Odyssey Gold’s Tuckanarra Project Hosts 407,000oz; Processing Study Underway

Odyssey Gold Advances Tuckanarra Project

Odyssey Gold Limited (ASX:ODY) has taken a significant step forward in developing its Tuckanarra Gold Project in Western Australia by commencing a Technical Study focused on evaluating mining and processing options for its high-grade open pit resources. This study is a critical phase aimed at unlocking the value of the project’s 5.1 million tonnes at 2.5 grams per tonne gold, equating to approximately 407,000 ounces of gold.

The Tuckanarra Project benefits from a predominantly open pit mineral resource base, with 311,000 ounces situated on granted mining leases, facilitating a potentially expedited permitting process. The project’s geology features deep weathering profiles with laterite, oxide, and transitional ore types, which historically have demonstrated favourable metallurgical characteristics supporting straightforward processing routes.

Strategic Partnership with Monument Murchison Ltd

A key component of the Technical Study is the exploration of processing options at the nearby Burnakura Mill, operated by Monument Murchison Ltd. Odyssey recently formalised this collaboration through a Memorandum of Understanding, enabling joint technical studies and potential toll treatment of Tuckanarra ore at Burnakura. This partnership could provide a cost-effective processing solution, leveraging existing infrastructure within 120 kilometres of the project.

The study will consider a range of scenarios including mining from granted leases and exploration licences, potential plant upgrades to increase throughput up to 750,000 tonnes per annum, and toll processing arrangements. The involvement of Goldfields Technical Services, a consultancy with deep expertise in Western Australian gold mining projects, underscores the company’s commitment to a rigorous and technically sound evaluation.

Exploration and Resource Growth Potential

Complementing the Technical Study, Odyssey has completed an airborne electromagnetic survey over the Tuckanarra Project’s highly prospective anticline area. This survey aims to identify additional mineralisation both near surface and at depth, potentially expanding the resource base. Results from this survey are expected shortly and could provide new targets for follow-up drilling.

With a resource base that includes several deposits such as Bottle Dump, Bollard, Cable, Highway, and Kohinoor, the project offers multiple avenues for resource expansion and optimisation. The Technical Study will also integrate historical geotechnical and metallurgical data, providing a comprehensive foundation for future mine design and environmental permitting.

Pathway to Scoping and Pre-Feasibility

While the Technical Study is not expected to produce immediate financial forecasts or production guidance, it represents a pivotal step towards advancing the Tuckanarra Project through the development pipeline. Depending on outcomes, Odyssey plans to progress to a Scoping or Pre-Feasibility Study, which would provide more detailed economic and operational insights.

The supportive regulatory environment, absence of significant native title or heritage impediments, and positive historical metallurgical results collectively enhance the project’s attractiveness. However, the company remains cautious, noting that forward-looking statements are subject to risks and uncertainties inherent in mining project development.