Olympio Metals Drills Idaho Silver District Hosting Over 1.2 Billion Oz History
Key Takeaways
- Olympio Metals has commenced field work at both the Jacknife Project in Idaho and the Raven Project in Montana, with drill pad earthworks underway and a diamond rig expected to mobilise imminently at Jacknife.
- The 335 acres of patented mining claims at Jacknife allowed Olympio to advance directly to maiden drilling, bypassing the lengthy federal permitting process that typically delays ASX explorers on US ground.
- A 1975/1981 historical foreign estimate of 8.22Moz Ag exists at the Conjecture Mine, though investors should note this is not JORC-compliant and cannot be relied upon as a mineral resource.
- The Raven Project in Montana sits just 45km from the USAC Antimony Smelter in Thompson Falls, a meaningful infrastructure proximity for any future production scenario, with historical production grades of 2,084 g/t Ag and 19.51% Cu at the Raven Mine.
- Both silver and antimony are on the 2025 USGS Critical Minerals List, with the US Government committing US$12 billion to strategic mineral stockpiling — a direct policy tailwind for Olympio's commodity exposure.
Olympio Metals puts boots on the ground in America’s premier silver district
Olympio Metals (ASX: OLY) has commenced exploration at its Jacknife Project in Idaho and Raven Project in Montana, marking the company’s entry into active field work across two high-grade US silver targets. Drill pad earthworks are underway at Jacknife, with mobilisation of a diamond rig expected imminently, while rock chip and soils campaigns are running concurrently at both projects. The 335 acres of patented mining claims at Jacknife were the key enabler, allowing the company to advance directly to maiden drilling without navigating a lengthy permitting process. Both silver and antimony appear on the 2025 USGS Critical Minerals List, with the US Government committing US$12 billion to strategic mineral stockpiling. Scout Discoveries Corp is serving as the in-country technical and operational partner across both programs.
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Inside the Jacknife Project — a district with billion-ounce heritage
Six mines, 8km of underground workings, one imminent drill program
The Jacknife Project carries a substantial historical footprint. The project hosts six historically significant mines with over 8km of underground workings, including a +610m vertical shaft at the Conjecture Mine.
Four shear zones sit within the project area — Conjecture, Weber, Bellville, and Hewer — covering a combined strike length of approximately 7km. The maiden drill program will target the Conjecture Mine and the lateral continuity of the Conjecture Shear Zone.
A 1975/1981 historical foreign estimate of 8.22Moz Ag exists at the Conjecture Mine. Investors should note the following cautionary statement clearly: this is a foreign estimate and is 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 in accordance with 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 JORC-compliant.
Mineralisation at Jacknife is dominated by silver, with significant occurrences of galena, sphalerite, gold, chalcopyrite, tetrahedrite, and minor stibnite. Ore veins vary in thickness from less than 30cm to approximately 2.1m.
Historical mine production data from the project (sourced from Figure 2 of the announcement) includes:
- Keep Cool Mine: 9.7kt for 35koz Ag, 29klb Cu, 480klb Pb, 616klb Zn (1937–1954)
- Hewer Mine: approximately 28.2kt at 265 g/t Ag
- Rainbow Mine: 104t for 8.2koz Ag, 4.6klb Pb (1911–1916)
- Weber Mine: 116.5kt for 887koz Ag, 3.4koz Au, 6.6klb Cu, 801klb Pb, 86klb Zn (1901–1981)
These are historical production figures and are not JORC-compliant resource estimates.
The Raven Project — a second silver-antimony target 45km from a working smelter
The Raven Project sits approximately 100km southeast of Jacknife in Montana’s Thompson River Mining District. A standout logistical feature: the project is only 45km from the USAC Antimony Smelter in Thompson Falls, a proximity that represents a genuine commercial and infrastructure advantage for any future production scenario.
The current program scope at Raven is preliminary rock chip sampling to test whether the Raven fault structure — which hosts the historic Raven Silver Mine and Silver King Mine — carries a geochemical surface expression. Historical records suggest vein widths increase within the quartzite units of the Revett Formation, which covers the southeastern half of the project. The Revett Formation is the same host unit as Silver Valley’s largest deposits, adding geological significance to that portion of the tenement.
Historical production average grades at both mines were substantial:
- Raven Mine: 2,084 g/t Ag, 19.51% Cu
- Silver King Mine: 996 g/t Ag, 1.38% Cu, 11.6% Pb
These are historical production averages, not JORC-compliant mineral resources.
What is the Silver Valley, and why does it matter for investors?
The Silver Valley of Idaho is one of the world’s most historically significant silver-producing regions, with over 1.2 billion ounces of historical silver production. For an exploration-stage company like Olympio, operating in this district means working alongside well-capitalised peers who have already demonstrated the region’s mineral endowment.
Several established operators are active in the district. Their silver endowments and market capitalisations provide useful context for the scale of what has already been found in this jurisdiction (note: mineralisation on neighbouring properties is not necessarily indicative of mineralisation on Olympio’s tenements):
| Company | Project | Silver Endowment | Market Cap |
|---|---|---|---|
| Hecla Mining Corp | Lucky Friday Mine | Not disclosed | >US$12B |
| Sunshine Silver Mining & Refining | Sunshine Mine | 624Moz | US$1.93B |
| Bunker Hill Mining | Bunker Hill | 180.5Moz | US$187M |
| Americas Gold and Silver Corporation | Galena Mine Complex | 248.5Moz | US$1.9B |
Patented mining claims are a critical point of difference worth understanding. Unlike unpatented claims (which are federal land grants that can require extensive environmental permitting before drilling), patented mining claims convey private land title to the holder. That distinction allowed Olympio to advance directly to maiden drilling at Jacknife, bypassing the delays that typically constrain exploration-stage companies on federal ground.
The policy backdrop also matters. Both silver and antimony appear on the 2025 USGS Critical Minerals List, and the US Government’s commitment of US$12 billion to strategic mineral stockpiling signals sustained federal-level demand for domestic critical mineral supply. For exploration-stage companies holding projects in these commodities, that policy environment is a meaningful tailwind.
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What’s next for Olympio Metals
The near-term milestone sequence, in logical order:
- Diamond rig mobilisation and commencement of the maiden drill program at Jacknife, targeting the Conjecture Mine and Conjecture Shear Zone — expected imminently
- First multi-element assay results from rock chip and soil sampling at both Jacknife and Raven — the first time a broad suite of elements (not just selective base metals, as historical assays reported) will be assessed across both project areas
- Surface geochemistry results to define the project-scale exploration methodology at each site
- Maiden drill program design for the Raven Project, based on outcomes of the rock chip campaign
Results from these programs are expected to determine the most effective method for broad project-scale surface exploration. That makes this an early but genuinely value-defining phase for the company.
Sean Delaney, Managing Director
“We are extremely excited to be kicking off our maiden exploration programs in our key US based projects. These programs will focus on drill testing at the Conjecture Mine and key brownfields targets, while defining our surface exploration strategy for the Jacknife and Raven projects.
Our partner, Scout Discoveries, is in the process of clearing drill pad locations and expect a diamond drill rig to be mobilised imminently. Preliminary rock chip and soil samples are being collected across key structures and we are looking forward to defining the most effective exploration method for project scale surface exploration but also to obtain the first multi element assay results for both projects, where historical assays only reported selective base metals.”
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