Olympus Pacific doubles Phuoc Son gold resource

Olympus Pacific Minerals (OYM-T) has boosted the resource for its Phuoc Son gold property in central Vietnam to 637,000 oz. gold.

The company finished a 10,000-metre drill program last fall and has now received a technical report for Phuoc Son, where resources have doubled.

The report reviewed Olympus Pacific’s plans for construction and development of the mining and treatment design operations, recommending that a feasibility study be done.

So far, the focus has been the Dak Sa deposit on the property, which is divided into the Bai Go (north) and Bai Dat (south) portions.

Measured and indicated resources at Dak Sa total 600,260 tonnes grading 10.95 grams gold per tonne, 14.92 grams silver, 1.13% lead, 0.55% zinc, for 211,000 contained oz. gold, 6,770 tonnes of lead and 3,270 tonnes of zinc.

Inferred resources stand at 1.96 million tonnes grading 6.77 grams gold per tonne, 5.17 grams silver, 0.36% lead and 0.09% zinc, for 425,000 contained oz. gold.

The Dak Sa shear zone is open along strike and down dip. The company believes it has the potential to host multiple repetitions of North/South style ore zones.

Dak Sa is just one of a number of largely unexplored mineralized structures on the property.

Olympus Pacific hopes to have increased the resource to 900,000 oz. gold by the end of this year, as well as complete the feasibility study for the gold plant and develop Phuoc Son enough to do a bulk sample using its Bong Mieu plant, 70 km to the east.

The Bong Mieu mine project has a resource of almost 665,000 oz. gold, or about 834,000 gold equivalent oz. when the tungsten content is considered.

The company, which has been producing at a rate of 10,000 oz. gold per year, approved a preliminary feasibility study in October to see whether mining 100,000 oz. gold per year would be possible.