Olympio Metals (ASX:OLY) Announces $1.25M Placement to Advance Bousquet Gold Project
Olympio Metals (ASX:OLY) has released an investor update detailing firm commitments to raise $1.25 million through a strategic placement. The capital raise follows the announcement of exceptional high-grade results from its maiden drilling programme at the Olympio Metals Bousquet Gold Project in Quebec, Canada. The placement, priced at $0.065 per share, will issue 19.2 million new shares to sophisticated and professional investors, providing significant funding to advance exploration at the project.
This ASX announcement comes after a highly successful 7,083-metre diamond drilling programme, where over 85% of drill holes intersected significant gold mineralisation. The impressive results, including high-grade gold intercepts, have positioned the project as a noteworthy discovery within the Canadian gold exploration sector.
Company Financial Overview
| Metric | Value |
|---|---|
| ASX Code | OLY |
| Current Shares on Issue | 105.5 million |
| New Shares Issued | 19.2 million |
| Placement Price | $0.065 per share |
| Discount to 15-day VWAP | 19% |
| Cash Position (31 Oct 2025) | $503,000 |
| Market Capitalisation | $7.9 million |
What were the key results from the Olympio Metals drilling program?
The maiden drilling programme at the Olympio Metals Bousquet Gold Project is reported to have exceeded expectations, establishing it as a highly consistent gold discovery. A success rate of over 85% of drill holes intersecting significant gold mineralisation suggests robust geological controls, which may de-risk future exploration activities.
The programme has delivered several outstanding high-grade gold intercepts, indicating the project’s economic potential:
- 6.40m @ 6.54 g/t Au from 183.0m (drill hole BO-25-27)
- 7.90m @ 6.20 g/t Au from 138.0m and 1.50m @ 54.20 g/t Au from 235.5m (BO-25-28)
- 4.50m @ 3.29 g/t Au from 5.65m (BO-25-38)
- 14.50m @ 1.96 g/t Au from 355.5m (BO-25-40)
- 7.10m @ 1.43 g/t Au from 47.1m (BO-25-51)
The intercept of 1.50m @ 54.20 g/t Au is considered exceptional-grade mineralisation. With results from 27 of 32 holes confirming significant gold and 5 holes still pending assay, the findings point towards a large-scale mineral system. Furthermore, historical drilling at the Paquin Prospect, including 9m @ 16.97 g/t Au, reinforces the consistency of high-grade mineralisation at the project.
As stated by Managing Director Sean Delaney, “The program has demonstrated that the Bousquet Gold Project has a large mineral system at play.”
How will Olympio Metals use the $1.25 million capital raise?
The proceeds from the capital raise are allocated to advance the Olympio Metals Bousquet Gold Project through targeted exploration designed to create value for shareholders. The company has outlined a clear strategy focused on high-impact drilling and resource definition.
Primary Objectives for Funding Allocation:
- Phase 2 diamond drilling to target strike and down-dip extensions at the high-grade Paquin Prospect.
- Shallow extension drilling at Paquin to generate JORC-compliant data for a future resource estimate.
- Follow-up drilling at Decoeur, targeting structural zones along the 1.7km North Bousquet Fault.
- Regional target generation in the underexplored area north of the Cadillac Break.
This strategic approach balances near-term resource definition at Paquin with the longer-term discovery potential of regional exploration, offering multiple pathways for project development.
What is the timeline for the Bousquet Gold Project resource estimate?
Olympio has not provided a definitive timeline for a Mineral Resource Estimate (MRE), but management has stated the upcoming drilling programme aims to define one. The focus on shallow extensions at Paquin is a strategic move to gather the necessary data for a maiden MRE in a timely manner.
To achieve a JORC-compliant resource, the following prerequisites are generally required:
- Systematic drilling with appropriate hole spacing.
- Complete and validated assay results.
- Sufficient drill density to establish resource confidence.
- Detailed geological and structural modelling.
With a new drilling programme commencing and 5 holes from the previous campaign still pending, investors may anticipate progress toward a resource estimation within the next 6-12 months, subject to continued exploration success.
Strategic Location on the Cadillac Break
The Olympio Metals Bousquet Gold Project’s location within 15km of multi-million-ounce operating gold mines provides a distinct strategic advantage. Its proximity to established operations on the Cadillac Break, one of Canada’s most prolific gold-producing structures, offers access to critical infrastructure and a skilled workforce.
| Nearby Operation | Gold Resources | Distance | Operator |
|---|---|---|---|
| La Ronde Complex | 15.8 Moz Au | 15km | Agnico Eagle |
| Westwood Mine | 2.4 Moz Au | <20km | Iamgold |
This geological setting significantly de-risks the exploration programme by demonstrating a proven geological environment for significant gold deposits. Access to nearby power, transport, and potential processing facilities could also reduce future development costs and timelines, enhancing the project’s overall economic viability.
Want more ASX news?
Looking to stay ahead of major developments in ASX mining and exploration companies? Over 20,000 investors receive StockWire X’s free Big News Blasts, delivering significant announcements from non-resource ASX sectors, including mining adjacent enterprises, directly to subscribers’ inboxes—each accompanied by detailed analysis. Although focused on non-resource sectors like technology and healthcare, StockWire X ensures investors are informed of key market-moving news across the broader ASX landscape. Subscribe today to join a growing community receiving timely, comprehensive insights crucial for informed investment decisions.