Odyssey Gold : Further High-Grade Results at Cable-Bollard & Bottle Dump

ASX ANNOUNCEMENT

20 December 2021

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Further High-Grade Results at Cable-

Bollard & Bottle Dump

Odyssey Gold Limited (ASX:ODY) ("Odyssey" or "Company") is pleased to announce further high- grade gold intercepts at both Cable-Bollardand the Bottle Dump deposit.

HIGHLIGHTS

Final assay results have been received for the year for Cable-Bollard and Bottle Dump, including:

Cable-Bollard	1.0m @ 31.9g/t	from 104m	- CBDD0013
	7.0m	@ 4.2g/t	from 89m	- CBDD0003
	6.4m	@ 3.4g/t	from 206m	- CBDD0013
	1.2m	@ 3.4g/t	from 189m	- CBDD0001
	8.0m	@ 0.9g/t	from 132m	- TCKRC0122
Bottle Dump	3.6m @ 10.0g/t	from 225m	- TCKDD0064
	1.3m @ 8.0g/t	from 219m	- TCKRCD0076
	4.0m @ 2.9g/t	from 271m	- TCKRCD0067
	1.0m @ 3.1g/t	from 67m	- TCKRC0078
	7.0m @ 1.7g/t	from 79m	- TCKRC0015

At Cable-Bollard, the first step-out hole north of the previous drilling (TCKRC0122) extends mineralisation by 100m. Infill drilling continues to demonstrate the continuity of high-grade mineralisation at Cable East and Cable West.

The Bottle Dump intercepts indicate the strong potential for the continuation of high-grade gold mineralisation down dip, down plunge to the south-east and along strike to the north- west.

Bottle Dump appears to become more structurally complex east of the pit. A recently completed high-resolution aeromagnetic survey will enhance this understanding.

Executive Director, Matt Syme commented:

"The further extension of mineralisation along strike to the north and high-grade infill intercepts enhance the exciting potential of the Cable-Bollard Trend, which now covers 1.6km of strike, open at depth and at both ends. The Bottle Dump deposit continues to show strong potential, with the mineralisation remaining open to the north-west and down dip and plunge to the south-east."

For further information, please contact:

Matt Syme

Executive Director: [phone]

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CABLE-BOLLARD DRILLING

The Company has received a number of assays from Cable-Bollard drilling. Industry-wide issues with assaying mean the results are somewhat out of sequence and the Company has 20 holes still in the process of logging, sampling, and assay.

Figure 1. Drill plan showing significant results and interpreted trends of mineralised metasedimentary sequences

along the Cable-Bollard Trend.

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Hole TCKRC0122 is the first step-out hole drilled 100m north of the previous extent of mineralisation at Cable-Bollard. It encountered 8m @ 0.9g/t (4m composites) and is interpreted to be the Cable West mineralisation. This encouraging result demonstrates that the Cable-Bollard trend continues to be gold- endowed to the north, where there appears to be a further 400m of similar lithologies, as indicated by historical mapping.

The Cable-Bollard trend comprises multiple parallel mineralised structures made up of banded iron formation (BIF) units, sheared quartz veins in mafic intrusives and metavolcanics, and highly silicified ultramafics resembling BIF's, with consistent gold mineralisation occasionally interrupted by barren cross cutting felsic dykes. Mineralisation is open to the south, as well as at depth, and along the full mineralised strike.

Both the reverse circulation (RC) and diamond drill rigs at Cable-Bollard have now stood down for the Christmas break.

BOTTLE DUMP DRILLING

The latest drill results continue to support the Company's view that the Bottle Dump Shear Zone has strong potential to host significant gold mineralisation due to its structural setting in the region - with

Figure 2. Drill plan illustrating recent high-grade results.

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east-southeast (ESE) trending BIF sequences being subparallel to interpreted ESE trending major shears.

High-grade gold intercepts from the last round of drilling at Bottle Dump shows the potential for the continuation of gold mineralisation down dip, down plunge towards the south-east, and along strike to the north-west (see Figure 3).

Figure 3. Bottle Dump Long Section.

At Bottle Dump, Odyssey has delineated mineralisation ~600m along strike and up to ~250m down dip, including ~150m below the current pit floor and a ~400m plunge (~20°) towards the ESE (~120°). The mineralisation is open along strike, down dip and down plunge.

TCKRCD0076 intercepted 1.3m @ 8.0g/t Au and highlights the potential for continuation of high-grade mineralisation along strike to the north-west.

TCKDD0064 intercepted 3.6m @ 10.0g/t Au, showing the potential for high-grade gold mineralisation down dip and down plunge towards to the south-east.

BOTTLE DUMP SHEAR ZONE STRUCTURAL OBSERVATIONS

Detailed field mapping and logging of diamond core have enhanced the geological understanding of the lithologies and mineralisation controls of the Bottle Dump Shear Zone and the relationships between alteration, structure, lithology and mineralisation.

The result of this work emphasises that the gold mineralisation in the Bottle Dump Shear Zone is strongly influenced by the presence of disruptive felsic dykes and cross-cutting structures, especially towards Bottle Dump East.

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The detailed logging of the core and RC chips for alteration, structure, lithology and mineralisation has identified three main lithological sequences at Bottle Dump. The main mineralised sequence appears to be characterised by complex bounding shears, a low incidence of felsic dykes and the presence of high-Mg/komatiitic volcanics. The hanging-wall and foot-wall sequences are commonly unmineralized and generally possess a high incidence of felsic dykes and/or a lack of high-Mg/komatiitic volcanics.

The preliminary field mapping and geophysics interpretation indicates that the overall trend of the Bottle Dump Shear Zone may have been locally displaced laterally approximately 100m to the south, implying that recent drilling in that area is north of the interpreted mineralised structures.

Further drilling at Bottle Dump will be undertaken once detailed field mapping is complete, a recently completed high-resolution aeromagnetic survey is processed and interpreted, and the structural analysis is reviewed.

Figure 4. Bottle Dump structural observations.

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