Odyssey Gold has reported strong drilling results at its Tuckanarra Gold Project, confirming high-grade gold mineralisation and extensions below existing resources. The company also secured $9 million in new funding to support ongoing development.
- Completed 4,354m reverse circulation drilling with significant gold intercepts
- Highway deposit shows high-grade mineralisation with multiple thick intercepts
- Mining Technical Study supports project development, leading to Scoping Study
- Secured $9 million placement from institutional and sophisticated investors
- Mineral Resource Estimate remains robust at 5.14Mt @ 2.5g/t Au for 407,000 ounces
Strong Drilling Results at Tuckanarra
Odyssey Gold Limited has delivered a promising quarterly update for the period ending December 2025, centred on its flagship Tuckanarra Gold Project in Western Australia's prolific Murchison Goldfields. The company completed a 4,354-metre reverse circulation drilling program targeting resource definition and extensions at the Highway deposit and the newly identified Cable West Hanging Wall vein. The drilling returned multiple high-grade gold intercepts, including standout results such as 19 metres at 13.7 grams per tonne gold from 61 metres and 14 metres at 13.6 grams per tonne from 158 metres at the Highway deposit.
These results reinforce the geological continuity and potential of the deposit, with thick zones of oxide and fresh rock mineralisation that remain open for further expansion. The Cable West Hanging Wall vein also yielded encouraging intercepts, confirming the presence of mineralisation beyond the current resource boundaries.
Mining Technical Study Validates Development Potential
During the quarter, Odyssey completed a Mining Technical Study conducted by Goldfields Technical Services. The study evaluated mining options and processing at the nearby Burnakura Processing Plant, highlighting the project's favourable characteristics such as high-grade, mostly open-pit mineral resources, granted mining leases covering the majority of resources, and proximity to established infrastructure. The positive outcomes provide strong support for advancing the project, prompting the company to initiate a Scoping Study to further refine development plans.
Robust Mineral Resource and Strategic Location
The Tuckanarra Gold Project hosts a Mineral Resource Estimate of 5.14 million tonnes at 2.5 grams per tonne gold, equating to 407,000 ounces. Notably, 311,000 ounces are situated on granted mining leases, facilitating a smoother path to production. The project benefits from excellent logistics, being located near the Great Northern Highway and within reach of processing facilities with a combined capacity of 7.5 million tonnes per annum.
Capital Raising to Fuel Next Phase
To support ongoing exploration and development activities, Odyssey successfully secured firm commitments for a placement raising approximately $9 million from institutional and sophisticated investors, including cornerstone investor Tribeca Investment Partners. The capital injection will bolster the company’s cash reserves, which stood at $1.5 million at the end of December 2025, and fund planned drilling and scoping studies.
Looking Ahead
Odyssey is poised to build on this momentum with further metallurgical testwork, geological modelling for an updated Mineral Resource Estimate, and targeted drilling programs aimed at expanding known mineralisation zones. The company’s strategic focus on converting inferred resources to higher confidence categories and unlocking additional ounces underpins its pathway towards development.
Bottom Line?
With robust drilling results and fresh capital secured, Odyssey Gold is set to deepen its exploration and advance Tuckanarra towards production.
Questions in the middle?
- How will the upcoming Scoping Study refine the project’s economics and timeline?
- What potential exists to upgrade inferred resources to indicated or measured categories?
- How might the proximity to processing plants influence project development costs and timelines?