Odyssey (ASX:ODY) tucks into supersized meal at Tuckanarra Gold
February 15, 2024Odyssey Gold has increased its gold resources to a hefty 5.14 million tonnes at 2.5 grams per tonne above a 0.9-2g/t cutoff and is now the bearer of 407 thousand ounces perched between Cue and Meekatharra at its Tuckanarra project in Western Australia.
The upgrade at the project along major transit route Great Northern Highway brings a 12 per cent rise in grade and nearly doubles the ounces from the Highway Zone mineral resource estimate, which now includes a new high-grade underground 65 kilo-ounces 5.8g/t resource remaining open down-plunge.
Drilling at the Gascoyne-Murchison region project Highway recently intersected a high-grade shoot over 150 metres of strike with strikes of 7.35m at 9.5g/t, 11m @ 7.8g/t and 12m @ 6.5m g/t Au, with the greater resource covering just a small portion of the tenement package.
Odyssey Director Matthew Briggs said the upgrade demonstrated the growth potential for both shallow oxide resources and high-grade underground mineralisation.
“We have increased our overall resource grade to 2.5g/t gold, and the maiden underground resource for the Highway Zone contains a substantial 65koz at 5.8g/t gold. This underground resource grade is double the grade of underground resources being mined nearby,” Mr Briggs said.
“Targeted drilling at Highway Zone highlights the predictability of the high-grade shoot and 150m of strike. Additional drilling is planned to delineate continuing extensions of the resource along strike and at depth.
“Odyssey will continue to systematically unlock the value and true potential of this asset through further targeted drilling programs as we aim to build on this very solid foundation.”
As much as 311koz sit on already-granted mining leases, with Odyssey’s landholdings focused on gold projects in the Murchison area and surrounded by 7.5Mtpa of processing capacity.
Drilling at Tuckanarra will now be focused on the unmined Highway Zone, targeting strike extensions in the oxide zone and gold greater than 5g/t down dip to demonstrate the potential scale for underground mining.
Underground mines in the region generally extend to over a kilometre in depth, and Odyssey has yet to go deeper than 180 metres at Highway, something that will likely soon be remedied.
Odyssey’s Tuckanarra project is north gold processing plants in Cue and Mt Magnet, along a major transit route in Western Australia’s Gascoyne-Murchison region
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