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Olympio Metals hits 2.3% lithium oxide in drilling at Cadillac in Quebec

Published 11/04/2024, 10:50 am
Updated 11/04/2024, 11:30 am
© Reuters.  Olympio Metals hits 2.3% lithium oxide in drilling at Cadillac in Quebec

Olympio Metals Ltd (ASX:OLY, OTC:COPGF) has completed a successful round of diamond drilling at the Cadillac Lithium Project in Quebec, Canada, targeting four separate pegmatite dykes.

The company drilled 23 holes for 2,715 metres in mostly first-pass drilling, confirming that all four lithium targets demonstrate strong and consistent lithium-caesium-tantalum (LCT) pegmatite geochemical fractionation trends, indicating they’re prospective for lithium mineralisation.

Olympio hit spodumene of grades up to 2.3% lithium oxide in the Dyke B area. The drilling results, coupled with previously completed surface geochemical sampling, suggest the LCT pegmatites extend over a much greater extent than first thought, with more regional exploration to be undertaken in the oncoming field season.

Well-funded with more to come

“Olympio acquired the Cadillac Project in August 2023 and quickly got to work generating targets close to the known spodumene at Wells-Lacourcière in the short field season available,” Olympio Metals managing director Sean Delaney said.

“This first-pass drilling program on four of the pegmatite targets generated has provided us with valuable technical information, which will guide our fieldwork for the coming summer field season.

“We raised $1.1 million last month utilising the Canadian Flow-Through Shares provisions at a significant premium to our share price, which means that we are funded to continue our lithium exploration at the Cadillac Project in Quebec.

“We have many promising targets to follow up in our 190-square-kilometre landholding where multiple high-priority pegmatite targets remain untested.

“We are looking forward to getting back to work on the ground in the next few weeks.”

Olympio says two spatially and geochemically distinct zones of fractionated pegmatites have emerged in this drilling program about 1.1 kilometres apart, suggesting multiple generations of LCT mineralised pegmatite intrusives have formed on the project over time.

The drilling data has also allowed OLY to identify the type of LCT pegmatite present at Cadillac, where lithium mineralisation seems to correlate with elevated potassium-rubidium fractionation trends.

The company says its drill crews will be back on the ground in the coming weeks, exploring high-priority targets at Cadillac amongst more than 400 known pegmatites.

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