Odyssey Gold : High-Grade Assay Results & Drilling Under Way at Tuckanarra

ASX ANNOUNCEMENT

17 March 2022

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HIGH-GRADE ASSAY RESULTS & 2022 DRILLING

UNDER WAY AT TUCKANARRA

Odyssey Gold Limited (ASX:ODY) ("Odyssey" or "Company") is pleased to announce high-gradedrill results along the Cable-BollardTrend, part of the Tuckanarra Gold Project. RC drilling has now resumed for 2022.

HIGHLIGHTS

• Additional high-grade assay results have been received from shallow drilling at the 1.6km long Cable-Bollard Trend, including:

o 16.6m @ 16.2g/t Au from 56m (CBDD0023), including

• 0.43m @ 525g/t Au from 71m

o	8m @ 9.1g/t Au from 96m (CBRC0003)

• 1. 2.0m @ 4.2g/t Au from 97m (CBDD0016)
• These results further demonstrate the continuity of high-grade mineralisation between the Cable and Bollard Pits, and immediately down dip of the Cable Pit.
• Hole CBRC0003 8m @ 9.1g/t confirms an interpreted fault offset of the Cable Bollard trend, opening up ~200m of mineralised trend not previously effectively tested by RC or diamond drilling.
• Reverse circulation ("RC") drilling has resumed onsite and will focus on growing the mineralised system including the Cable Bollard trend, and targets not previously drilled by the Company at the Daisy and Anchor Prospects.

Managing Director, Matt Briggs commented:

"These high-grade results continue to demonstrate developing potential of the Cable-Bollard Trend. Odyssey Gold has a very active exploration schedule planned for 2022 and we are looking forward to keeping a continued focus growing the Cable-Bollard Trend while adding new discoveries from our portfolio of high-quality targets. RC drilling on the project is well under way with the first holes by the Company in 2022 completed into the Daisy Target, and ongoing at Cable North."

For further information, please contact:

Matt Briggs

Managing Director: [phone]

CABLE-BOLLARD TREND

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Previous mining at Cable-Bollard in the 1990's produced 52.9koz Au at an average grade of 3.4g/t Au from shallow oxide pits (refer ASX announcement dated 27 November 2020). Odyssey has demonstrated the potential to grow the system with mineralisation now extending for over 1.6km of strike and to a vertical depth of 150m.

The Cable-Bollard Trend (Figure 1) 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.

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Figure 1. The 1.6km Cable-Bollard Trend with recent results (yellow) and selected previous results (grey).

CABLE-BOLLARD DRILLING

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Broad spaced RC and diamond drilling by Odyssey throughout 2021 produced a number of significant extensional gold intercepts. This drilling demonstrated the continuity of mineralisation along strike and the down dip potential below the laterite and oxide mineralisation (Figure 2).

In the later part of the year drilling commenced defining the individual structures and identifying higher grade zones while continuing to grow the bedrock mineralisation along strike.

The results reported in this announcement represent significant intercepts on the Cable East and Cable West structures, the two most continuous structures over the 1.6km of strike defined on the Cable- Bollard Trend.

Cable Prospect

Figure 2. Cross section illustrating mineralisation within diamond drill hole CBDD0023.

Diamond drill hole CBDD0023 targeted the Cable West structure, and down dip extensions of structures immediately below the existing Cable Pit (Figure 2). The Cable West structure was successfully intercepted, producing a significant result of 16.6m @ 16.2g/t Au from 56m (including 0.4m @ 525g/t Au) associated with quartz veining in altered high magnesium basalts.

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For personal use only

This interval is approximately 50m below the existing pit and down dip of previous holes which recorded 37m @ 2.0g/t Au from surface - 92TRC0281, and 3m @ 4.6g/t Au from 65m - PRC019 (refer ASX announcement dated 27 November 2020). New result CBDD00023 continues to demonstrate the high- grade potential of the mineralised Cable West structure beneath the existing open pit. The true width of the interval in CBDD00023 is estimated to be approximately 8m.

Infill diamond drill hole CBDD00016 contacted two lower-grade shallow intercept and a higher-grade zone of mineralisation, where it intercepted 2m @ 4.2g/t Au from 97m approximately 80m vertically below surface.

Figure 3. Cross section illustrating mineralisation within RC drill hole CBDD0016.

CBDD00016 intercepted the Cable East mineralised structure and is open down dip. Low grade results were intersected in the interpreted position of Cable West.

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Bollard Prospect

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During December 2021 RC drilling continued to define the Cable East and Cable West structures in the 750m gap between the Cable and Bollard pits. Previous drilling has focused on shallow oxide and laterite mineralisation in this area, with most holes less than 40m deep.

New drill hole CBRC0003, was drilled in this area 260m to the north of the Bollard Pit. This RC hole has intercepted 8m @ 9.1g/t Au from 96m (4m composite samples). Interpretation of drilling data, in combination with the recently acquired drone magnetics, suggest a fault offset of the strike extensions of the mineralisation approximately 80m to the west. This opens up approximately 200m of the mineralised trend that has not been effectively tested by previous RC or diamond drilling.

As observed in the Cable West structure, mineralisation is associated with quartz veining and pyrrhotite in sheared basalt and ultramafic. This likely confirms the offset of the mineralised trend. Future drilling is planned to drill the offset mineralised trend along strike and up dip.

Figure 4. Cross section illustrating mineralisation within RC drill hole CBRC0003.

Results are reported for diamond holes CBDD0008, CBDD0011, CBDD0015, CBDD0016 and CBDD0023 and RC holes CBRC0003 and CBRC0012 in Appendix 1.

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