One of those horses - Fox Tales - will give the leading Canberra trainer hope in Sunday's $275,000 group 3 Black Opal Stakes at Thoroughbred Park.

It's the race that slipped through his fingers last year when race favourite Single Gaze finished second.

And while he doesn't think Fox Tales measures up to his stable star just yet, he remains optimistic of finally landing Canberra's most prized race.

"I was out [visiting client Calum Beaton] looking at another horse and I saw him in the paddock and quizzed him about it and just bought him there and then as a yearling," Olive said.

"It was going to go to sales, and I bought him and pulled him out of the sales and that's how it went.

"I really liked him, I wouldn't say it was an impulse buy - I just really liked the horse, the way he looked in the paddock and I just said 'can I buy that one?'."

Olive makes no secret of just how much the Black Opal Stakes means to him.

He remembers watching the race as a kid, pressed up against the fence as the horses thundered past.

With Single Gaze, Olive thought he had finally found the horse to help him break through for an elusive win.

But after watching Takedown lead all the way to win last year's edition, Olive feared he might never win a Black Opal.

"I used to come to this race as a kid with my parents and there wouldn't be many Black Opals that I've missed over 40 years.

"I'm just so passionate about Canberra and Canberra racing - it's our premier race and I'd just love to win it one day.

"It's getting harder to win, too - probably last year was probably one that slipped through my fingers, the track didn't race right for us last year and it cost us, but hopefully one day we can win it.

"Fox Tales is a nice horse but I don't quite think he's up to the same stage as Single Gaze at this time of his career, so fingers crossed."

The son of Foxwedge finished third behind Super Too and Flash Fabian in the Lightning Ridge on February 21, with the top three runners putting a gap on the rest of the field.

He will meet both those runners again on Sunday, and Olive said Fox Tales has improved since that run.

"They did look a class above [in the Lightning Ridge].

"It will be a good test. I reckon he's going really great - better than the race the other day, and I think with the run under his belt he'll be a lot better on Sunday.

"He's fitter and I'm just a lot happier with him in general, his work has probably been a bit better and he just seems brighter and will probably be spot on for Sunday, but he'll need to be because it's a big step up in class obviously."

Fox Tales has been nominated for the Golden Slipper on March 19, but Olive admitted the Opal was his likely grand final.

"This is the race we've set him for - we'll see how he goes - if he came out and won it we'd think about the Slipper for sure, but if he comes out and doesn't go that great we might give him break, too."