Odyssey develops plan to advance Tavsan

Vancouver — Encouraging results from a scoping study have prompted Odyssey Resources (ODX-V) to prepare an “action plan” for ongoing development of the Tavsan gold project in western Turkey.

The Toronto-based company holds an option to earn 100% of the epithermal gold property from Teck Cominco (TEK-T). The project is in the Bigan Peninsula, a mineral-rich region that hosts numerous gold deposits, including Eldorado Gold’s Kisladaq and Newmont Mining’s Ovacik.

Odyssey recently completed a 15-hole drilling campaign at Tavsan. Ten of the holes returned encouraging results, including an 18.7-metre (true thickness) intersection grading 4.26 grams gold per tonne. The drill campaign was followed by an internal scoping study that recommended additional drilling to upgrade resources and various development-stage programs, including socio-economic and environmental impact studies.

As a first step, Odyssey plans to carry out at least 6,000 metres of reverse-circulation drilling, deemed sufficient to test the Main zone at 25-metre centres and to test satellite zones (which extend at least two kilometres northeast of the Main zone) at 50-metre centres.

Tavsan hosts an inferred resource of 11.6 million tonnes grading 1.01 grams gold per tonne; however, this historical estimate is not compliant with the reporting standards of National Instrument 43-101. Odyssey’s plan calls for an independent resource estimate that will incorporate results from recent drilling.

The company also plans to carry out a series of cyanide-soluble assays on pulps and coarse rejects (from drill core) to quantify and confirm potential gold recovery from the mineralized jasperoid zone, as well as recoveries of potential run-of-mine, crushed material.

Other studies will estimate preliminary capital and operating costs based on the experiences of operating mines and recent producers in the region. Topographical studies will also be carried out over the Main and satellite zones.

In a separate development, Odyssey and partner BHP Billiton (BHP-N) jointly agreed to renew their Anatolides copper-gold porphyry program in eastern Turkey’s Tethyan belt. The program, now in its third year, is funded jointly by the companies.

Recent satellite imagery and field examinations have identified a target area hosting copper and gold mineralization in altered intrusive rocks characteristic of a porphyry setting. This work is continuing across a larger portion of the target area.

Odyssey is also active in Morocco, and recently launched an exploration program on its newly acquired Alous project, and on surrounding copper-silver properties. At last report, Alous hosted a historic resource of 6.3 million tonnes grading 0.87% copper and 9.8 grams silver.