Vancouver – Armed with a newly completed $625,000 financing, Olympus Pacific Minerals (OYM-V) has resumed drilling on its Phuoc Son gold project in central Vietnam.
The latest bout of drilling comprises 2,400 metres aimed at in-filling the high-grade gold mineralized shoots at the Bai Dat and Bai Go zones.
Over the past two year, Olympus Pacific has drill-tested the zones located along the Dak Sa shear zone in the southeastern portion of the project. Drilling tested the downdip extension of gold mineralization exposed within shallow, small-scale mine workings along the western limb of a northerly plunging anticline at Bai Dat, as well as the nearby Bai Go prospect.
The Bai Dat zone comprises gold, silver and base metal mineralization hosted by quartz veins and breccias in greenschist metamorphics. The westerly dipping quartz vein system appears to have been folded near the surface into a northerly plunging anticline. Veins are typically 1 to 4 metres thick, with breccias and quartz-carbonate veinlets locally extending into the wall rocks. Open-pit and underground artisan miners have worked the vein over a 300-metre strike length along the anticline axis. The high-grade shoot was cut by 18 of the 32 holes drilled showing an average grade of 22.7 grams gold over 3.6 metres.
Moving 1 km to the north at Bai Go, mineralization is associated with multiple quartz veins that measure up to 44 metres in true thickness in the Dak Sa shear zone. To date, 32 of the 37 drill holes have cut the targeted quartz vein over a 300-by-250 metre area.
Based on the results and the recent rise in the price of bullion, the junior has also launched a mining application with the Vietnamese government in anticipation of developing an underground mine with initial gold production slated for early 2004.
The Phuoc Son project, situated 140 km southwest of the port city of Danang, is a joint venture involving Olympus, with a 57.18% interest, Ivanhoe Mines (IVN-T), with 32.64%, and Zedex, with 10.18%. Olympus is the operator.
Be the first to comment on "Drilling resumes at Phouc Son"