Odyssey Gold Strikes 16.1g/t Over 3m at Shallow New Discovery 500m From Cable

Odyssey confirms high-grade gold discovery at new Shackle target

Odyssey Gold has intersected high-grade gold in all three first-pass reverse circulation drill holes at the new Shackle target, confirming a discovery at shallow depths beneath historical workings. The headline intercept returned 3m @ 16.1g/t Au from 55m (CBRC0401), supported by 4m @ 5.3g/t Au from 31m (CBRC0405) and 3m @ 1.7g/t Au from 44m (CBRC0404).

Shackle sits on a parallel structure 500m north-northwest of the Cable deposit, with historical workings extending over 80m of strike length. This marks the company’s first drilling campaign at the target, highlighting the early-stage potential for resource growth at Tuckanarra.

The discovery reinforces Odyssey’s systematic exploration strategy of testing high-priority structural targets across the Tuckanarra field, where previous exploration and mining largely focused on shallow oxide mineralisation.

Why shallow high-grade gold discoveries matter for project economics

Shallow oxide mineralisation is typically the most cost-effective to mine due to lower stripping ratios and simpler processing requirements. At Tuckanarra, historical mining operations generally focused on shallow oxide above the water table, leaving primary mineralisation beneath workings untested.

Executive Director Matt Syme commented that discoveries such as Shackle “could significantly enhance the initial years of production at the emerging Tuckanarra Project.” This framing helps investors understand why the depth of intercepts (31m to 55m) is commercially significant — shallow, high-grade ounces typically translate to stronger early cashflows and faster capital payback.

The discovery methodology applied at Shackle is replicable across the broader project, where over 70 priority targets with similar characteristics have been identified.

Bollard drilling extends high-grade shoot continuity beneath historical pit

Infill and extensional reverse circulation drilling at Bollard has confirmed continuity of plunging high-grade shoots beneath the historical pit. New results include:

Drilling has now confirmed continuity between recently reported intercepts in CBRC0371 (5m @ 14.0g/t Au) and new results from CBRC0353, CBRC0363 and CBRC0369 along 140m of strike. The high-grade shoot remains open along strike and down dip, with a 130m step-out hole previously intersecting 7.65m @ 11.8g/t Au on the same structure.

Infill drilling also intersected numerous mineralised zones within and adjacent to the existing Mineral Resource Estimate, improving geological confidence and supporting potential conversion of Inferred Resources to Indicated category.

Current Tuckanarra resource base and growth pathway

The Tuckanarra Project currently has an Indicated and Inferred Mineral Resource of 6.3Mt @ 2.2g/t Au for 451,000oz of gold. Bollard’s existing Mineral Resource Estimate stands at 0.68Mt @ 2.1g/t Au for 46koz.

The recently completed Stage 1 Scoping Study provides the foundation for initial development, while Odyssey’s systematic exploration strategy continues to test high-priority structural targets where historical mining focused only on shallow oxide.

Results from the current programme feed directly into ongoing Mineral Resource Estimate updates and mining studies, supporting potential resource growth beyond the initial scoping study scope. A revised Mineral Resource Estimate for Bollard incorporating recent results will be prepared to support mining studies.

Exploration pipeline targets over 70 untested historical workings

Shackle’s discovery methodology is replicable across the broader project. Odyssey has identified over 70 priority targets with similar characteristics: historical workings with limited modern drilling beneath. Three specific examples include:

1. East Lynn: Shallow historical workings extending 600m along strike with no drilling beneath the workings
2. Bottle Dump East: Historical workings over 60m strike associated with an electromagnetic conductor; prior intercepts include 8m @ 3.5g/t Au from 35m (TK0075)
3. Highway East: Aircore and reverse circulation drilling intersected 2m @ 5.5g/t Au from 21m (TCKA0236) approximately 200-400m along strike of the Highway deposit

The 500m-long area southwest of Shackle towards Cable remains largely untested and represents a future exploration target. Previously identified electromagnetic conductors in the Cable-Bollard gap suggest continuity of sulphide mineralisation, providing a priority target area for follow-up drilling.

Executive Director outlines resource growth strategy

Matt Syme, Executive Director, Odyssey Gold

“The results at Shackle are particularly encouraging, with first-pass drilling reinforcing the opportunity to discover additional high-grade, shallow shoots across the Tuckanarra field. Discoveries such as Shackle, made through systematic testing of historical workings, could significantly enhance the initial years of production at the emerging Tuckanarra Project.”

Commenting on Bollard, Syme stated that results “continue to improve confidence in our geological model and Mineral Resource estimate, highlighting the potential for additional higher-grade zones within the broader Cable-Bollard-Highway corridor.”

Management’s confidence in the exploration model and the potential for additional high-grade zones supports the investment thesis for resource growth.

Next steps for Odyssey Gold at Tuckanarra

Odyssey’s forward work programme includes:

• A revised Mineral Resource Estimate for Bollard incorporating recent results will be prepared to support mining studies
• Future Bollard drilling will focus on resource definition, understanding the connection between Bollard and the Cable/Highway deposits, and testing the high-grade shoot at depth for potential underground mining
• Shackle drilling will step out along strike and down dip to test continuity and extent of the newly discovered shoot
• The Cable-Bollard gap remains a priority target where previously identified electromagnetic conductors suggest continuity of sulphide mineralisation

Results from this programme will be incorporated into ongoing Mineral Resource Estimate updates and mining studies, providing clear near-term catalysts for investors through updated resource estimates, continued drilling results, and mining study progression.

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