drill resultsFEBRUARY 9, 2007 - 09:30 ET
Olympus-Drill Results Expands the High Grade Phuoc Son Property
HIGHLIGHTS:
- Recent results return 6.94 g/t gold over 8.01 meters including 13.76 g/t over 1.81 m and 21.10 g/t over 1.11 meters.
- Mineralized zone now has a defined length of approximately 600m and remains open for further expansion.
- Definition of the magnitude of the mineralization and resource addition are the current focus of ongoing drill program.
TORONTO, ONTARIO--(CCNMatthews - Feb. 9, 2007) - Olympus Pacific Minerals Inc. (TSX:OYM) - is pleased to report further positive drill results from ongoing exploration on the Phuoc Son Gold property. The Company plans continued step-out drilling.
At the North deposit, 100 m step-out holes have extended the mineralized zone from hole 204 which returned 38.81 g/t gold over 1.25 meters (OYM Press release dated November 28, 2006). The drilling has enlarged the mineralized zone's aerial extent 3 fold to approximately 115,000 square meters (approx. 600 m by 200 m) as compared to the April, 2006 resource area of roughly 35,000 square meters.
A highlight of the step-out drilling is hole 209 with an assay of 6.94 g/t gold over 8.01 meters. The deposit currently has a defined strike length of 600 meters and remains open.
Olympus' VP-Exploration, Roger Dahn, said, "The continued success of our program is substantially increasing the size potential at Phuoc Son Each of our last five holes have hit significant gold mineralization and alteration. Hole 210, an aggressive 300 meter step-out further north, is in progress. The wet season over the past few months has severely limited our capacity to drill; with the oncoming dry season, we will step up our drilling program to build on these excellent results."
Assay highlights from the recent phase of drilling are outlined in the table below and set out in maps shown by following the link below:
https://www.ccnmatthews.com/docs/oym0208.pdf
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North Deposit - northern exploration step-out drill program
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From To Core Width Gold Grade (g/t)
HOLE ID (m) (m) (m) Uncut
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DSDH 205 245.70 246.60 0.90 3.37
and 267.93 268.60 0.67 3.05
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DSDH 206 190.00 190.50 0.50 14.99
and 214.00 215.65 1.65 2.44
including 215.40 215.65 0.25 15.40
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DSDH 207 258.65 264.65 6.00 2.11
including 263.00 264.65 1.65 6.61
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DSDH 208 268.75 269.20 0.45 11.10
and 282.50 286.35 3.85 3.84
including 284.80 286.35 1.55 8.61
and 291.57 293.00 1.43 6.19
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DSDH 209 289.54 297.55 8.01 6.94
including 289.54 291.35 1.81 13.76
and 294.85 295.96 1.11 21.10
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Notes:
(1) - All holes were drilled at an inclination of -90 degrees unless
otherwise stated.
(2) - Based on current geological interpretation of the drilling results,
core widths approximately reflect true widths. Additional drilling is
required before definitive true widths can be determined.
(3) - All assays were performed by the Mineral Assay and Service Co. Ltd.
(MAS Laboratory) located in Bangkok, Thailand using the Fire Assay
method on 50 grams of prepared sample. The MAS Laboratory is
certified by the Thailand Department of Industrial Works and Ministry
of Industry
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The Company's 85% owned Phuoc Son Gold property is located in central Vietnam. Phuoc Son to date contains two known deposits (North and South deposits) and is located along the Phuoc Son-Sepon Suture hosting such world-class deposits as Oxiana's Sepon deposit to the east.
Olympus Pacific Minerals Inc., as first mover in Vietnam, is positioned to become a leading gold producer and explorer in Southeast Asia. Olympus is committed to its vision of making major discoveries in the region and increasing shareholder wealth.
Unless otherwise noted, the technical information in this release has been prepared and/or reviewed by Mr. Roger Dahn, Vice President Exploration, a Qualified Person as defined by National Instrument 43-101. The Company employs a quality control program to ensure best practices in sampling and analysis of drill core and rock samples. Mineral Assay and Services Co. Ltd., located in Bangkok, Thailand, performs sample preparation and analyses.