Odyssey Gold (ASX: ODY) is ramping up activities at its Tuckanarra gold project in Western Australia on the back of a $9 million cap raise, starting fieldwork and studies designed to accelerate the path to production at Tuckanarra.
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It is also preparing to mobilise reverse circulation and diamond rigs and finalising resource definition drilling at the Cable, Bollard and Maybelle deposits.
Elsewhere, a scoping study is also underway, which will include an updated mineral resource estimate (MRE) for the relevant deposits. This, Odyssey’s director Matt Syme explained, follows on from a mining technical study completed in October CY25 and is based on similar parameters.
“We are pleased that our recent successful placement has funded the company to aggressively pursue the exceptional, near-term development opportunity at Tuckanarra,” Mr Syme told shareholders today.
“Last year’s study highlighted the very compelling potential of Tuckanarra’s high-grade, shallow resources, which are largely on ML’s with fast-track permitting advantages.
“The range of excellent drilling, metallurgy, and other outcomes we generated last year all reinforce that potential. We are cracking on with drilling, resource modelling and scoping study work to bring it to fruition as soon as possible.”
Upcoming drilling will examine several shallow and potentially high-value exploration targets, to add shallow resources near existing deposits. Odyssey is also looking to obtain geotech and metallurgical data and samples.
The company holds an 80% interest in Tuckanarra, with the remaining 20% interest held by Monument Murchison. Tuckanarra currently has an estimate of 5.14 million tonnes at 2.5 grams per tonne for 407,000oz gold.
“Shallow, open pittable, oxide gold deposits with a grade of more than 2g/t are increasingly scarce assets in the West Australian goldfields,” Mr Syme said.
ODY is down -6.45%, to 11c today.
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