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Why the Odyssey Gold (ASX:ODY) share price is rocketing 118% higher today

A happy smiling kid points his fingers up, indicating a rising share price
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The Odyssey Gold Ltd (ASX: ODY) share price has been an incredible performer on Tuesday.

In morning trade, the gold explorer’s shares were up a whopping 118% to a record high of 15.5 cents.

The Odyssey Gold share price has now given back some of these gains but remains 69% higher at 12 cents at the time of writing.

Why is the Odyssey Gold share price rocketing higher?

Investors have been scrambling to buy the company’s shares on Tuesday following the release of an update on its exploration activities at the Tuckanarra project.

As you might have guessed from the performance of the Odyssey Gold share price, the update was a very positive one.

According to the release, Odyssey has intersected significant visible gold in its maiden diamond hole. This was a 70 metre step-out in the eastern extension of the developing Bottle Dump deposit at Tuckanarra.

Management notes that this is the first ever drilling in an untested area, with the visible gold mineralisation associated with the nearby basal quartz vein system.

It believes this indicates a second mineralised domain, parallel to the mineralisation in the main mine banded-iron formation sequence.

Odyssey Gold’s Executive Director, Matt Syme, commented: “The impressive visible gold intersected at Bottle Dump confirms the strong potential of the Bottle Dump trend to host high-grade gold mineralisation. The visible gold in TCKDD0003 and the 13m at 3.9g/t in TKRC0014 have extended known gold mineralisation over 100m to the east of the Bottle Dump pit.”

“The potential extent of the Bottle Dump trend is up to 3km and the known gold mineralisation is open to the east and west and at depth. Odyssey has consolidated some of the best gold exploration ground in the Western Australian Goldfields and we are looking forward to applying modern exploration techniques to uncover the area’s outstanding potential,” he concluded.

The Odyssey Gold share price is now up almost 400% since its re-listing at 2.5 cents per share in January.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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