Odyssey Gold Limited - Quarterly Report for June 2024
ODY (ODY) Share Update July 2024 Monday 29th
Odyssey Gold Limited Reports Promising Quarterly Results for Tuckanarra Gold Project
Odyssey Gold Limited (ASX: ODY) has released its quarterly report for the period ending 30 June 2024, highlighting substantial progress in its Tuckanarra Gold Project in the Murchison Goldfields of Western Australia.
Instant Summary:
- Tuckanarra Project Mineral Resource Estimate (MRE) totals 5.14Mt @ 2.5g/t Au for 407koz of gold.
- High-grade subset of 2.25Mt @ 3.9g/t for 283koz above a 2g/t cut-off.
- 4.2Mt @ 2.3g/t for 311koz located on granted mining leases.
- Highway Zone MRE comprises 0.79Mt @ 3.8g/t Au for 97koz, including an underground resource of 65koz at 5.8g/t Au.
- Drilling extended gold mineralisation 120m below previous drilling and 250m below surface.
- Planned airborne electromagnetic survey over the Tuckanarra greenstone belt.
- Company well-funded with $2.9 million in cash reserves as of 30 June 2024.
Project Overview
The Tuckanarra Gold Project is situated in the prolific Murchison Goldfields, which boasts a +35Moz gold endowment. The project area covers approximately 170km² and is strategically located near significant processing capacity.
Odyssey Gold holds an 80% interest in the Tuckanarra and Stakewell gold projects, with the remaining 20% held by Monument Mining and Diversified Asset Holdings, respectively.
Mineral Resource Estimate
The latest MRE for the Tuckanarra Project stands at 5.14 million tonnes at 2.5 g/t Au, totaling 407,000 ounces of gold. This includes a high-grade subset of 2.25Mt at 3.9g/t for 283,000 ounces above a 2g/t cut-off.
The Highway Zone contributes an inferred resource of 0.79Mt at 3.8g/t Au for 97,000 ounces, with an underground resource of 65,000 ounces at 5.8g/t Au. Importantly, 4.2Mt at 2.3g/t for 311,000 ounces of gold is located on granted mining leases, indicating potential for significant growth through further drilling.
Exploration Activities
Recent drilling at the Highway Zone has revealed a new 350m zone of mineralisation, including high-grade shoots with consistent gold grades. Significant drill results include 7.35m at 9.5g/t Au and 11m at 7.8g/t Au.
Odyssey Gold plans to conduct further drilling to extend the Highway Zone resource along strike and down plunge. Additionally, an airborne electromagnetic survey will be conducted over the Tuckanarra greenstone belt to identify new gold-bearing conductors.
Corporate Update
As of 30 June 2024, Odyssey Gold has cash reserves of $2.9 million, ensuring the company is well-funded to continue its exploration activities and pursue new opportunities.
The reported advancements in the Tuckanarra Gold Project are likely to positively impact Odyssey Gold's stock. The significant increase in the MRE and the extension of high-grade mineralisation suggest strong future potential for the project. Investors may view the company's robust cash position as a sign of financial stability, further boosting confidence.
Investor Reaction:
Analysts are expected to react positively to the news, given the substantial increase in the MRE and the promising drill results. The planned airborne electromagnetic survey could also uncover additional resources, adding further value to the project.
Conclusion:
Investors should closely monitor Odyssey Gold's ongoing exploration activities and the results of the upcoming airborne electromagnetic survey. The company's strong financial position and promising project developments make it a compelling investment opportunity in the gold mining sector.