Odyssey Gold Limited (ASX:ODY) Drilling Yields More Outstanding Thick Gold Intersections at the Tuckanarra Gold Project

Odyssey Gold Limited (ASX:ODY) is pleased to announce the remaining results from the recently completed reverse circulation ("RC") drilling program at the Highway Zone within the Company's Tuckanarra JV Project.

HIGHLIGHTS

o Outstanding results from the last five holes at the Highway Zone, with more thick oxide gold mineralisation intersected, including:

o 33m @ 3.4g/t Au from 73m including 9m @ 6.4g/t Au from 74m (CBRC0139)

o 23m @ 1.0g/t Au from 41m including 6m @ 2.2g/t Au from 42m (CBRC0149)

o Oxide mineralisation remains open to the east with drilling planned to recommence early in the January quarter

o High grade results down plunge continue to demonstrate significant underground development potential including:

o 2m @ 12.1g/t Au from 103m (CBRC0139)

o 4m @ 6.0g/t Au from 122m (CBRC0149)

o Diamond drilling planned for early 2023 to test the scale of the underground potential down plunge of these results

o Clear expansion potential confirmed with a single hole testing a conceptual target intersecting high grade oxide mineralisation 80m in the hanging wall of the Highway Zone:

o 13m @ 3.5g/t Au from 45m including 6m @ 6.3g/t Au from 52m (CBRC0150)

o above intersection is associated with a structure parallel to the Highway Zone, or the extension of the Cable-Bollard trend

o Odyssey is undertaking a 7,800m multiphase resource infill and extension RC drilling program to prove up the thick oxide mineralisation and extend the existing 300m strike

Commenting on the Highway Zone, Managing Director, Matt Briggs said:

"The results of the recent RC program are exceptional. Drilling continues to deliver consistent thick shallow oxide mineralisation, with grade improving (>5g/t Au) at depth highlighting the potential for underground mining and a significantly larger scale project.

Additionally, a hole drilled 80m in the hanging wall has intersected high grade oxide mineralisation, opening up the potential of a parallel structure to the south of the Highway Zone which is very encouraging as we progress towards follow-up drilling early in 2023. These results provide us with a tremendous foundation and put us in a good position to rapidly define the mineralisation to the east and down plunge in the new year."

Highway Zone

Odyssey's Tuckanarra Project is part of the prolific Murchison Goldfields (Figure 8). The Murchison Goldfields are host to a +35Moz gold endowment (historic production plus current resources) with 7.5Mtpa of processing capacity within 120km of the Tuckanarra Project.

Odyssey's 2022 RC drilling campaign has identified a mineralised shoot with significant scale potential.

Drilling has defined a 10-20m true width structure with a 300m long mineralised shoot (Figure 1*) open along strike.

A 21-hole, 2,232m RC program has been recently completed, drilling the structure at an 80m x 40m spacing. The first results from this drilling included 43m @ 8.3g/t Au, 21m @ 3.3g/t Au and 20m @ 2.1g/t Au.

Mineralisation is associated with significant quartz veining in ultramafic rock or iron rich sediments extending into oxide and an overprinting supergene gold enrichment.

The results for the remaining five RC holes of the 21-hole program have been returned. Supergene mineralisation was successfully intersected with results of:

o 33m @ 3.4g/t Au from 73m including 9m @ 6.4g/t Au from 74m (CBRC0139)

o 23m @ 1.0g/t Au from 41m including 6m @ 2.2g/t Au from 42m (CBRC0149)

The above holes are adjacent to recent results of 84m @ 2.5g/t Au, 43m @ 8.3g/t Au, and 20m @ 2.1g/t Au, demonstrating consistent thick oxide mineralisation for over 300m of strike. The oxide mineralisation is open to the east, with the most eastern line of drilling in the recent program including 21m @ 3.3g/t Auvi from 65m.

Drill holes CBRC0139 and CBRC0149 both extend below the base of oxidation into fresh rock, with high-grade mineralisation also successfully intersected where targeted in fresh rock:

o 2m @ 12.1g/t Au from 103m (CBRC0139 - part of the result above)

o 4m @ 6.0g/t Au from 122m (CBRC0149) Mineralised intervals of >5g/t are consistently intersected near the footwall of the Highway Zone structure.

RC drilling at the Highway Zone has intersected over 20 intervals of over 5g/t Au in fresh rock.

*To view tables and figures, please visit:
https://abnnewswire.net/lnk/E9USS5JZ

Matt Briggs
Managing Director
+61 8 9322 6322