Olympio to Resume Drilling at Bousquet Gold Project, Earns 51% interest

(Moderate)

(Positive)

Rhea-AI Summary

Olympio Metals (OTC:TTEXF) has resumed Phase 3 drilling at the Bousquet Gold Project after earning an initial 51% interest under its option with Bullion Gold Resources.

The campaign will test lateral and down-plunge extensions of a prior intercept of 19.4 m at 17.29 g/t Au in the Main Lode, supported by televiewer surveys. Olympio can earn a further 29% over five years via C$500,000 cash, C$250,000 in shares and C$1,000,000 in exploration, potentially leading to an 80/20 JV where Bullion is free carried to initial production.

Positive

Olympio earns 51% interest in the Bousquet Gold Project (Stage 1)
Phase 3 drilling targets 19.4 m at 17.29 g/t Au extension
Option terms outline up to 80% Olympio interest via Stage 2
Bullion’s 20% JV interest is free carried to initial production
Stage 2 includes C$1,000,000 in exploration spending on Bousquet

Negative

Olympio faces up to C$1.75 million in payments and exploration over 5 years
Bullion’s project stake could decline to 20% if Stage 2 is completed

AI-generated analysis. How Rhea-AI works. Not financial advice.

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05/27/2026 - 07:00 AM

Montreal, Quebec--(Newsfile Corp. - May 27, 2026) - Bullion Gold Resources Corp. (TSXV: BGD) ("Bullion" or the "Company") is pleased to announce that optionee Olympio Metals Limited (ASX: OLY) ("Olympio") is resuming drilling activities (Phase 3 drilling campaign) at the Bousquet Gold Project following completion of the requirements to earn an initial 51% interest in the project pursuant to the option agreement between the parties. The Bousquet Gold project is located on the prolific Cadillac Larder Lake Fault approximately 30 kilometers east of Rouyn-Noranda, Québec, and benefits from existing infrastructure and major Abitibi gold operations including LaRonde and Westwood.

Key points of the news release:

The Phase 3 drilling campaign will test the lateral extension of the bonanza intercept of 19.4 m grading 17.29 g/t Au from 172.5 m in the Main Lode system and subsequently test the down plunge extension;
Field work includes a televiewer survey to confirm the structural links between holes; and
Olympio reached the milestone required to earn 51% ownership of the Bousquet Gold Project.

Plan view map of the Paquin and Amadee prospects

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10471/298980_d09b2f6a243368fb_002full.jpg

Simon Britt, president and CEO: "We welcome the continuation of exploration activities following outstanding results delivered from Olympio's Phase 2 drilling campaign on Bousquet. The 51% interest earn-in (Stage 1) was completed ahead of schedule and we fully expect they will earn the remaining 29% interest (Stage 2) ahead of the next 5 years milestone payments and required exploration expenditures."

Olympio can earn an additional 29% interest (Stage 2) on the Bousquet Gold project ("Bousquet") over the next 5 years, through option payments and exploration expenditures totaling:

C$500,000;
C$250,000 worth of Olympio shares;
C$1,000,000 in exploration expenditures on Bousquet; and
The agreement provides Olympio with flexibility to accelerate these commitments.

If Stage 2 conditions are met by Olympio, a Joint Venture ("JV₂") will be formed:

Olympio's interest in the JV₂ will be 80%;
Olympio will sole fund Bullion's JV₂ 20% expenditures until initial production on Bousquet;
Bullion's 20% interest is free carried until initial production on Bousquet; and
OLY will retain a right of first refusal to purchase Bullion's JV₂ 20% interest.

Qualified Person

The scientific and technical information disclosed in this news release has been reviewed and approved by Ms. Suzie Tremblay, a member in good standing of the Ordre des géologues du Québec (OGQ No. 10664), who is a "Qualified Person" within the meaning of National Instrument 43-101 - Standards of Disclosure for Mineral Projects. All geoscientific activities related to the Bousquet Gold project are carried out under the supervision of Ms. Suzie Tremblay, Vice President of Explo-Logik.

About Bullion Gold Resources Corp.

Bullion Gold Resources Corp. (TSXV: BGD) is a junior mining exploration company conducting exploration activities in Quebec, primarily in the Abitibi and James Bay mining regions. The Company holds a 100% interest in the Terragold (Au), Langlade (Cu, Zn, Au, Ag), and Bodo (Cu, Zn, Au, Ag) projects. The Bousquet (Au) project is under option to Olympio Metals (ASX: OLY).

A new corporate website is currently under construction and is expected to be launched in the coming weeks.

For further information, please contact:

Simon Britt
President and CEO
Bullion Gold Resources Corp.
sbritt@bulliongold.ca

Cautionary Note Regarding Forward-Looking Statements

This news release includes certain information and statements that may constitute "forward-looking information". Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "continues", "forecasts", "projects", "predicts", "intends", "anticipates", "aims", "targets" or "believes", or variations of, or the negatives of, such words and phrases or state that certain actions, events or results "may", "could", "would", "should", "might" or "will" be taken, occur or be achieved. Inherent in forward-looking statements are risks, uncertainties and other factors beyond the Corporation 's ability to predict or control. All statements, other than statements of historical facts, included in this news release that address future events, developments or performance that Bullion expects to occur are forward-looking statements.

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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/298980

FAQ

What did Olympio Metals (TTEXF) announce about the Bousquet Gold Project on May 27, 2026?

Olympio Metals announced it is resuming Phase 3 drilling at the Bousquet Gold Project after earning a 51% interest. According to Bullion Gold Resources, drilling will follow a high-grade intercept and support further structural understanding through televiewer surveys.

What are the key details of Olympio Metals’ Phase 3 drilling at Bousquet (TTEXF)?

Phase 3 drilling aims to test lateral and down-plunge extensions of a 19.4 m intercept grading 17.29 g/t gold. According to Bullion Gold Resources, work includes televiewer surveys to confirm structural links between drill holes at the Main Lode system.

How did Olympio Metals earn a 51% interest in the Bousquet Gold Project (TTEXF)?

Olympio Metals completed the requirements under its option agreement to earn an initial 51% interest in Bousquet. According to Bullion Gold Resources, this Stage 1 earn-in milestone was achieved ahead of schedule through prior exploration activities and agreed commitments.

What are the Stage 2 earn-in terms for Olympio Metals at Bousquet (TTEXF)?

Stage 2 allows Olympio to earn an additional 29% interest over the next five years via option payments and exploration. According to Bullion Gold Resources, commitments include C$500,000 cash, C$250,000 in Olympio shares and C$1,000,000 in exploration expenditures.

What is the planned joint venture structure for the Bousquet Gold Project involving Olympio Metals (TTEXF)?

If Stage 2 conditions are met, a joint venture called JV2 will be formed with Olympio holding 80% and Bullion 20%. According to Bullion Gold Resources, Olympio will sole fund Bullion’s 20% share until initial production, and retain a right of first refusal on that interest.

What does the free-carried interest mean for Bullion Gold at Bousquet if Olympio (TTEXF) completes Stage 2?

Bullion’s 20% interest would be free carried through to initial production, meaning Olympio funds Bullion’s JV expenditures. According to Bullion Gold Resources, this structure reduces Bullion’s near-term capital needs while keeping project exposure if development proceeds.