veining.
“The project is next to working gold mines with under-utilised mills (less than 20 kilometres by road), with a major highway, railway and hydroelectric power all traversing the centre of the project.
“Bullion are divesting Bousquet to focus on their large Bodo polymetallic project which provides Olympio with this great opportunity to explore in one of the world’s best gold regions.”
The acquisition complements the company’s recent option agreement to acquire up to 80% of the nearby Dufay gold-copper project 60 kilometres to the west, offering 20 kilometres of strike to explore in highly prospective areas of the Cadillac Break.
The property is underexplored despite 200 diamond holes drilled across the project for 43,130 metres of core, as most of the exploration was completed before 1947 with outdated methods.
OLY says this option agreement provides further exposure to a gold project with high potential, at a time of strong gold prices and under flexible structure terms.