Olympio Metals Drills First Holes at Idaho Silver Project Targeting 3.2Moz District
Key Takeaways
- Olympio Metals (ASX: OLY) has commenced a maiden ~1,500m diamond drill program at the Jacknife Project in Idaho's Silver Valley — the first modern drilling in the district since 2012.
- The program targets three objectives: vertical continuity at the Conjecture Mine, a ~520m western strike extension of the Conjecture Shear Zone, and additional high-priority targets across a project with ~7km of combined shear zone strike length.
- A 1975 historical foreign estimate of 8.22Moz Ag exists at the Conjecture Mine, though it carries no JORC standing; the current drill program is specifically designed to work toward a JORC-compliant resource definition.
- Both silver and antimony at Jacknife are designated 2025 USGS Critical Minerals, with the US Government's US$12 billion strategic stockpile initiative providing a direct policy tailwind for the project's commodity mix.
- The project's 335 acres of patented mining claims eliminated standard permitting delays, enabling Olympio to advance from acquisition in July 2026 to active drilling within approximately two months.
Drill bit hits ground at Jacknife — Olympio’s maiden program targets high-grade silver in Idaho’s Silver Valley
A Scout Discoveries diamond drill rig is now on site and turning at the Jacknife Project in Idaho’s Lakeview Mining District, marking the first modern drilling in the district since 2012. Olympio Metals (ASX: OLY), which holds an 80% interest in the project acquired in July 2026, has commenced a maiden ~1,500m diamond drill program targeting high-grade silver mineralisation across a project with a combined historical production of over 3.2Moz of silver from six mines.
The 335 acres of patented mining claims within the Jacknife Project are material here. On patented claims, there are no permitting requirements from regulating authorities for most exploration activities, meaning Olympio was able to advance rapidly from acquisition to drilling without the permitting burden typical of unpatented claims.
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What the drill program is actually testing
The maiden program has three clear targeting objectives:
- Vertical continuity at the Conjecture Mine — preliminary testing between the historical underground drives to establish whether mineralisation is continuous with depth.
- Western strike extension of the Conjecture Shear Zone — the program aims to define a ~520m strike extension beyond the Conjecture Mine, which could extend total mineralisation strike to ~1km.
- Other high-priority targets along the Conjecture and Weber Shear Zones.
The broader project covers four shear zones (Conjecture, Weber, Bellville, and Hewer) with a combined surface exposure of ~7km of strike length. That structural footprint sets up the district-scale exploration upside the program is designed to begin testing.
The Conjecture Mine: a shaft sunk 610 metres deep and barely touched by modern science
The Conjecture Mine is the most extensively developed in the district. It features a +610m vertical Federal Shaft and sits within a project that has over 8km of underground workings in total. Despite that scale, practically no modern exploration has been conducted across the area.
The Conjecture Mine is the subject of two historical foreign estimates: a 1975 estimate by the Sunshine Mining Company and a 1981 estimate by Minerals Management Inc. An 8.22Moz Ag figure appears on the project plan view as a 1975 foreign estimate for the Conjecture Mine.
Important cautionary note: These are foreign estimates and are not reported in accordance with the JORC Code (2012). A competent person has not done sufficient work to classify the foreign estimate as a mineral resource or ore reserve under the JORC Code (2012), and it is uncertain that following evaluation and/or further exploration work the foreign estimate will be able to be reported as a JORC-compliant mineral resource or ore reserve. The current drill program is specifically designed to work toward a JORC-compliant resource definition.
Why silver and antimony in Idaho matter right now
The commodity and jurisdiction combination at Jacknife has become strategically significant. Both silver and antimony are included on the 2025 USGS Critical Minerals List, published 14 November 2025.
A “critical minerals” designation means the US Government has formally identified these materials as essential to national security and defence. The US Government’s US$12 billion strategic mineral stockpile initiative is the headline policy driver here.
Jacknife sits in Idaho’s Silver Valley, one of the world’s most historically significant silver-producing districts. The announcement highlights neighbouring producers and developers operating in the same district as context for the region’s established value. Hecla Mining Corp carries a market cap of over US$12B, Sunshine Silver Mining and Refining is valued at approximately US$1.93B, Americas Gold and Silver at approximately US$1.9B, and Bunker Hill Mining at approximately US$187M. These are peer-context figures for the district only. There is no assurance that geological continuity exists between neighbouring properties and Olympio’s tenements.
Sean Delaney, Managing Director, Olympio Metals
“We are very excited to begin the next big chapter in the history of the Jacknife Project. This Project has produced more than 3.2 million ounces of high-grade silver over its history and has practically no modern exploration over the area. With a Scout Discoveries drill rig now mobilised to site and a modern day, district scale exploration strategy in place, Olympio is well positioned to develop the full potential of this critical minerals project.”
Historical production record and project snapshot
The six mines that make up Jacknife carry a combined production history that underpins the district’s silver credentials. The table below reproduces the available historical mining records as disclosed in the announcement.
| Mine and Production Years | Ore (t) | Silver (oz) | Avg Silver Grade (oz/t) | Other Metals (summary) |
|---|---|---|---|---|
| Conjecture Mine (1913–1956) | 11,488 | 81,333 | 7 | Gold, copper, lead, zinc |
| Conjecture Mine (1956–1964) | 90,718 | 2,000,000 | 22 | — |
| Hewer Mine (1916–1950) | 28,161 | 235,890 | 8 | Gold, copper, lead, zinc |
| Keep Cool Mine (1937–1954) | 9,657 | 35,180 | 4 | Gold, copper, lead, zinc |
| Rainbow Mine (1911–1916) | 104 | 8,227 | 79 | Lead |
| Silver Leaf Mine (1925) | 16 | 608 | 38 | Lead |
| Weber Mine (1901–1981) | 115,476 | 886,556 | 8 | Gold, copper, lead, zinc |
| Total | 255,621 | 3,247,794 | 12.7 |
Key observations from this production history:
- The Conjecture Mine’s 1956–1964 period is the largest contributor by silver ounces, producing 2,000,000oz at a grade of 22oz/t.
- The Weber Mine is the largest single contributor by ore volume at 115,476t.
- The Rainbow Mine returned the highest average grade at 79oz/t across a small production parcel — a signal of the vein-hosted, high-grade nature of the district’s mineralisation.
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What comes next for OLY investors
The near-term newsflow from Jacknife has several components to watch. Drill results from the ~1,500m maiden program are the primary catalyst. Separately, rock chip and soil samples are currently in the laboratory, with the announcement noting that additional surface sampling will be undertaken once those results are received.
The longer-term objective is a JORC-compliant Mineral Resource estimate at the Conjecture Mine. The current drill program is specifically designed to support that process by establishing vertical continuity of mineralisation and testing the Conjecture Shear Zone’s lateral extent.
Scout Discoveries Corp acts as Olympio’s in-country technical and operational partner, providing established US mineral exploration expertise for the program’s execution. The announcement does not specify a timeline for resource definition, and no such timeline should be inferred.
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