Odyssey picks up four Moroccan licences
2005-07-21 09:02 ET - News Release
Mr. Avrom Howard reports
ODYSSEY ACQUIRES MORE COPPER-SILVER PROSPECTS IN MOROCCO
Odyssey Resources Ltd. has acquired four additional licences in Morocco covering two past-productive copper-silver deposits, immediately south of and contiguous with its current licences in the western Anti Atlas region of Morocco. The deposits are located six kilometres apart along a northeast-trending stratigraphic contact and initial field review suggests that mineralization extends well beyond the boundaries of the past-productive mines. Both deposits were mined by the mining division of the Moroccan government's agency, the Bureau de Recherches et de Participation Minieres (BRPM).
One of the deposits, Talat N'Ouamane, appears to have been mined during two periods, as there are two separate portals of different age and appearance each with several hundred metres of underground workings (as determined by underground visits by Odyssey geologists). The two portals are over one kilometre apart the entire interval of which is mineralized at surface along the mineralized stratigraphic contact. Past-production figures -- grades and tonnes mined -- have not yet been located. There is a large tailings pond at the second deposit, Imin Irfi, which appears to have processed ore from both mines. Two composite tailings samples, the first a 0.76-kilogram sample taken over a three-metre vertical interval and the second a 0.57-kilogram sample taken over a two-metre vertical interval, returned copper values of 0.286 per cent and 0.224 per cent, respectively. The samples were hand delivered to ALS Chemex in Reno, Nev., where five-gram splits were digested by aqua regia and analyzed by induction-coupled plasma.
This acquisition adds an additional 64 square kilometres to Odyssey's land position in Morocco. Odyssey's holdings in Morocco now cover over 500 square kilometres, encompassing five known copper-silver deposits and three known past-producing copper-silver mines. A first phase field program was recently completed, which included detailed reviews of the known deposits along with prospecting across selected portions of the property. Additionally, the geophysical consulting firm of Patterson, Grant & Watson has recently submitted its maps and report of the airborne geophysical data that Odyssey had earlier purchased from the Moroccan government. These data are currently under review.
Results from the field program and geophysical data interpretation will be released once all reports and results have been received, and the company's plans for advancing this project to the next phase have been formulated. Odyssey management remains very pleased with the progress of this large and growing project, where there is excellent potential for the discovery of world-class copper-silver deposits.
Gregory B. Maynard, PGeo (Arizona), is the qualified person for this project, under the terms of National Instrument 43-101, and along with Avrom E. Howard, PGeo (Ontario), president and chief executive officer of Odyssey, is responsible for the information contained in this news release.
Finally, Mr. Howard reports that 400,000 stock options previously issued to company directors, officers or consultants have been cancelled, and that 450,000 stock options have been issued to company officers.
