Vancouver —
Watts Griffis & McOuat (WGM) recently evaluated two zones of mineralization, Bai Dat and Bai Go, on the property. Using a cutoff grade of 4.5 grams gold per tonne, the firm arrived at a measured and indicated resource of 318,000 tonnes averaging 14.32 grams gold per tonne, or 147,000 contained ounces.
In addition, WGM reported an inferred resouce of 188,000 tonnes averaging 12.12 grams gold, or 74,000 oz.
“Olympus began working on the Phuoc Son property in 1998 and, in a remarkably short period and with a relatively small amount of diamond drilling, has succeeded in outlining two significant gold deposits and at least 23 important gold showings,” WGM stated in its report, adding that the project should be further explored both for its known deposits and for new discoveries.
Olympus Pacific plans to drill outside of the resource block in order to define more mineralization. About 180 metres south of the Bai Dat resource block, hole 106 intersected a mineralized zone averaging 3.81 grams gold over 4.35 metres. This included a higher-grade interval averaging 12.93 grams gold over 1.23 metres. The hole confirmed the strike continuity of the Bai Dat stratigraphy and mineralized system. Follow-up drilling is planned.
Olympus Dam intends to spend $2.2 million on Phuoc Son in 2004. The first phase will involve 6,000 metres of diamond drilling.
The company will also drill-test the Khe Rin and Khe Do prospects, which represent an open-ended gold-in-soil anomaly that measures 500 metres wide and 3 km long. The anomaly is broadly coincident with skarn alteration. Earlier drilling included a 9.9-metre interval of 4.35 grams gold and a 9.45-metre section of 7.92 grams gold.
Surface exploration will consist of ground geophysical and geochemical surveys, geologic mapping, test pitting and trenching.
Engineering, metallurgical and environmental studies to determine the feasibility of underground development are under way.
In June 2003, Olympus Pacific applied for a licence to mine the Bai Dat and Bai Go deposits and is now awaiting approval.
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