Odyssey Gold (ASX:ODY) has recommenced reverse circulation (RC) drilling at the T8 Target within its Tuckanarra Project in Western Australia, with visible gold already struck in 2 of its first 3 holes drilled.
The $22.47 million market capitalisation company plans to drill 12 holes for 1,260m at the target, which lies just 800m to the east of the Kohinoor deposit in Western Australia’s Murchison Goldfields region.
This deposit has produced 29,000 ounces of gold and has a resource estimate of 190,000 ounces @ 3.5 grams per tonne (g/t) gold for 22,000 ounces of gold, according to Odyssey.
At T8, Odyssey says its drilling work should allow for the ‘rapid’ addition of open-pit resources to the current Tuckanarra resource estimate of 5.32 million tonnes @ 2.2g/t Au for 376,000 ounces of contained gold.
The T8 area lies on a new mining lease granted to Odyssey in July 2023 and is home to multiple shallow oxide targets with potential high-grade extensions, according to the company.
Odyssey says gold anomalism in the area has been previously defined over 300m of strike from surface sampling, including 130m of strike from historical drilling.
Some of the top previous aircore results from the target area include 20m @ 2.4g/t Au from 8m, including 8m @ 5g/t Au from 8m, and 6m @ 4g/t Au from 20m.
Odyssey Director Matt Briggs says the intersection of visible gold in the RC drilling demonstrates that ‘targeted systematic’ exploration can continue to add shallow oxide open-pit resources at the project.
“There are numerous shallow oxide projects and potential underground extensions on the project warranting drilling, such as the T8 Target.
This target has historic rotary air blast, aircore, and RC drilling. However, the spacing, drill method, and orientation of this drilling did not allow for the inclusion of the target in the July 2023 resource.”
“There are numerous shallow oxide projects and potential underground extensions on the project warranting drilling, such as the T8 Target”
Briggs adds that an additional data review completed by the company exposed a line of surface samples with anomalism to the east that was not in the database.
“These samples suggest a strike extension to the east along with an undrilled parallel structure 500m to the south.”
Odyssey holds an 80% interest in the T8 Target, with Diversified Asset Holdings owning the remaining 20%.
Looking at Odyssey’s financial position, the company had roughly $4.86 million cash at hand at the end of December 2023, according to its latest quarterly report.
Write to Joshua Smith at Mining.com.au
Images: Odyssey Gold
