Olympio Metals Limited (ASX: OLY) has signed an option to acquire 80% of the highly prospective Dufay Cu-Au Project on the Cadillac-Lake Larder Fault Zone, known as the ‘Cadillac Break’ in Canada. This terrane bounding structure is associated with world class endowments of VMS and orogenic gold and copper mineralization. The project is located 35km west of the Rouyn-Noranda mining centre and copper smelter in southwest Québec.
The Dufay Project contains numerous historical showings of chalcopyrite-rich quartz veining, including the Chevrier working, which was mined briefly in the late 1920s. There has been limited drilling on the Property, with most holes drilled pre-1945 and no drilling for the last 36 years. Numerous high grade copper rock chips samples across many prospect locations within the tenure, including up to 7.66% at the Papitose Prospect and up to 6.78% at the Chevrier Prospect.
There are numerous elongated exposures of syenite porphyry mapped in the Dufay Project. The Dufay Project syenite occurs 1.4Moz Au-equivalent Galloway Project 4km to the north. An Induced Polarization (IP) ground survey over the area was completed in 20114, and recorded a large (>1200m long), high conductivity anomaly typical of copper sulphide mineralization immediately adjacent to the syenite porphyry. Importantly, this compelling copper target has never been drilled. The extensive IP anomaly, the Chevrier Prospect and the Papitose Prospect are immediate priority drill targets with the approvals process already underway for drilling planned to start in January 2025.
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