Odyssey Gold Limited has reported significant progress on its Tuckanarra Gold Project, including a positive Mining Technical Study, robust drilling results, and a $4 million capital raise to fund ongoing exploration and development.
- Completion of Mining Technical Study supports project development
- 5,232m drilling program upgrades inferred resources to indicated
- High gold recoveries of 95-97% from metallurgical testwork
- New mineralised structures identified with significant gold intercepts
- $4 million placement secured to advance exploration and studies
Project Development Momentum
Odyssey Gold Limited has delivered a strong quarterly update for September 2025, highlighting meaningful advancement of its flagship Tuckanarra Gold Project located in Western Australia's prolific Murchison Goldfields. The company completed a comprehensive Mining Technical Study that evaluated mining options at Tuckanarra and processing at the nearby Burnakura Processing Plant. The study's positive outcomes have paved the way for a more detailed Scoping Study, signaling growing confidence in the project's development potential.
Drilling Success and Resource Upgrade
During the quarter, Odyssey completed a 5,232-metre reverse circulation drilling program aimed at upgrading mineral resources from inferred to indicated status. This infill drilling, focused on the Cable East and Cable West structures, yielded several high-grade gold intercepts, including a standout 20 metres at 7.1 grams per tonne from 47 metres depth in a newly identified mineralised hanging wall structure. These results not only confirm the continuity of mineralisation but also expand the known gold-bearing zones, enhancing the project's resource base.
Metallurgical and Processing Highlights
Preliminary metallurgical testwork has delivered excellent results, with total gold recoveries using the LeachWELL™ process ranging between 95% and 97% across oxide and fresh rock samples. This high recovery rate supports the feasibility of processing at the Burnakura Plant, which has a nominal capacity of 7.5 million tonnes per annum and is located approximately 120 kilometres from the project site. The proximity to existing processing infrastructure offers a cost-effective pathway to production.
Strategic Funding and Future Plans
To underpin its exploration and development activities, Odyssey successfully completed a placement raising $4 million from new and existing institutional investors. The capital injection will accelerate drilling programs, support ongoing technical studies, and facilitate permitting processes. The company has already commenced a new 5,000-metre drilling campaign targeting extensional and infill opportunities at the Highway deposit and surrounding structures, aiming to further define and expand the resource.
Project Overview and Regional Context
The Tuckanarra Gold Project hosts a total mineral resource estimate of 5.14 million tonnes at 2.5 grams per tonne gold, equating to approximately 407,000 ounces. The resource includes both open pit and underground components, with significant potential for growth through ongoing exploration. Situated in the Murchison Goldfields, a region known for its rich gold endowment exceeding 35 million ounces, the project benefits from established infrastructure and a supportive mining jurisdiction.
Bottom Line?
With solid technical foundations and fresh capital, Odyssey Gold is well-positioned to unlock further value at Tuckanarra as it advances toward development.
Questions in the middle?
- How will the upcoming Scoping Study refine the project's development timeline and economics?
- What are the key permitting milestones and potential regulatory hurdles ahead?
- Could further drilling reveal additional high-grade zones to enhance project scale?