Odyssey Reports Drilling Results From Tavsan
TORONTO, ONTARIO--(CCNMatthews - Jun 10, 2004) -
Holes at Main Zone Hit High-Grade and Confirm Continuous Blanket
of Gold Mineralization
Avrom E. Howard, President and CEO of Odyssey Resources Limited
(TSX VENTURE:ODX) reports results from the first 6 holes
completed at the Company's Tavsan property in western Turkey.
Drilling confirms the continuation of the enriched mineralization
encountered in earlier surface trenching. The current phase of
approximately 25 holes totaling 1,500 meters of diamond drilling
is expected to be complete by the fall. The silicified
mineralized zone has been intersected in every hole drilled to
date, as confirmed visually and by the assay results received so
far.
Grades continue to average approximately 1.0 gram per tonne gold
("g/t Au") with individual results up to 13.95 g/t Au over 2.3
meters. The thickness of mineralization ranges from a few meters
to over 20 meters beginning at surface or very near surface
inmost cases. The high-grade zones do not appear to be random and
may be associated with one or more types of breccias encountered
within the mineralized zone.
"We are dealing with a blanket of mineralization draped over the
topography and varying in thickness from a few to over 20
meters." Mr. Howard reports: "Similar to the McLaughlin deposit
in California, mineralization at Tavsan is focused within a
thrust fault, and similar to McLaughlin we believe that
mineralization exposed across, at, and near surface at Tavsan is
but a small part of the story" (McLaughlin hosted a total
resource of 24.3 million tonnes grading 4.49 g/t Au, for a total
of 3.5 million ounces).
Hole OT-1 intersected a 2.3 meter thick interval from surface
running 13.95 g/t Au with an additional 2.6 meters grading 0.97
g/t Au a further 6.2 meters down (true thickness in both cases).
Hole OT-2 intersected 9.6 meters from surface (true thickness)
grading 2.23 g/t Au, and OT-3 hit 7.7 meters (true thickness)
running 1.48 g/t Au starting at a depth of 3.9 meters. Holes
OT-1, OT-2 and OT-3 were drilled from the same location, roughly
in the middle of the Main Zone, at an angle to the south,
vertically, and at an angle to the northeast, respectively.
Hole OT-4, located 100 meters south-southeast of the first 3
holes, hit 4.40 meters grading 1.77 g/t Au (true thickness),
under a veneer of 12.8 meters of the overthrust ophiolite
sequence. Hole OT-5, collared 150 meters southwest of hole OT-4
and drilled to the south, hit 4.4 meters (true thickness) grading
1.44 g/t Au under 38 meters of ophiolite cover, indicating a
possible local down-drop fault block in this part of the Main
Zone. Hole OT-6, collared at the same location and drilled to the
northeast, hit 6.7 meters (true thickness) grading 1.04 g/t Au
from a depth of 10 meters below surface.
Odyssey President and CEO, Avrom E. Howard, MSc, FGA, PGeo is the
Company's Qualified Person responsible for the preparation of
this news release and for the supervision of, and reporting on
this project. A quality control program consisting of randomly
inserted duplicate and standard check samples will continue to
ensure accurate and reliable results in this program. Samples are
being analyzed by ISO9002 certified ALS Chemex in Vancouver,
Canada, with sample preparation completed by ALS's laboratory in
Izmir, Turkey. Odyssey's working capital stands at C$1.2 million
as of June 1, 2004, sufficient to complete its drilling programs
on both properties, along with work on its other projects in
Turkey and Morocco. Odyssey Resources has 41.2 million shares
outstanding.
The statements made in this Press Release may contain
forward-looking statements that may involve a number of risks and
uncertainties. Actual events or results could differ materially
from the Company's expectations and projections.
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FOR FURTHER INFORMATION PLEASE CONTACT:
Odyssey Resources Limited
Jonathan Buick
Manager, Investor Relations
416-362-6955
jbuick@odysseyresources.com
or
Odyssey Resources Limited
John E. Buckle
Vice President for Marketing and Investor Relations
416-362-6955
jebuckle@odysseyresources.com
The TSX Venture Exchange has neither approved nor disapproved the
information contained in this press release.
