Tuckanarra’s Future Hinges on Mill Access and Drilling Results—What Could Go Wrong?

Strategic Partnership for Processing

Odyssey Gold Limited (ASX – ODY) has taken a significant step forward in developing its flagship Tuckanarra Gold Project in Western Australia's prolific Murchison Goldfields. The company executed a Memorandum of Understanding (MOU) with its joint venture partner, Monument Murchison Ltd, to access the nearby Burnakura gold processing plant. This facility, currently on care and maintenance, has the capacity to process up to 260,000 tonnes per annum and is being considered for upgrades to handle up to 750,000 tonnes, including third-party ore such as Tuckanarra’s.

Technical Study and Exploration Progress

Alongside the MOU, Odyssey has initiated a comprehensive technical study managed by Goldfields Technical Services to assess mining and processing options for the high-grade, open-pit resources at Tuckanarra. The study aims to refine mining scenarios and processing pathways, focusing initially on resources within granted mining leases but also exploring potential extensions. Completion is expected by August 2025, providing critical insights to guide project development.

Exploration efforts have been bolstered by an airborne electromagnetic (EM) survey that identified multiple high-priority targets coincident with known mineralisation zones. Follow-up fixed loop EM surveys have refined these targets, leading to the commencement of reverse circulation (RC) drilling to test up to six new targets and to infill drill existing resources. This drilling campaign is designed to upgrade inferred resources to indicated status, enhancing the project's resource confidence.

Robust Mineral Resource Base and Growth Potential

The Tuckanarra Project currently hosts a JORC-compliant Mineral Resource Estimate of 407,000 ounces of gold at an average grade of 2.5 grams per tonne. Notably, 311,000 ounces are located within granted mining leases, providing a solid foundation for near-term development. The project benefits from shallow, oxide deposits amenable to open-pit mining, with historical production and modern underground resources underscoring its potential. The ongoing exploration and drilling programs aim to expand this resource base, targeting extensions along strike and at depth.

Financial Strength to Support Growth

To fund these activities, Odyssey successfully completed a placement raising approximately $4 million from sophisticated institutional and existing investors. The capital injection will accelerate drilling and exploration programs, support technical studies, and advance development work. Directors have also participated in the placement, signaling confidence in the project’s prospects. With a cash balance exceeding $4 million at quarter-end, Odyssey is well-positioned to execute its near-term objectives.

Environmental and Operational Considerations

The company is progressing environmental baseline studies and geotechnical assessments to support mining approvals. The project’s location near existing infrastructure and processing capacity offers a streamlined pathway to production, with no significant native title or heritage impediments reported. Tailings sampling from historic stockpiles is underway, with assay results pending, potentially adding to the project’s resource inventory.