Vancouver —
The discovery occurred 7 km northwest of the Bai Go and Bai Dat zones. Initial grab samples collected from an 80-metre section of the prospect returned up to 391.3 grams gold and 7 grams silver per tonne. The average grade of the 11 samples taken was 71.2 grams gold and 1 gram silver per tonne.
The samples were collected from the centre of a 3-km-long, north-striking shear zone. Mineralization is associated with calc-silicate alteration occurring as pyrite pyrrhotite, chalcopyrite and molybdenite. To date, mapping has outlined a 700-by-300-metre area of calc-silicate alteration within a gold-in-soil geochemical anomaly measuring 3 km long by up to 700 metres wide. This “skarn-style” zone differs from the base-metal-rich gold mineralization cut during last year’s drill program.
Over the past year, Olympus Pacific has drill-tested 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, 15 of the 28 holes drilled intersected a high-grade gold shoot. The average grade for the holes was 13.2 grams over 5.3 metres.
Elsewhere at Phuoc Son, reconnaissance geological mapping and rock sampling have identified five additional prospects:
– The Khe Cop prospect, 7.5 km northwest of Bai Go, yielded 0.1-1.84 grams gold from a quartz-veined limonitic schist.
– The Khe Do prospect, 6 km northwest of Bai Go, returned 0.14-18.71 grams gold from a sulphidic schist.
– The Vang Nhe prospect, 6 km north-northwest of Bai Go, yielded 0.15-6.73 grams gold from samples taken from a limonitic schist.
– The Suoi Cay prospect, 5 km north of Bai Go, returned 33.75-36.60 grams gold from a sulphidic quartz vein.
– The Tra Long prospect yielded 0.54-3.87 grams gold from samples taken from a quartz-veined limonitic schist.
The junior is engaged in mapping and trench-sampling over the new target in anticipation of drilling later this year.
Olympus Pacific holds a 57.2% stake in the project and is negotiating to increase this to 67.4%. The remaining 32.6% belongs to
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