Vancouver —
Drill hole 023 was drilled into the Khe Do prospect, 1.4 km south of the previously announced gold-bearing skarn discovery at Khe Rin. The hole was drilled to a total depth of 150.87 metres and intersected a skarn alteration zone that averaged 7.92 grams gold and 1.51 grams silver per tonne over 9.45 metres starting at a down-hole depth of 78.42 metres. This included a 1.58-metre interval that assayed 30.71 grams gold and 5.14 grams silver, and a 4.17-metre section that averaged 12.72 grams gold and 2.41 grams silver per tonne.
Olympus Pacific reports that the mineralized marble unit that was intersected in hole 23 lies within a steeply dipping sequence of skarn-altered metamorphic rocks. The gold mineralization is associated with quartz-carbonate veining and irregularly distributed pyrite, pyrrhotite and chalcopyrite.
Assay results from a mineralized intersection in an adjacent hole, 024, are still pending. A drill rig is being set up to perform stepout work from the 023 and 024 intersections.
The Khe Do and Khe Rin mineralized zones both occur in metamorphosed volcano-sedimentary rock sequences. The skarn alteration in these rocks is believed to be related to a granodioritic intrusive that lies just below the surface. Olympus states that the associated base-metal assay results show a strong relationship between gold and copper values, consistent with high-temperature formation within a near-porphyry environment.
Khe Rin is a relatively new discovery, 7 km northwest of the high-grade gold mineralization shoots at Bai Dat and Bai Go. The prospect is delineated by an open-ended, 3-km-long gold-in-soil anomaly that is coincident with a zone of strong calc-silicate (skarn) alteration.
The 100-sq.-km Phuoc Son gold project is in central Vietnam, 140 km southwest of the port city of Danang. Phuoc Son is a joint venture held by Olympus, with 57.18%,
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