New Discovery and Drilling Enhance Murchison Gold Projects
ASX ANNOUNCEMENT 26 May 2021 NEW DISCOVERY AND DRILLING RESULTS ENHANCE MURCHISON GOLD PROJECTS Odyssey Gold Limited (ASX:ODY) (“Odyssey” or “Company”) is pleased to announce a new discovery and the successful completion of the Company’s drilling program at the Stakewell and Tuckanarr a Projects, in the Murchison Goldfields, Western Australia. HIGHLIGHTS Visible gold identified from surface at a newly discovered , untested prospect N ew discovery of visible gold near surface in a previously untested area has been made at the Blue Gino Prospect on the Stakewell tenements. G old mineralisation has been identified in near - surface quartz veining . The mineralisation is associated with 1 - 2% pyrrhotite sulphides , within a vein system that extends for approximately 300m. The “ Blue Gino ” prospect was hidden under shallow cover and has never been drilled or mined . Additional exploration will be fast - tracked at Blue Gino , to develop drill targets for the next phase of drilling. Figure 1 . Stakewell rock specimens with visible gold . 2 Successful completion of maiden drill program The Company has also successfully completed its maiden drill program of 55 RC and eight diamond drill holes , highlighted by the interception of visible gold at Bottle Dump and significant extensions to Bottle Dump mineralisation . Ongoing drill results are set out below. Multiple further assay s are pending and planning for the next phase of drilling is well advanced with re - mobilisation in coming weeks . Executive Director, Matt Syme commented: “ The new discovery of high - grade visible gold in a previously unknown quart z vein system at Blue Gino, highlights again the excellent exploration potential which led us to acquire Stakewell and Tuckanarra. We are very pleased with results to date from our initial exploration campaign , with significant result s already at Bottle Dump and new results at Blue Gino and also Cable. We are looking forward to receiving the remaining assay results and the re - mobilisation of the drill rigs to continue unlocking this exciting exploration potential.” For further information, please contact: Matt Syme Executive Director Tel: +61 8 9322 6322 3 STAKEWELL TARGETING PROGRAM Field reconnaissance across regional targets at Stakewell has discovered new high - grade gold mineralisation at the previously unknown Blue Gino prospect . The mineralisation is associated with a distinct style of quartz veining and i s covered by thin alluvial material . The Blue Gino prospect has never been identified or drilled by previous explorers , due to shallow cover obscuring the quartz vein . Preliminary investigations indicate that the gold is a primary feat ure of the veining, associated with 1 - 2% pyrrhotite, and not due to supergene enrichment. Gold mineralisation is hosted within a <30cm wide quartz vein that was identified as sub - crop under thin transported cover . The mineralised quartz vein is interpreted to occur as part of a broader quartz vein set within a shear zone , which is up to 20m wide. Based on field observations , there are potentially mu ltiple thin quartz veins occurring within the shear system which has an initial interpreted strike extent of approximately 300m. Further work is being undertaken to ascertain the continuity of the mineralised quartz vein and identify any potential repeats of this style of gold mineralisation within the shear system . Figure 2. Rock specimens from the quartz vein system at Stakewell. Examples of gold mineralisation encountered in the vein are shown in Figure s 1 & 2 . The location of the veining is shown diagrammatically in Figure 3 . This vein associated with the mineralisation has previously been hidden under thin cover (<40cm) and the vein system has not previously been sampled or drilled. The C ompany is investigating suitable methods of exploration in the area , including new orientation soil surveys, mapping and detailed ground magnetic surveys , to advance understanding of t he mineralisation , with a view to initial drill test ing in the next drill program. 4 Figure 3 . Region of the location of the Blue Gino Prospect . 5 TUCKANARRA – BOTTLE DUMP DRILLING G old mineralisation at Bottle Dump is hosted within a sub - vertical band of sulphid e - rich meta - sediments and Banded Iron Formation (“ BIF ”) that trends in an east – west direction . Historical drilling was typically targeted to a vertical depth of only approximately 40m within the weathered horizon, lea ving significant potential for mineralisation beneath any depleted weathered profile. The RC rig was mobilised to Bottle Dump in March, followed by a diamond rig in late April, where mineralisation was untested down dip and along strike from the existing pit. The Company completed 3 0 RC drill holes for a total of 5,894 m with an average depth of 19 6 m , f ollowed by three diamond holes totalling 9 25m. Of the 30 RC holes drilled, all b ut two inter sected the Mine BIF unit and encountered strong pyrrhotite enrichment (from 2% to 50%) , with a ll 20 holes assayed to date having intersected gold mineralisation. Elevated gold grades were generally associated with elevated pyrrhotite occu rrence (typically > 2% pyrrhotite). Odyssey’s initial drilling h as successfully extended gold mineralisation by over 180 m east of the Bottle Dump pit and to a vertical depth of over 200m. This drilling is the first major drill program since mine activities in the mid - 1990’s ceased . Previous drilling only targeted the s hallow (<40m) weathered profile in this area. Figure 4 . Planned and previous drill holes across the Bottle Dump area . 6 The pyrrhotite - rich Bottle Dump Mine BIF sequence is open at depth and to the east; and hole TCKRC0035 is also interpreted to have intersected the Mine BIF sequence approximately 630m to the ESE of TCKDD0003. Diamond drilling commenced in the eastern extension of the Bottle Dump pit in late April, with the first hole targeting 40m below RC hole TCKRC0014 (13m @ 3.9g/t Au; including 5m @ 8.9g/t ) , which had intersected a strongly sulphidised Mine BIF zone. The diamond hole, TCKDD0003, intercept ed significant visible gold at around 249m (approximately 200m vertical depth). Refer to ASX Announcement dated 19 May 2021 for the preliminary assay results on the visible gold . The latest a ssay results for an additional six holes, all of which again intercepted gold mineralisation, include the following significant intercepts: o 6 m @ 2 . 8 g/t Au (TCKRC00 20 from 118m (vertically 100 m)) o 12m @ 1.6g/t Au (TCKRC00 18 from 172 m (vertically 1 5 0m )) o 9m @ 1.1g/t Au (TCKRC001 7 from 143 m (vertically 1 2 0 m)) o 7m @ 1.0g/t Au (TCKRC001 6 from 1 13 m (vertically 9 5 m)) o 4m @ 3.3g/t Au (TCKRC001 6 from 1 24 m (vertically 100 m)) Figure 5 . Long - section of the Bottle Dump pit showing the open mineralisation and extensions. Future drilling will target the eastern and depth extensions of the Bottle Dump BIF as well as potential parallel lodes and structures (e . g . the Donald deposit). 7 TUCKANARRA – C ABLE AND ANCHOR TREND DRILLING Significant high - grade mineralisation occurs adjacent to the existing open pit s and around the Cable and Anchor deposits. Mineralisation remains open along trend and at depth, with multiple trend targets already identified from the existing historical data set. T he Company’s extensive review of the historical database, re - logging and re - mapping of the data available , resulted in a number of high - priority targets which have now been drill ed . Fifteen RC holes for 2,280 m and two diamond holes for 388m, have been drilled at the Cable and Anchor deposits to test for extensions to currently defined mineralisation. Figure 6 . Completed, p lanned and previous drill holes across the Cable - Anchor area . 8 Figure 7 . Cross - section of first diamond hole at Cable West with historical results. Odyssey’s first diamond hole (TCKDD0001) at Cable returned a significant intercept of 4m @ 12.6g/t Au from 55m . This initial result is in line with previous historical results alon g this section, which includes 6m @ 35.3g/t Au and 12m @ 15.6g/t Au. Assays from additional holes in this section and holes drilled to the south are pending. 9 STAKEWELL DRILLING At Stakewell, diamond drilling has targeted down - plunge extensions of mineralisation from the historical Kohinoor open - pit and underground gold mine. Gold mineralisation at Kohinoor is associated with pyrite and pyrrhotite enrichment within an east - west trending BIF unit. Figure 8 . Drill plan for the completed and pending drill holes at Stakewell . During this maiden drill program, seven RC drill holes ( inclu ding five pre - collars) were drilled for 1,221m and three diamond holes for 1,228m . Significant results received to date , includ e STKRCD000 1 (RC collar with diamond core tail) , 4 m @ 5.2 g / t Au from 2 81 m and STKRCD0008, 4m @ 1.8g/t Au from 289m . Long section line 10 Figure 9 . Stakewell targets showing recent diamond drilling . CURRENT HOLES STKDD 0002 – 5m @ 0.9g/t 11 NEXT STEPS Odyssey ’s maiden drill program has now met its planned objective s. Drilling activities are plann ed to re - commence in approximately four weeks to allow time for collation and inter pretation of all drill assay results and for the completion of a number of field exploration programs . The Company ’s e xploration plans going forward will focus on: • Detailed ground magnetics over the Botte Dump trend and the newly discovered Blue Gino prospect at Stakewell. • Ongo ing mapping, soils and geophysics over priority target areas, including areas previously unexplored due to shallow cover. • Continued modelling of the developing Bottle Dump Mine BIF unit . • Development of new target regions over the combined tenement areas . • A second RC and diamond drilling campaign, with targets generated from the above programs as well as results from the initial drilling program . Odyssey also recently applied for a new tenement , E L 20 / 996 (see F igure 1 1 ), which includes potentially fertile greenstone geology, with very limited historical exploration. Preliminary data acquisition and interpretation is also underway on this area. Figure 1 0 . RC drilling activities underway at Bottle Dump . 12 Figure 11. Odyssey’s tenement map with the new tenement application. 13 APPENDIX 1 - DRILL INTERCEPT TABLE Hole ID Type East North RL (m) Dip ( o ) Az ( o ) EOH Depth (m) From (m) Length (m) Au (g/t) STKDD0001 DD 617563 7010524 491.5 - 55.97 355. 4 387.2 281 4 5 . 20 STKDD0002 DD 617520 7010526 500 - 54.05 359.9 450.2 319 7 0.73 STKDD0002 DD 617520 7010526 500 - 54.05 359.9 450.2 345 5 0.91 STKDD0002 DD 617520 7010526 500 - 54.05 359.9 450.2 372 1 0.84 STKDD0002 DD 617520 7010526 500 - 54.05 359.9 450.2 378 1 0.66 STKRCD0008 RCD 617561 7010526 491.5 - 54.66 356. 9 390.2 289 4 1. 80 TCKRC0012 RC 611557 6999921 522 - 62.08 21.9 149 124 2 1.25 TCKRC0016 RC 611753 6999848 533 - 60.37 22.4 190 113 7 1.02 TCKRC0016 RC 611753 6999848 533 - 60.37 22.4 190 124 4 3.32 TCKRC0017 RC 611745 6999828 534 - 61.54 21.4 212 143 9 1.08 TCKRC0018 RC 611735 6999804 534.5 - 61.77 21.7 221 172 12 1.57 TCKRC0019 RC 611728 6999780 533 - 60.76 21. 2 224 207 4 0.91 TCKRC0019 RC 611728 6999780 533 - 60.76 21. 2 224 215 4 0.58 TCKRC0020 RC 611694 6999877 531.5 - 60.76 23. 9 163 118 6 2.82 TCKDD0001 DD 608876 7001839 493 - 60.88 10 9 . 0 150.3 55 4 12.64 TCKRC0021 RC 611683 6999839 534 - 56.39 15.2 200 Awaiting results TCKRC0022 RC 611677 6999826 534 - 61.25 19. 1 240 Awaiting results TCKRC0024 RC 611483 6999946 518 - 60.52 19.5 161 Awaiting results TCKRC0025 RC 611473 6999915 518 - 59.93 19.2 191 Awaiting results TCKRC0026 RC 611454 6999969 517 - 60.42 20.7 149 Awaiting results TCKRC0027 RC 611443 6999948 518 - 60.78 17. 3 179 Awaiting results TCKRC0028 RC 611630 6999817 529.2 - 60.63 2 2.0 159 Awaiting results TCKRC0029 RC 611352 6999987 517 - 60.78 21. 6 233 Awaiting results TCKRC0030 RC 608898 7001314 496 - 59.04 285.5 167 Awaiting results TCKRC0031 RC 608742 7001778 489 - 60.18 105.1 59 Awaiting results TCKRC0032 RC 608881 7001521 492 - 60.95 281.6 95 Awaiting results TCKRC0033 RC 608788 7001763 491 - 58.28 100.0 59 Awaiting results TCKRC0034 RC 611798 6999824 520 - 60.21 14.3 223 Awaiting results TCKRC0035 RC 612415 6999644 526 - 59.6 12.4 125 Awaiting results TCKRC0036 RC 608891 7001355 492 - 59.27 278.5 143 Awaiting results TCKRCD0023 RCD 611592 6999840 524.8 - 59.99 20. 3 324.2 Awaiting results 14 Rock Specimen Samples Location ID Type East North RL TCK0001 Rock 624000 7020000 491.5 Note: Coordinates are a pproximate due to safety and environmental factors COMPETENT PERSONS STATEMENT The information in this announcement that relates to exploration results is based on information reviewed by Mr Neil Inwood of Sigma Resources Consulting, who is a consultant to Odyssey Gold Limited and is an accurate representation of the available data and information available relating to the reported historical exploration results. Mr Inwood is a Fellow of the Australian Institute of Mining and Metallurgy and is a holder of incentive options and shares in Odyssey Gold Limited. Mr Inwood has sufficient experience that is relevant to the styles of mineralisation and types of deposit under consideration, and to the activity being undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (JORC Code). Based on the available information relating to the historical exploration results reported in this announcement, Mr Inwood consents to the inclusion in the announcement of the matters based on his information in the form and context in which it appears. The informatio n in this announcement that relates to historical exploration results are extracted from the Company’s ASX announcements dated 4 September 2020, 22 October 2020 , 14 January 2021 , 3 February 2021 , 9 February 2021 , 19 April 2021 , 4 May 2021 and 19 May 2021 . These announcements are available to view on the Company’s website at www.odysseygold.com.au. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements and , in the case of estimates of Mineral Resources, Exploration Target or Ore Reserves that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. Th e Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcements; and that the information in the announcement relating to exploration results is ba sed upon, and fairly represents the information and supporting documentation prepared by the named Competent Persons. FORWARD LOOKING STATEMENTS Statements regarding plans with respect to Odyssey’s project are forward - looking statements. There can be no assurance that the Company’s plans for development of its projects will proceed as currently expected. These forward - looking statements are based on the Company’s expectations and beliefs concerning future events. Forward looking statements are necessar ily subject to risks, uncertainties and other factors, many of which are outside the control of the Company, which could cause actual results to differ materially from such statements. The Company makes no undertaking to subsequently update or revise the f orward - looking statements made in this announcement, to reflect the circumstances or events after the date of that announcement. This ASX Announcement has been approved in accordance with the Company’s published continuous disclosure policy and authorised for release by the Company’s Executive Director . 15 APPENDIX 2 - JORC Code, 2012 Edition – Table 1 Section 1 Sampling Techniques and Data (Criteria in this section apply to all succeeding sections.) Criteria JORC Code explanation Commentary Sampling techniques Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc ). These examples should not be taken as limiting the broad meaning of sampling. Sampling methods used for samples in this release were: 4m composites and 1m spear samples - Reverse Circulation ( RC ) drilling and Diamond Core was cut in half to produce a ½ core sample s using a core saw - DDH . All sampling was either supervised by, or undertaken by, qualified geologists. 4m RC composite samples were submitted to Intertek Laboratory Perth where the entire sample was crushed, a 3 00g split was pulverised and 25 g charge assayed by aqua regia with standard ICP - MS finish . 1m RC samples were submitted Intertek Laboratory Perth wh ere the entire sample was crushed, a 3 00g split was pulverised and 50g charge fire assay / ICP - OES . ½ core samples were assayed at Intertek Perth where the entire sample was crushed, a 3 00g split was pulverised and 50g charge fire assay / ICP - OES . Include reference to measures taken to ensure sample representation and the appropriate calibration of any measurement tools or systems used. The collar locations of the drill holes were surveyed using a handheld GPS Sampling was carried out under the ODY protocols and QAQC. See further details below. Aspects of the determination of mineralisation that are Material to the Public Report. In cases where ‘industry standard’ work has been done this would be relatively simple (eg ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases, more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information. The RC samples were collected by spear at 1m intervals and combined into 4m composites. 1m RC samples were selected for assaying based on geo logical logging of chips and presence of sulphide mineralization and quartz veining. Not all core is assayed. Half - core samples are selected based on geological criteria (presence of quartz veining, sulphide mineralisation). Drilling techniques Drill type (eg core, reverse circulation, open - hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face - sampling bit or other type, whether core is oriented and if so, by what method, etc). RC drilling has been undertaken by Strike Drilling. NQ - sized (47.6 mm diameter) core drilling has been completed by Terra Drilling. Downhole surveys for both RC and DDH drilling are recorded using a True North seeking GYRO survey tool . Drill sample recovery Method of recording and assessing core and chip sample recoveries and results assessed. The majority of samples were understood to be dry. Ground water ingress occurred in some holes at rod change but overall, the holes were kept dry. Typically, drilling operators ensured water was lifted from the face of the hole at each rod change to ensure water did not interfere with drilling and to make sure sa mples were collected dry. Drill hole recoveries were recorded during logging by measuring the length of core recovered per 1m interval or the weight of RC chips recovered. Measures taken to maximise sample recovery and ensure representative nature of th e samples. Drilling is carried out orthogonal to the mineralization to get representative samples of the mineralization. Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material. No relationship between recovery and grade has been identified to date in the data review stage. Logging Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. A ll drill core and RC chips are logged onsite by geologists to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. 16 Criteria JORC Code explanation Commentary Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. Logging is qualitative and records lithology, grain size, texture, weathering, structure, alteration, veining and sulphides . Core and chips are digitally photographed. The total length and percentage of the relevant intersections logged All holes are logged in full. Sub - sampling techniques and sample preparation If core, whether cut or sawn and whether quarter, half or all core taken. Core is cut using a diamond saw and 1m lengths of ½ core is submitted for assaying. If non - core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. RC samples were collected by spear from 1m - sample bags and submitted as 1m samples or combined into 4m composite samples. For all sample types, the nature, quality and appropriateness of the sample preparation technique. Core sample preparation at Intertek Laborator y consists of crushing entire ½ core samples (up to 3kg) to 80% passing - 10 mesh, splitting 3 00 grams, and pulverizing to 95% passing - 150 mesh. The 3 00g pulp is then assayed. RC samples follow a similar sample preparation at the laboratory. The sample preparation procedures carried out are considered acceptable. All coarse and pulp rejects are retained on site Quality control procedures adopted for all sub - sampling stages to maximise representation of samples. All half core samples are selected from the same side to remove sample bias . RC samples were collected by spear from 1m sample bags and 4m composites were made from approximately equal samples from each 1m interval. Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second - half sampling. The technique to collect the 1m samples was via a rig mounted riffle splitter. Field du plicate samples from the 4m composites and 1m RC samples were submitted to the laboratory at the rate of 1 sample in 50 samples. Whether sample sizes are appropriate to the grain size of the material being sampled. Sample sizes are considered appropriate to give an indication of mineralisation. Quality of assay data and laboratory tests The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. 4m RC composite samples were submitted to Intertek Laboratory Perth where the entire sample was crushed, a 3 00g split was pulverised and 25 g charge assayed by aqua regia with standard ICP - MS finish . 1m RC samples were submitted Intertek Laboratory Perth where the entire sample was crushed, a 3 00g split was pulverised and 50g charge fire assay / ICP - OES . ½ core samples were assayed at Intertek Perth where the entire sample was crushed, a 3 00g split was pulverised an d 50g charge fire assay / ICP - OES . For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. N o geophysical surveys reported in this release . Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established. Certified reference material (CRM) samples sourced from Geostats and were inserted every 25 samples and Blank samples . Std Au ppm Source G913 - 1 0.82 Geostats Pty Ltd G917 - 9 12.14 Geostats Pty Ltd G998 - 4 4.36 Geostats Pty Lt d Verification of sampling and assaying The verification of significant intersections by either independent or alternative company personnel. All assays are reviewed by Odyssey Gold and significant intercepts are calculated as composites and reported using 0.5g/t Au cut - off grade. A maximum of 3 m consecutive internal waste is allowed in composites. All significant intercepts are calculated by Odyssey ’s data base manager and checked b y the Competent Person The use of twinned holes. There have been no recent twin holes drilled at the Project. Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. All drill hole logging is completed on digital logging templates with built - in validation. Logging spreadsheets are uploaded and validated in a central MS Access database. All original logging spreadsheets are also kept in archive Discuss any adjustment to assay data. No assay data was adjusted. 17 Criteria JORC Code explanation Commentary Location of data points Accuracy and quality of surveys used to locate drill holes (collar and down - hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. Drill hole collars are located using handheld GPS with 3 - 5m accuracy. Downhole surveys for both RC and DDH drilling are recorded using a True North seeking GYRO survey tool . The location of the Blue Gino Prospect , and rock samples has been shown as a general region to avoid pote ntial unauthorised disturbance, and environmental damage. Specification of the grid system used. The project currently uses the MGA94, Zone 50 grid system. Quality and adequacy of topographic control. The site topographic surveys including the pit surveys match well with the drill hole collars. Detailed aerial photography over the region has aided on locating drillhole collars. Data spacing and distribution Data spacing for reporting of Exploration Results. D rill hole spacing for the 202 1 drill program is variable as most drilling to date is either first pass drilling of new exploration targets or step - out brownfields exploration targeting along strike from existing Resources. In general, drill hole collar spacing on new exploration traver ses has been between 2 0 - 100m with hole depths designed to provide angle - overlap between holes on the drill traverse (i.e., the collar of each hole is located vertically above the bottom of the preceding hole). Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. Further work is required at the Project to test for extension of mineralisation potential and verification of historical collars. Some drilling is on a spacing which is sufficient to test the grade continuity of mineralisation for this style of mineralisation. The current data set is considered potentially appropriate for use in a future Mineral Resource providing further drilling is completed. Whether sample compositing has been applied. RC samples at 4m intervals using a spear. Orientation of data in relation to geological structure Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. It is considered the orientation of the bulk of the drilling and sampling suitably captures the dominant “structure” of the style of mineralisation at Tuckanarra. If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material. This is not currently considered material. The bulk of the intercepts appear to be orthogonal to the mineralisation +/ - 25 degrees unless otherwise stated in the intercepts table. Further work will be undertaken to analyse this in th e future as exploration works progress. Sample security The measures taken to ensure sample security. All core sample intervals are labelled in the core boxes with sample tags and aluminium tags. Cut core samples are collected in bags labelled with the sample number and a sample tag. RC samples are collected in prenumbered calico bags. Samples are deliver ed to the lab directly by Odyssey personnel . Audits or reviews The results of any audits or reviews of sampling techniques and data. All QAQC data is reviewed to ensure quality of assays; batches containing standards that report greater than 2 standard deviations from expected values are re - assayed. Section 2 Reporting of Exploration Results (Criteria listed in the preceding section also apply to this section.) Criteria JORC Code explanation Commentary Mineral tenement and land tenure status Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and envi ronmental settings. Odyssey owns an 80% interest in the Tuckanarra Project, comprising two Exploration Licences (E20/782 - 783), one Mining Licence (M20/527), and seven Prospecting Licences. The licences are currently in the name of Monument Murchison Pty Lt d and Dennis Bosenberg and are in the process of being transferred into the name of Odyssey’s subsidiary, Tuckanarra Resources Pty Ltd. The Stakewell Project comprises of ten Prospecting Licences (P51/2869, P51/2870, P51/2871, P51/2872, P51/2873, P51/2874, P51/2875, P51/2876, P51/2877 and P51/2878) and one Exploration Licence (E51/1806). The Company has a beneficial 80% stake in the licences through a joint venture with Diversified Asset Holdings (“DAH”). The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area. The tenement package is understood to be in good standing with the WA DMIRS. Exploration done by other parties Acknowledgment and appraisal of exploration by other parties. Refer to the body of the report. 18 Criteria JORC Code explanation Commentary Geology Deposit type, geological setting and style of mineralisation. The Project area is located within the Meekatharra - Wydgee Greenstone belt within the north - eastern Murchison Domain. The majority of greenstones within the Meekatharra - Wydgee belt have been stratigraphically placed within the Polelle Group and the Norie Group of the Murchison Supergroup. The Project area covers Archean basement rocks assigned to the 2815 - 2805 Ma basal Norie group of the Murchison Supergroup, which covers the eastern margin of the Meekatharra - Wydgee greenstone belt. The Norie group comprises a thick succession of pillowed and massive tholeiitic basalts of the Muroulli Basalt, and conformably overlying and mafic schist and felsic volcanoclastics with interbedded BIF and felsic volcanic rocks of the Yaloginda Formation (Van Kranendonk et al, 2013). These rocks are folded around the south - plunging Besley Anticline. Adjacent to these rocks are the mafic sequences of the Meekatharra Formation (Polelle Group). Granitoids in the Project area comprise of the Jungar Suite and Annean Supersuite to the east and the Munarra Monzogranite of the Tuckanarra Suite to the west. The Jungar Suite comprises of foliated to strongly sheared K - feldspar - porphyritic monzogranites. These rocks are characterized by strong shear fabrics that suggest they may have been emplaced during, or just before, shearing. The Annean Supersuite includes hornblende tonalite and monzogranitic roc ks. The Tuckanarra Suite consists of strongly foliated and locally magmatically layered granodiorite to monzogranitic rocks. The Project is situated within the ‘Meekatharra structural zone’, a major regional, NE - trending shear dominated zone, about 50 to 6 0km wide, stretching from Meekatharra through the Cue region as far south as Mount Magnet. This major shear zone is dominated by north and northeast - trending folds and shears (e.g. Kohinoor shear). The Mt Magnet fault is the major east - bounding structure of the Meekatharra structural zone. The mineralised zones of the Project are located in the Tuckanarra greenstone belt comprising a series of mafic and inter - banded mafic and iron formations, with a variable component of clastic sediments, (greywackes and minor shales). The sequence is folded into a south - westerly plunging anticline with a well - developed axial plane cleavage and numerous fractures, bedding parallel faults and shears. The belt extends northwards to Stake Well and east towards the Reedys mining centre. The area has four large open pits, extensive minor gold workings, and prospecting pits principally associated with mafic lithologies and Altered Ferruginous Transitional ( AFT ) and Altered Ferruginous Fresh ( AFF ) material which were or iginally banded iron formations. The magnetite content within the AFT/AFF’s has been destroyed and predominantly altered to an assemblage of hematite with the relic structure of the banded iron intact. Where mineralised veins intersect major competency con trasts such as high magnesium basalt or AFT/AFF, veining becomes layer parallel resulting in larger deposits such as the Bollard and Cable deposits. A number of styles of gold mineralisation have been identified in the area including: • Mineralised AFT and AFF material ± quartz veining (Cable East, Cable Central); • Quartz veins ± altered basalts (Cable West, Lucknow, Maybelle, Maybelle North, Miners’ Dream); and • Gold mineralisation within laterite (Anchor, Bollard, Drogue). Below the base of complete oxidation (~40m) gold mineralisation is commonly seen associated with quartz - pyrrhotite veins and pyrrhotite replacement of the host rocks. Prospective models for the discovery of additional gold deposits in the area are related to the intersection of shear zones with prospective lithologies. 19 Criteria JORC Code explanation Commentary Drill hole Information A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: ? easting and northing of the drill hole collar ? elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar ? dip and azimuth of the hole ? down hole length and interception depth ? hole length. If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case. All new drill hole details are provided i n Appendix 1. Data aggregation methods In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut - off grades are usually Material and should be stated. Significant intercepts are reported as down - hole length - weighted averages of grades above approximately 0.5 g/t Au and above a nominal length of 3m. No top cuts have been applied to the reporting of the assay results. Where aggregate intercepts incorpora te short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. Higher grade intervals are included in the reported grade intervals; and have also been split out on a case - by - case basis where relevant. The assumptions used for any reporting of metal equivalent values should be clearly stated. No metal equivalent values are used. Relationship between mineralisation widths and intercept lengths These relationships are particularly important in the reporting of Exploration Results. If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole length, true width not known’). The bulk of the exploration drilling was conducted so that results would be close to orthogonal to the mineralisation as understood at the time; however, the true relationship to the mineralisation is not accurately determined. Diagrams Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any si gnificant discovery being reported. These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views. Refer to Figures in the body of this announcement and Appendix 1. Balanced reporting Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results. Balanced reporting has been used. It is note d that the soils data is still being collated, but the author considers the use of soils data appropriate for reporting broad - scale anomalies for general targeting; as has been undertaken on this project by previous companies under JORC 2004. The exploration results should be considered indicative of mineralisation styles in the region. Exploration results stated indicated highlights of the drilling and are not meant to represent prospect scale mineralisation. As the projects are brownfields explor ation targets, and there are large numbers of holes drilled over the region, it is considered appropriate to illustrate mineralised and non - mineralised drill holes by the use of diagrams, with reference to the table of significant intercepts. Other substantive exploration data Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment ; metallurgical test results; bulk density, No other meaningful data is required to be presented other than what has been presented in the body of this announcement. 20 Criteria JORC Code explanation Commentary groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances. Further work The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large - scale step - out drilling). Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive. Additional drilling is planned to test extensions at the Bottle Dump prospect and other targets in the Tuckanarra and Stakewell Projects.
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