Odyssey cuts mores oxides at Altintepe (November 10, 2003)

Drilling at the Altintepe property in north-central Turkey has resulted in the discovery of a gold-bearing oxide prospect for Odyssey Resources (ODX-V).

Hole ATD-10, collared on Karakis Ridge, averaged 2.2 grams per tonne over 20 metres, including 3.83 grams over 10 metres. The mineralized interval came from a 52-metre section of oxidized andesitic porphyry that is intensely fractured and silicified.

Results for hole ATD-11, which was collared 100 metres to the northwest, are pending. The top 31 metres of the hole were oxidized, though Odyssey reports both silicified porphyry and other volcanics, below which lies low-grading primary mineralization.

A third hole, ATD-8, pulled up 147 metres of the same fractured and oxidized rocks but showed an increase of grade down-hole, with the final 2 metres running 0.362 gram. The hole was collared 850 metres to the northwest at a higher elevation than the others.

The recent holes were drilled vertically to follow up an angled hole that was drilled by Cominco in the 1990s, about 125 metres southwest of ATD-10, where a soil anomaly had been outlined. Despite intersecting 125 metres of altered volcanics that carried up to 0.83 gram, that hole is now thought to have missed the zone proper.

Karakis Ridge extends for 1 km in a northwesterly direction and hosts the 2G deposit at its lower, southeastern tip. The difference in elevation between the new prospect and the deposit is about 45 metres, so more stepout and deeper drilling is planned.

Earlier this year, 2G was estimated to have an indicated and inferred resource of 4.3 million tonnes grading 1.62 grams gold. The resource incorporates results from holes drilled by both Odyssey and Cominco and is based on a cutoff grade of 0.4 gram.

Results from three scout holes drilled elsewhere, but in the same general area, failed to return any significant mineralization. In all, the Altintepe property comprises 100 sq. km.