Olympio Metals Sets Sights on Dufay Copper-Gold with Drilling Starting January

Strategic Acquisition of Dufay Copper-Gold Project

Olympio Metals Limited (ASX: OLY) has taken a decisive step in its exploration strategy by entering into an option agreement to acquire an 80% interest in the Dufay Copper-Gold Project, located on the prolific Cadillac Break in Quebec, Canada. This 60 square kilometre project is notable for its outcropping copper sulphides along a 10-kilometre strike, with rock chip samples grading up to 7.7% copper, underscoring its high-grade potential.

The Cadillac Break is a renowned geological structure hosting world-class mineralisation, including over 110 million ounces of gold in the region. The proximity of Dufay to significant deposits such as Kerr-Addison (>11 Moz Au) and Galloway (>1.4 Moz Au) further enhances its prospectivity. Olympio’s acquisition positions the company to leverage this rich mineral belt with excellent infrastructure access, including roads and rail.

Exploration Progress and Upcoming Drilling

During the quarter, Olympio completed detailed geophysical modelling of historical Induced Polarisation (IP) data, confirming the strike and depth continuity of the Dasserat Prospect, a porphyry copper-gold target that remains untested by modern drilling. This target, alongside the high-grade Chevrier Copper Prospect, where rock chips have returned up to 6.78% copper, are now high-priority drill targets.

To refine drill targeting, the company commenced a Fixed Loop Electromagnetic (FLEM) survey over Chevrier, aiming to detect conductive sulphide bodies at depth. Results from this survey are expected imminently and will guide the drilling program scheduled to begin in late January 2025. This marks a critical phase for Olympio as it seeks to validate the project's resource potential and advance towards defining a JORC-compliant mineral resource.

Portfolio Rationalisation and Financial Position

In parallel with its Canadian exploration focus, Olympio has streamlined its asset portfolio by completing the sale of the Mulwarrie Project in Western Australia to Labyrinth Resources Ltd. The transaction, valued at up to A$1.375 million in cash and shares, provides Olympio with immediate liquidity and ongoing exposure to Mulwarrie’s future success through its shareholding in Labyrinth.

Conversely, Olympio elected not to exercise its option over the Cadillac Lithium Project, citing a downturn in lithium exploration sentiment. This decision reflects a strategic pivot to concentrate resources on copper-gold opportunities with more immediate upside potential.

Financially, Olympio maintains a robust position with $1.6 million in cash and no debt at the end of the quarter. The company’s tight capital structure, with only 87 million shares on issue, supports shareholder value as it embarks on its next exploration phase.

Looking Ahead

Olympio’s imminent drilling campaign at Dufay will be closely watched by investors and analysts alike, as initial results could significantly enhance the company’s resource base and market standing. The combination of high-grade surface samples, compelling geophysical anomalies, and strategic location bodes well for discovery potential.

Meanwhile, the divestment of non-core assets and disciplined capital management provide a solid foundation for sustained exploration activity. Olympio’s focus on advancing the Dufay Project aligns with broader market interest in copper-gold assets amid evolving commodity dynamics.