Nov 20, 2024

Odyssey Gold Hits 7.65m @ 11.8g/t Au at Bollard, Tuckanarra Project, Western Australia

Introduction:

Odyssey Gold (ASX: ODY) (Market Cap: $18M | Last Close: $0.020 | Cash: $2.6M ) has reported high-grade gold intercepts from diamond drilling beneath the historic Bollard open pit at its Tuckanarra Project in Western Australia, highlighted by 7.65m at 11.8g/t Au from 354.5m.

Drill Results:

7.65m @ 11.8g/t Au from 354.5m (including 2.1m @ 38.7g/t Au from 356m) (Bollard mineralization) (TCKRCD0096)‍
3.7m @ 8.3g/t Au from 308.5m (including 1.95m @ 15g/t Au from 309.25m) (footwall) (TCKRCD0096)

Project Overview:

The Tuckanarra Gold Project is located in the prolific Murchison Goldfields of Western Australia, approximately 40km north of Cue and 680km north-northeast of Perth. The project area straddles the Great Northern Highway and is surrounded by 7.5Mtpa of processing capacity within 120km.

Tuckanarra currently has an indicated and inferred Mineral Resource Estimate of 5.14Mt @ 2.5g/t Au for 407koz of gold, including a high-grade subset of 2.25Mt @ 3.9g/t for 283koz above a 2.0g/t Au cut-off. Approximately 4.2Mt @ 2.3g/t Au for 311koz is on granted mining leases.

Program Details:

The recent diamond drilling campaign included five holes, with a diamond tail extending a reverse circulation hole at Bollard and four holes at the Highway Zone. Hole TCKRD0096 targeted the deeper potential for high-grade underground mineralization beneath Bollard, intersecting the target position approximately 135m down plunge of previous drilling and 120m below the existing Mineral Resource Estimate. The steeply plunging shoot remains open along strike and down plunge.

Understanding These Results:

The high-grade intercept of 7.65m @ 11.8g/t Au from 354.5m represents a significant step-out from previous drilling, validating the geological model and demonstrating potential for resource growth at depth. The mineralization is characterized by massive laminated and breccia quartz veins with significant visible gold, galena, pyrite, and minor chalcopyrite.

The true width of mineralization is estimated at 40-50% of the downhole width due to the drillhole being drilled from the footwall. Previous metallurgical testwork on Cable West vein style mineralization in fresh rock has shown very high recovery rates of 99.3% total recovery (75.8% gravity, 23.6% leach).

Management Commentary:

Matt Syme, Director of Odyssey Gold:

“This result is another demonstration that targeted drilling utilising our robust geological model for the Tuckanarra Project has the potential to add material resources. A substantial step off down dip has intersected the mineralisation right where targeted, with widths and grade suitable to potentially grow our underground resources. These high-grade results at Bollard are only 300m from the 97koz resource at the Highway Zone where we have also recently drilled to grow the underground resources on the Project. There is plenty of exploration left to do at Tuckanarra and the addition of underground resources will add to our already significant shallow oxide resources located right in the heart of the Murchison gold district.”

Next Steps & Catalysts:

Structural analysis of the diamond core is ongoing, and downhole EM completed on TCKRCD0096 is being processed by consultant geophysicists. Future work, including additional drilling, will follow updated geological modeling and targeting based on this analysis.

Assay results for the recent Highway Zone RC and diamond drill program are expected over the next two weeks. The company plans to continue exploration at Tuckanarra, with a focus on adding underground resources to complement the existing shallow oxide resources.

Commodity Outlook:

Gold serves multiple markets, including investment assets, central bank reserves, jewellery manufacturing and industrial applications in electronics. Currently trading at US$2,612/oz (November 19, 2024), the metal has experienced record highs in 2024 despite recent volatility linked to U.S. political shifts and Federal Reserve policy expectations.

The Tuckanarra Project is strategically located in the heart of the Murchison Gold District, a region with a +35Moz gold endowment (historic production plus current resources).

Conclusion:

The latest high-grade intercepts from Bollard demonstrate the potential for resource growth at depth at the Tuckanarra Project. With the Bollard high-grade shoot located only 300m from the Highway high-grade shoot, successful additions to underground resources may lead to shared infrastructure and capital development between the two deposits, potentially enhancing the project's overall economic potential.

Sources:

ODY Drill Results Announcement

Additional Figures:

Australia

ASX

Rare Earths

Nov 14, 2024