Shares in Odyssey Gold Ltd (ASX: ODY) are wobbling today after the company announced a new discovery and a successful drilling program. At the time of writing, the Odyssey share price is 16 cents, down 3.13%.
This morning, the Odyssey share price broke its 2-day trading halt, opening 5% higher than its previous close. Despite the positive reception, it quickly plunged 11% before returning to trade at 16 cents.
The mineral exploration company released news it has found visible gold at the newly discovered Blue Gino Prospect. it's also finished its maiden drill program.
Let's take a closer look at the news driving the Odyssey share price today.
Odyssey's new findings
Bottle Dump
This morning Odyessy announced that drill holes from its Bottle Dump Mine – located within its Tuckanarra Project – have returned positive results.
From 30 holes drilled, 28 intersected the mine's gold-hosting banded iron formation, while only 20 were assayed.
All assays returned gold mineralisation, with results including:
- 6 metres at 2.8 grams of gold per tonne from 118 metres.
- 12 metres at 1.6 grams of gold per tonne from 172 metres.
- 9 metres at 1.1 grams of gold per tonne from 143 metres.
- 7 metres at 1 grams of gold per tonne from 113 metres.
- 4 metres at 3.3 grams of gold per tonne from 124 metres.
Stakewell Project
A maiden diamond drilling program at Odyssey's Stakewell Project has also returned significant assay results.
The program targeted mineralisation extensions from the historical Kohinoor gold mine.
Assay results from the program include:
- 4 metres at 5.2 grams of gold per tonne 281 metres.
- 4 metres at 1.8 grams of gold per tonne from 289 metres.
Blue Gino Prospect
According to Odyssey, it was unaware of Blue Gino until it recently discovered visible gold within near-surface quartz at the prospect.
Exploration at Blue Gino will be fast-tracked so it can be included in the company's next phase of drilling.
The Blue Gino prospect is located within the company's Stakewell Project.
What's next?
Going forward, Odyssey will be focusing on ground magnetics over the Bottle Dump Mine and the Blue Gino Prospect, as well as a second drilling program.
In addition, it will be continuing to map, test, and develop target areas. This will also include previously unexplored areas.
Finally, the company has recently applied for a new tenement near its two existing projects. It stated the new tenement houses potentially fertile greenstone geology with limited previous exploration.
Commentary from management
Odyssey's executive director Matt Syme commented on the findings, saying:
The new discovery of high-grade visible gold in a previously unknown quartz vein system at Blue Gino, highlights again the excellent exploration potential which led us to acquire Stakewell and Tuckanarra… 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.
Odyssey Gold share price snapshot
Despite today's instability, the Odyssey Gold share price is having a great year on the ASX.
Currently, the Odyssey share price is 121% higher than it was at the start of 2021.
The company has a market capitalisation of around $72 million, with approximately 532 million shares outstanding.
