Olympio Metals, listed on the ASX, has finalized an option agreement with Bullion Gold Resources from the TSX-V to secure 80% ownership of the Bousquet Gold Project situated in Québec, Canada. This agreement supersedes the previously mentioned letter of intent, with Olympio committing to pay C$100,000 within five business days after the formal option agreement’s signing.

In addition to the initial payment, Olympio will issue shares worth C$50,000 at a 15-day volume-weighted average price to Bullion before finalizing the deal. Further financial obligations include cash and deferred payments spread over eight years, contingent upon achieving specific project milestones. To exercise the option fully, Olympio must invest C$1 million in exploration costs within the initial three years and an additional C$200,000 in the subsequent four years, totaling C$1 million.

Sean Delaney, the Managing Director of Olympio, highlighted the strategic significance of the Bousquet Project, emphasizing its location amid significant gold deposits. The area boasts various gold prospects visible both at the surface and in drilling activities, resembling the nearby O’Brien Project known for its million-ounce gold deposits featuring high-grade gold zones associated with visible gold in quartz veining.

Delaney expressed optimism about the project’s prospects, stating that Olympio is advancing approvals and preparing for the initial drilling phase at Bousquet, focusing on the strike extensions of the high-grade Paquin East intercepts. The Bousquet Gold Project’s proximity to Olympio’s existing Dufay Gold-Copper Project, located 60km west along the renowned Cadillac Break, further enhances its strategic value.

Olympio underscores that the Bousquet Project presents numerous priority drill-ready targets, with drillholes already submitted for permit approval. Future plans involve in-depth analysis, including modeling of induced polarization anomalies from historical geophysical data, examination of magnetic anomalies, structural assessments, and precise drill targeting.

Historical drilling data at the Paquin East prospect indicates unexplored potential along the western strike extent, with reported gold grades reaching up to 129.25 grams per tonne. Olympio intends to conduct comprehensive modeling of induced polarization anomalies and unresolved magnetic anomalies to guide further exploration efforts at Bousquet.

Olympio Metals, an Australian exploration company, focuses on critical minerals projects. The acquisition of the Bousquet Gold Project aligns with its strategic objectives, complementing the Dufay Gold-Copper Project along the Cadillac Break. The Bousquet Project covers a mineralized zone correlated with the Cadillac Break’s development, hosting several advanced gold prospects and untested structural and geophysical targets, with most drilling activities predating 1947.

In conclusion, the agreement between Olympio Metals and Bullion Gold Resources marks a significant milestone in Olympio’s strategic expansion, positioning the company to capitalize on the promising opportunities presented by the Bousquet Gold Project in Québec, Canada.