Odyssey Resources (YOD-V) has a drill on its way to the Trab 23 copper-gold-molybdenum prospect 75 km south-southeast of Trabzon on the Black Sea coast of Turkey.
The company recently inked a deal to acquire a 70% stake in the prospect from BHP Billiton (BHP-N) by completing $1.5 million worth of exploration before May 30, 2006. BHP Billiton has a back-in right for an additional 21% interest, which it can acquire for $3 million, at which time a joint venture will be formed. The major can boost its position by another 9% by completing a bankable Feasibility Study.
The 30-sq.-km Trab 23 property is host to a 600-by-800-metre area of pervasive silicification and stockwork-style mineralization. Based on surface mapping, rock chip, stream, and soil geochemical sampling, BHP Billiton believes the zone may overlie a mineralized porphyry centre, as soil and rock geochemical anomalies are bounded by major structures suggesting a possible focusing of hydrothermal alteration and epithermal overprint inside of the main structural corridor.
Odyssey and BHP Billiton formed a joint venture in late June; together the two will aim at identifying, assessing and acquiring potentially huge copper-gold porphyry targets in the prolific Tethyan orogenic belt in eastern Turkey.
With drill permits in hand, Odyssey plans to sink 1,500 metres of drilling.
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