Olympio Metals strikes 2.3% lithium oxide while drilling at Cadillac in Quebec

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

The company drilled 23 holes for 2,715 meters in the first pass drilling, confirming that all four lithium targets show stable and stable lithium-caesium-tantalum (LCT) geochemical distribution trends, indicating that they are expected to find lithium ore.

Olympio struck spodumene grading up to 2.3% lithium oxide in the Dyke B area. Drilling results, along with previously completed geochemical sampling, suggest that the LCT pegmatites are developed to a greater extent than first thought, and further exploration of regional that will be done in the coming field season.

Well funded with more to come

“Olympio acquired the Cadillac Project in August 2023 and quickly began developing targets near the well-known spodumene at Wells-Lacourcière in the short season of field availability,” Olympio Metals managing director Sean Delaney said.

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

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

“We have many promising targets to pursue in our 190 square kilometer land holding where many high priority pegmatite targets are yet to be tested.

“We look forward to getting back to work in the next few weeks.”

Olympio says two spatially and geochemically distinct zones of fragmented pegmatites have emerged in this approximately 1.1 km drill program, suggesting that multiple generations of LCT-bearing pegmatite intrusions have formed at the project over time.

Drilling data has also allowed OLY to identify the LCT pegmatite type present at Cadillac, where lithium mineralization appears to be associated with high potassium-rubidium partitioning trends.

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