Odyssey finds new high-grade gold structure west of Cable
Odyssey Gold has identified a previously unmodelled high-grade gold structure west of its Cable deposit, with drilling also strengthening the emerging Argos lode. The results could expand the Tuckanarra resource envelope, although continuity and scale remain to be established.
- 5m at 16.1g/t gold from 30m in CBRC0451
- New structure identified between Argos and main Cable mineralisation
- Argos results support further resource classification work
- 60 additional drill-hole results remain pending
- Follow-up drilling planned west, along strike and down dip
New high-grade structure emerges west of Cable
Odyssey Gold Limited (ASX:ODY) has intersected a new high-grade gold structure outside the current geological and resource model at its Cable deposit in Western Australia, adding another layer to an increasingly complex mineralised corridor.
The standout result came from hole CBRC0451, which returned 5m at 16.1g/t gold from 30m, including 2m at 36.7g/t. The same hole also delivered 9m at 6.8g/t from 99m, including separate 1m intervals grading 21.9g/t and 23.7g/t within the targeted Cable West hangingwall structure.
The company says the new structure sits between the main Cable mineralisation and the Argos lode. Its position, alongside several other mineralised intersections, supports the interpretation of multiple sub-parallel lodes extending west beyond the current Cable Mineral Resource Estimate. That interpretation is still being tested: the geometry and continuity of the new structure require further drilling and geological work.
Argos gains definition beneath laterite
Drilling also tightened the picture at Argos, where historical exploration had identified shallow laterite-hosted gold but left the underlying bedrock mineralisation less defined. Recent results included 5m at 6.7g/t from 18m in CBRC0440, 7m at 2.6g/t from 42m in CBRC0441 and 4m at 3.8g/t from 3m in CBRC0438.
Odyssey says the tighter drilling may support an assessment of whether some existing Inferred mineralisation at Argos can be upgraded to Indicated in the next resource estimate. That is an assessment still to be completed, rather than a resource upgrade announced with these results.
Resource growth now depends on continuity
The results cover 18 reverse-circulation holes totalling 1,367 metres from a recently completed 20,000m Tuckanarra program, with assays from a further 60 holes still pending. Tuckanarra currently carries 6.3 million tonnes at 2.2g/t gold for 451,000 ounces, including 158,000 ounces at Cable.
Odyssey plans to step progressively west of Cable and test the lodes along strike and down dip before mining. The company is also considering the timing of its Stage 1 Feasibility Study so the new results and follow-up drilling can feed into updated resource and mine-planning work. The reported intercepts are primarily down-hole lengths, and true widths for the newly defined Cable West structures remain subject to interpretation.
Bottom Line?
The drilling has expanded the geological story at Cable, but its investment significance will depend on whether follow-up holes demonstrate enough continuity for a resource update and mine planning.
Questions in the middle?
- Can the new CBRC0451 structure be traced across sufficient strike and depth to support a resource estimate?
- Will Argos mineralisation be upgraded from Inferred to Indicated in the next MRE?
- How will the pending 60 holes affect the timing and scope of the Stage 1 Feasibility Study?
