Odyssey Gold's Latest Drill Results Boost Potential at Bollard
ODY (ODY) Share Update November 2024 Tuesday 19th
Odyssey Gold Announces Promising Drill Results at Bollard
Odyssey Gold (ASX: ODY) has announced significant high-grade gold intersections from its recent drilling campaign at the Bollard site, part of the Tuckanarra Project.
Instant Summary:
- 7.65m @ 11.8g/t Au from 354.5m, including 2.1m @ 38.7g/t Au.
- 3.7m @ 8.3g/t Au from 308.5m, including 1.95m @ 15g/t Au.
- Drilling extends mineralisation 135m down plunge and 120m below existing estimates.
Drill Results Overview
Odyssey Gold has successfully intersected high-grade gold mineralisation at its Bollard site, part of the Tuckanarra Project. The standout results from hole TCKRCD0096 include 7.65 meters at 11.8 grams per tonne (g/t) of gold from a depth of 354.5 meters, with a particularly rich section of 2.1 meters at 38.7 g/t from 356 meters. Another significant result from the same hole includes 3.7 meters at 8.3 g/t gold from 308.5 meters, with 1.95 meters at 15 g/t from 309.25 meters.
Geological Context
The drilling campaign at Bollard is part of a broader effort to explore the Tuckanarra Project, located in the prolific Murchison Goldfields. These findings are significant as they extend known mineralisation 135 meters down plunge and 120 meters below the existing Mineral Resource Estimate. The mineralisation is characterized by quartz veins with visible gold, galena, and pyrrhotite.
Exploration Strategy
Odyssey Gold's strategy involves targeting deeper high-grade underground mineralisation, as evidenced by the substantial step-out drilling at Bollard. The company's geological model has proven effective in predicting the location of mineralisation, which is crucial for expanding the project's resource base.
Future Prospects
Odyssey's Director, Matt Syme, highlighted the potential for further resource growth, noting that the high-grade results at Bollard are only 300 meters from the Highway Zone's 97,000-ounce resource. This proximity suggests potential synergies in developing underground resources at both sites.
The positive drill results are likely to bolster investor confidence in Odyssey Gold's exploration strategy and could lead to an upward revision of the company's resource estimates. The discovery of high-grade mineralisation at depth enhances the project's potential for underground mining, which could significantly increase the project's value.
Investor Reaction:
Analysts are expected to view these results favorably, as they confirm the effectiveness of Odyssey's geological model and exploration strategy. The market may respond positively to the potential for resource expansion and the prospect of increased gold production.
Conclusion:
Investors should keep an eye on Odyssey Gold's upcoming exploration activities and any updates to the resource estimates. The company's strategic focus on high-grade underground resources could yield substantial returns if further drilling continues to deliver positive results.