Odyssey Gold eyes resource growth at Tuckanarra gold project

• ODY flags 8.3g/t gold at Tuckanarra gold project in WA
• Results highlight resource growth potential between Cable and Bollard deposits
• Company optimistic of increasing its resource confidence

Special Report: Odyssey Gold has reported strong results from drilling at its Tuckanarra project which suggest resource growth potential.

The project has a predominantly open pit indicated and inferred mineral resource of 5.14Mt at 2.5g/t gold, with this drilling aiming to both confirm historical results and infill areas of wide spaced drilling to upgrade to an indicated resource.

Notable results from RC drilling include:

• 7m at 8.3g/t gold from 83m
• 18m at 4.3g/t gold from 7m
• 11m at 3.8g/t gold from 73m (Cable East); and,
• 4m at 7.5g/t gold from 84m (Cable West).

Odyssey Gold (ASX:ODY) says the drilling also successfully extended mineralisation between the Cable and Bollard pits, which sit approximately 220m apart, including:

• 2m at 10.3g/t gold from 157m in the Cable West position (CBRC0185); and
• 10m at 2.1g/t gold from 211m including 2m at 6.2g/t gold from 211m (CBRC0186A).

Auger drilling at two historic tailings dams has also demonstrated positive recoveries and grades warranting further study.

Gold corridor between Cable and Bollard

Tuckanarra – part of the prolific Murchison gold field – previously produced 101,000oz of gold from five shallow oxide pits in the 1990s at an average grade of 3.9g/t gold and another ~40,000oz at 7.2g/t from the only modern underground mine

And while there is a keen focus is on the known resources at the project, the company is bullish on the latest results, which show the potential to find additions at targets outside the existing Bollard, Cable, Highway Zone, Kohinoor, Bottle Dump, Lucknow and Maybelle deposits.

“These excellent initial drilling results reinforce our confidence of the future mining prospects of our shallow open pit resources at Tuckanarra,” executive director Matt Syme said.

“Drilling of the EM conductors has successfully intersected sulphide in all targets with pleasing results from CBM target highlighting the exciting potential between the Cable and Bollard pits.”

RC drilling is continuing with 38 holes for 4319 metres completed to date.

Surrounded by a catalogue of processing plants including the Burnakura mill owned by Odyssey JV partner Monument Mining, the hurdle to outline a project worth developing won’t be high at current +$5000/oz gold prices.

ODY recently raised $4m at 1.8c per share, well below its current 2.6c share price, to bankroll drilling to improve confidence and expand the resource at Tuckanarra.

This article was developed in collaboration with Odyssey Gold, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.