Odyssey cuts mores oxides at Altintepe (October 28, 2003)

Drilling has confirmed the presence of more gold-bearing oxides at the Altintepe property in north-central Turkey, reports Odyssey Resources (ODX-V).

Hole ATD-10, collared in the Karakis area, pulled up 68.5 metres of intensly fractured and silicified andesitic porphyry. The top 52 metres is oxidized, and 20 metres averaged 2.2 grams per tonne, including half at 3.83 grams.

Results for a stepout hole collared 100 metres to the northwest are pending. Nevertheless, the upper 31 metres of that hole is characterized by oxidized and silicified andesitic porphyry, as well as volcanics.

Both holes were drilled vertically to follow up an angled hole drilled by Teck Cominco (TEK-T) in the 1990s. That hole, which was collared over a soil anomaly located about 125 metres to the southwest and further uphill, carried upwards of 0.83 gram gold in altered rocks now thought to reflect distal hydrothermal processes.

A third hole, ATD-8, also was drilled vertically but from the top of the ridge and about 850 metres to the northwest, pulled up 147 metres of the same fractured and oxidized rocks. Grades increased with depth, peaking at 0.362 gram over the final 2 metres.

Odyssey notes that the Karakis prospect is situated about 570 metres above sea level, placing it 45 metres higher in elevation than the partly eroded 2G deposit, which sits at the southeastern tip of the 1-km-long ridge. Given the topographical and mineralogical connection between the two, stepout and deeper drilling is planned at the former.

Earlier this year, 2G was pegged with an indicated and inferred oxide resource of 4.35 million tonnes grading 1.62 grams gold. The resource incorporates results from drilling by Odyssey and Teck Cominco, using a cutoff grade of 0.4 gram.

Results from three scout holes drilled elsewhere in the area failed to return any significant mineralization.