Olympus resumes drilling

Vancouver — Armed with a $625,000 financing, Olympus Pacific Minerals (OYM-V) has resumed drilling at its Phuoc Son gold project in central Vietnam.

The current, 2,400-metre infill program is focused on the high-grade shoots of gold mineralization in the Bai Dat and Bai Go zones.

Previous drilling tested the downdip extension of gold mineralization exposed in 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.

Bai Dat 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 1-4 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 intersected 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 holes drilled there have cut the targeted quartz vein over an area measuring 300 by 250 metres.

The junior has applied for permission to develop the deposit and anticipates startup in early 2004.

Phuoc Son 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.

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