Vancouver — Led by a geological team with extensive exploration experience in Nevada, Golden Odyssey Mining (GOE-V, GODYF-O) aims to put its “home-court advantage” to good use this year as it explores its core properties in the mineral-rich state.
Unlike senior companies, which tend to focus on advanced projects in established mining camps, Golden Odyssey’s strategy is to acquire and explore early stage, low-entry-cost projects with potential to fit the model of a “world-class” Nevada gold deposit.
President David Shaddrick says the company has established a methodology and risk profile to evaluate projects for acquisition and exploration. With 25 years of Nevada experience under his belt, he set a goal for the company to hold a revolving portfolio of 10 projects, with each either advanced to drilling or dropped in favour of a new project.
“We’ve looked at hundreds to get the projects we have today,” Shaddrick says, adding that experience and a working knowledge of Nevada geology are essential to the selection process. “You also have to be willing to get out in the field and do grassroots exploration.”
Golden Odyssey currently has five active projects in Nevada, all within major gold trends. The projects were selected based on their geological similarities to three main deposit types: “Carlin-style,” including the “Rain-type” model; epithermal “Midas or Sleeper-style” deposits; and “Phoenix-type” intrusive-related gold deposits with base metals.
The Morningstar and Palmetto properties are within the Walker Lane belt, the Anchor and JDS projects are within the Cortez trend, and the Mexican Hill project is situated in the Carlin trend. The company has raised US$2.4 million to carry out drilling on several of these.
Permits are in hand for the 2006 program at the Morningstar project, which lies in an old (1800s through 1920s) mining district midway between Reno and Las Vegas. Initial drilling will test several targets identified by geological mapping, and rock-chip and soil sampling. About 4,000 ft. of drilling are planned, and if warranted, another 7,000 ft. will follow later this summer. The Morningstar property is unexplored by modern techniques, making this the first significant program done in several decades.
Elsewhere in the Walker Lane belt, Golden Odyssey has begun infill geological mapping and rock-chip/soil sampling on its Palmetto project in preparation for an 11,000-ft., reverse-circulation drill program to test targets defined in the 2005 program. District-scale reconnaissance exploration is also planned for the large property.
Further, the company plans to drill the Anchor project on the Cortez trend, and is exploring the Mexican Hill project on the Carlin trend in advance of a drilling program planned for this fall.
Golden Odyssey recently inked a deal with Lincoln Gold (LGCP-O) to earn a 51% interest in the JDS property by completing a 6,000-ft. drill program later this year. This interest can be increased to 75% by funding ongoing work commitments totalling US$3.5 million.
The JDS property is on the Cortez trend, and is a “pediment play,” where the gold target is covered by alluvial gravels. Initial drill targets have been defined by regional and detailed gravity surveys coupled with mercury soil/gas geochemistry. The targets are interpreted to be structurally controlled mineralized zones within favourable carbonate horizons adjacent to a large intrusive body.
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