Odyssey Resources (YOD-V) has begun a diamond drilling campaign on it’s 250-sq.-km Lucky Star property on the Black Sea coast of northern Turkey.
The property contains large areas of hydrothermal alteration hosting numerous polymetallic mineral occurrences, which are hosted in shallow submarine volcanic and derived sedimentary rocks.
Drilling will target the Lucky Star and Zavikoy prospects where recently completed geophysical surveys have defined several coincident gravity and electromagnetic anomalies.
Preliminary drilling at the Lucky Star prospect cut a 55-metre thick mineralized zone averaging 4.43% zinc, 1.49% lead, plus 51.2 grams silver per tonne, including 19.7 metres of 8.48% zinc, 2.73% lead, and 84.6 grams silver.
Previous drilling on the Zavikoy copper prospect, 12 km northeast of the Lucky Star prospect, cut pervasively altered volcanic rocks hosting repeating zones of disseminated and stockwork style copper-bearing sulphide mineralization.
On the financial front, Odyssey has completed a non-brokered private placement of about 4.1 million units, at 20 apiece, for total proceeds of $814,750. Each unit comprises one share and half a share purchase warrant. Each warrant allows the holder to buy one share for 25 for one year. Securities issued under the financing are subject to a hold period of at least four months and approval of the Canadian Venture Exchange.
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