Odyssey Resources Limited has reported that a diamond drill program is now underway on the Altintepe Gold Property, located on the Black sea Coast of Turkey.
Exploration work carried out by Odyssey personnel has revealed that gold mineralization seen across the property is typical of a Nevada type, bulk mineable disseminated oxide epithermal gold system.
Volcanic stratigraphy appears to be a controlling factor, with mineralization generally found within a dacitic unit at several intervals over a strike length in excess of 5 kilometers. Several upward-flaring cone-shaped mineralized zones are found within this unit, hosting hypogene oxidized disseminated gold.
Previous diamond drilling at Altintepe (54 holes) intersected gold in oxide and sulfide assemblage with depths of oxidation varying from less than 10 meters to greater than 120 meters. At one location, drilling intersected 3.2 g/t over 79.0 meters within an overall interval grading 2.4 g/t gold over 123.6 meters.
At another location on the property, drilling has traced a mineralized zone for over 700 meters with drill intercepts including: 5.9 g/t gold over 12.0 meters, 3.1 g/t gold over 15.0 meters, and 2.8 g/t gold over 18.0 meters. Leach tests on bulk samples from the 2G- zone has confirmed excellent gold recovery, in excess of 90 percent within twenty-four hours.
Drilling currently underway is focused at the 2G and Camliktepe zones, in order to expand and further define these zones of known gold mineralization, leading to the calculation of a mineral resource in compliance with National Policy 43-101. Additional drilling will concentrate further to the west, where new targets have been identified.
Subject to regulatory approval, incentive stock options have been granted to directors, officers, employees and consultants of the Company for the purchase of an aggregate of 250,000 shares at an exercise price of $0.20 per share, expiring December 17, 2004. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
