Australia's Odyssey Completes 20,000m Drilling at Tuckanarra Project

en.Wedoany.com Reported - Odyssey Gold (ASX: ODY) has announced the completion of drilling at the Tuckanarra Project, comprising 249 holes for approximately 20,000 metres. The latest results will be incorporated into updated Mineral Resource Estimates and ongoing mining studies for the Anchor, Maybelle, and Lucknow deposits, following the recent completion of a Phase 1 Scoping Study for the project.

The drilling program was primarily aimed at increasing geological confidence within the existing resource base while testing the continuity of mineralisation beneath historical workings, to strengthen the company's open-pit development project pipeline. Executive Director Matt Syme stated that the focus of the drilling was to improve confidence in several of the company's open-pit deposits ahead of updated Mineral Resource Estimates and mining studies. Syme also noted that deeper intersections were discovered beneath historical workings at Anchor and Maybelle, enhancing Tuckanarra's long-term underground mining potential.

The latest results from the Anchor deposit have demonstrated outstanding grades. The deposit is located approximately 500 metres along strike from the Cable-Bollard-Highway mining centre and is centred on historical underground workings that produced approximately 6,000 ounces of gold at 25.5 g/t in the early 20th century. Anchor currently hosts a shallow open-pit Inferred Mineral Resource of 90,000 tonnes at 2.6 g/t gold for 7,000 ounces.

Recent drilling has both infilled the existing resource and tested mineralisation beneath the old workings. The best result was 2 metres at 29.1 g/t gold from 81 metres in hole CBRC0414, including 1 metre at 57.2 g/t gold. Other strong intersections included 4 metres at 5.9 g/t gold from 30 metres, including 1 metre at 21.3 g/t gold; and 3 metres at 8.6 g/t gold from 51 metres, including 1 metre at 24.6 g/t gold. Several of the stronger intersections are located beneath historical workings, with mineralisation remaining open at depth. Odyssey noted that high-grade intersections in holes CBRC0415 and CBRC0417 lie outside the current Mineral Resource Estimate, providing potential for resource growth.

The Maybelle deposit offers both shallow resource definition and deeper potential. Located within granted Mining Lease M20/527, the deposit was mined in the early 1990s, with production of approximately 146,000 tonnes at 2.3 g/t gold for 10,700 ounces, reportedly mined to a depth of approximately 40 metres to the water table. Maybelle and Maybelle North currently host a combined Indicated and Inferred Mineral Resource of 660,000 tonnes at 1.9 g/t gold for 41,000 ounces.

Drilling aimed to improve confidence in the existing resource while testing high-grade extensions beneath the conceptual open pit. New results include 9 metres at 3.6 g/t gold from 24 metres; 6 metres at 3.6 g/t gold from 68 metres; and 3 metres at 4.6 g/t gold from 104 metres. Odyssey stated that many of the shallow intersections reinforce the open-pit resource model, while deeper intersections indicate mineralisation extends below current drilling limits.

Work at the Lucknow deposit focused on confirming continuity and consistency. Centred on historical underground workings, the deposit hosts an open-pit Inferred Mineral Resource of 220,000 tonnes at 1.3 g/t gold for 9,000 ounces. Recent drilling targeted improving confidence in the existing resource while testing mineralisation beneath the old workings. Better intersections included 7 metres at 2.6 g/t gold from 57 metres; 8 metres at 1.8 g/t gold from 174 metres; and 9 metres at 1.4 g/t gold from 101 metres. Odyssey stated that these results are consistent with the existing resource interpretation in terms of both thickness and grade.

The Tuckanarra Project currently hosts Indicated and Inferred Mineral Resources of 6.3 million tonnes at 2.2 g/t gold for 451,000 ounces on a 100% project basis. The latest results will be incorporated into updated Mineral Resource Estimates for Anchor, Maybelle, and Lucknow, and will support mining studies aimed at advancing the project's open-pit development case. Future drilling will continue to strengthen resource definition while assessing deeper mineralisation that recent work has highlighted as potential underground opportunities. A further 89 holes from Cable and Bollard are currently awaiting assay results at the laboratory.