Odyssey Gold Limited has received final assays from the Highway Zone where a wide 300m long shoot drilled to 200m below surface has been discovered on the Tuckanarra JV Project. Odyssey's Tuckanarra Project is part of the prolific Murchison Goldfields. The Murchison Goldfields are host to a +35Moz gold endowment (historic production plus current resources) with 7.5Mtpa of processing capacity within 120km of the Tuckanarra Project.

Odyssey's 2022 reverse circulation ("RC") drilling campaign has identified a mineralised shoot with significant scale potential. The first hole at the Highway Zone was drilled in late 2021 with a result of 2021 of 7m at 2.5g/t Au, 14m at 1.9g/t and 5m at 2.2g/t Au in TCKRC0101ii at the Highway Zone. Subsequent drilling in 2022 has defined a 10-20m true width structure with a 300m long mineralized shoot.

Historic rotary air blast ("RAB") drilling intersected oxide mineralisation starts as shallow as 9m vertically below surface. Enrichment of gold in oxide is seen in several open pits mined at Tuckanarra. The Highway Zone shows the same enrichment of widths and gold grades in oxide.

Drillholes intersecting the structure in oxide include intervals of: 84m at 2.5g/t Au from 25m including 15m at 4.6g/t Au from 25m (CBRC0055); 44m at 0.6g/t Au from 32m including 8m at 1.2g/t Au from 64 (CBRC0117); 9m at 6.1g/t Au from 41m (TPH0238 - does not drill the full width of the structure); 3m at 9.3g/t Au from 27m (TPH0134 - does not drill full width of the structure). Growing the shallow oxide mineralisation along strike to the east is a focus for the next campaign of drilling. The Highway Zone structure is typically a 12-33m wide shear on an ENE-SSE trend.

Internal to the structure are multiple zones of mineralisation, with the higher grades on the footwall. The structure is consistently mineralised and five of the eight RC holes drilled into the shoot intersecting over 25 gram metres (width x grade), an exceptional success rate at this early stage of drilling. The mineralisation is associated with quartz veining and sulphide in sheared ultramafic and sulphidic sediments.

A tholeiitic basalt forms a predictable footwall to the mineralisation. An emerging high-grade shoot currently extends to 200m vertically below surface and with five holes including intervals of over 5g/t Au including: 7m at 10g/t Au from 89m (CBRC0055); 12m at 9.1g/t Au from 132m (TCKRC0100); 11m at 7.8g/t Au from 199m (CBRC0056); 4m at 7.1g/t Au from 176m (CBRC0058); 3m at 8.0g/t Au from 194m (CBRC0057). The consistency of high grade gives strong encouragement of future underground mining potential.

The structure is open down dip and future diamond drilling is targeted to define extensions to the high-grade shoot. RC drilling has successfully intersected the structure along 300m of strike. The structure is open to the northeast, the southwest, and down dip.

Shallow cover masks the surface expression of the target, which is the reason why it has not been discovered previously. The structure trends towards historic RAB holes of 3m at 3.0g/t Au from 9m in hole (TPH0150) and 3m at 0.7g/t Au from 27m to end of hole ("EOH") in hole TPH0151xii, 800m to the northeast, and undrilled >10ppb soil anomalies 500m to the east northeast. Recent mapping and sampling has identified high-grade rock chips up to 18.5g/t Au 400m to the East of the Highway Zone Target.

These confirm historic rock chip samples collected from prospector's test pits of up to 34.7g/t Au. Mapping with geochemistry confirm the presence of ultramafic adjacent to banded iron formation ("BIF"). This is the same stratigraphic position as the Cable-Bollard Trend and likely represents the extension of the system to the east of the Highway Zone.

Three phases of drilling are planned at the Highway Zone. The first will drill the structure in the oxide zone to add shallow mineralisation to support open pit evaluation. The second phase of drilling will extend the structure along strike, in particular to the northeast towards the encouraging RAB, rock chip and soil samples.

The third phase of drilling will grow >5g/t Au mineralisation down dip to demonstrate the scale of underground mining potential. Underground mines in the area extend to over 1km depth. The deepest intersection at the Highway Zone intersected the structure 200m below surface.

The structure is open down dip. The Company has a portfolio of advanced open pit and underground targets being actively explored. Five shallow oxide pits were mined on the Tuckanarra Project in the 1990's producing 101.1koz at an average grade of 3.9g/t Au.

Additionally, ~40koz were produced at an average grade of 7.2g/t Au from the only modern underground mine on the Project. The Project is located between Meekatharra and Mount Magnet, proximal to multiple gold processing plants, along the Great Northern Highway. Previous resource development and open pit mining was focused on laterite and oxide mineralization due to low gold prices.

Odyssey has recognised the potential for significant strike and plunge extensions to the mineralisation. The potential has been demonstrated in 2021 along over 2km of strike with results from drilling including 2.3m at 600.2g/t Au from 249m, 24m at 4.5g/t Au from 179m and 7m at 14.3g/t Au from 112m.