The broader ASX is struggling today but gold shares are outperforming. Right now, the S&P/ASX All Ordinaries Gold Index (ASX: XGD) has lifted 2.2%.

Meanwhile, the All Ordinaries Index (ASX: XAO) is down 0.72%. Looking to the bigger end of town, the S&P/ASX 200 Index (ASX: XJO) has fallen 0.73%.

The sector's gain follows a decent night for gold prices. Gold futures price rose 0.9% to US$1,798 an ounce overnight while spot gold ended the United States' session at around US$1,787 an ounce.

But which ASX gold shares are leading the charge on Thursday? Let's take a look at three posting gains of as much as 11%.

These 3 ASX gold shares are glittering today

First off the bat are shares in$29 million explorer Odyssey Gold Ltd (ASX: ODY). Its share price is soaring 11.36% to trade at 4.9 cents right now.

Its gains come amid news drilling at the company's Tuckanarra joint venture project's Highway Zone has produced more pleasing results.

Assay results from six holes of the 21-hole drilling program have returned significant findings. Odyssey managing director Matt Briggs commented:

These results build upon the outstanding shallow results … received over the last few months.

Bellevue Gold Ltd (ASX: BGL) shares are also rocketing on Thursday, gaining 7.5% to trade at $1.145 at the time of writing.

The stock plummeted 12% yesterday after breaking a two-session trading halt with news of a successful $60 million placement.

The market appears to be taking advantage of Wednesday's tumble today.

Finally, shares in ASX 200 gold favourite St Barbara Ltd (ASX: SBM) are leaping higher despite the company's silence. Right now, the stock is up 4.35% at 64.7 cents.

However, the company won't be wearing its crown for much longer. It will be removed from the ASX 200 in the upcoming quarterly rebalance, to take effect on 19 December.

Of course, that means funds tracking the index will be forced to offload the stock in the coming weeks. That means, as per the law of supply and demand, the near future could be rough on the gold miner's share price.

The post 3 ASX gold shares rocketing higher on Thursday appeared first on The Motley Fool Australia.

Here's why these mining shares are starting the week on a high:

Nico Resources Ltd (ASX: NC1)

The Nico Resources share price has jumped 25% to 77.5 cents.

Interestingly, this is despite there being no news out of the nickel focused mineral exploration company on Monday, which could mean it gets hit with a price query from the ASX later.

It seems that some investors are keen to get hold of the company's shares ahead of the release of an updated mineral resource estimate in early 2023 for the Central Musgrave Project.

Management recently stated that more detailed geological and grade modelling is expected to result in an uplift in the projects high-grade tonnage, which is expected to contribute positively to the project economics and payback period for the project.

Odyssey Gold Ltd (ASX: ODY)

The Odyssey Gold share price is up 18% to 4.6 cents this morning.

This follows the release of an update on drilling activities at the Highway Zone at the gold explorer's Tuckanarra JV Project.

According to the release, the company made an exceptional bonanza-grade gold oxide intersection during recent drilling. It also revealed that high grades were intersected in a predicted high grade shoot.

Managing Director, Matt Briggs, commented:

This stunning result continues to confirm the extent of wide, high-grade mineralisation which has already been intersected in the adjacent drill holes, again highlighted by this exceptional intercept of 43m @ 8.3g/t Au from 41m.

Extensive mineralisation of this grade and width further establishes the Highway Zone as a broad structure that reinforces the project's potential for open pit mining.

The post 2 ASX mining shares flying over 18% higher on Monday appeared first on The Motley Fool Australia.

The Odyssey Gold Ltd (ASX: ODY) share price is storming higher during mid-morning trade following an update on its capital raise efforts.

At the time of writing, the gold miner's shares are up 7.4% to 14.5 cents.

Odyssey Gold completes placement, initiates SPP

According to its release, Odyssey Gold advised it has successfully secured a commitment to raise $10 million (before costs) through a placement. The offer received strong support from both domestic and international institutional and sophisticated investors.

The placement will see 79.8 million new ordinary shares issued at a price of 12.5 cents apiece.

In addition, Odyssey Gold will launch a Share Purchase Plan (SPP) for eligible shareholders, under the same terms of the placement. The company is hoping to raise a further $5 million by the issuance of another 40 million ordinary shares. The SPP offer closes on 24 June 2021, with issue and quotation of the shares on 1 July 2021.

Odyssey Gold will use its existing placement capacity to create the new shares. Under listing rule 7.1, this allows up to an additional 15% of its total shares to be issued without shareholder approval.

The proceeds of the placement and SPP will be used to accelerate the company's Tuckanarra and Stakewell Gold Projects. This includes expanding its current exploration drilling program, whilst undertaking resource development drilling, and technical and metallurgical studies.

Odyssey Gold executive director, Matt Syme commented:

We are pleased with the strong support received for this Placement from existing and new investors. It reflects the exciting exploration potential of our two outstanding gold projects in the Murchison Goldfields.

Funds raised from the Placement will allow Odyssey to expedite exploration of our recent gold discoveries.

How has the Odyssey Gold share price performed?

Since listing on the ASX board in January, Odyssey Gold shares have jumped by more than 220%. The company's share price reached an all-time high of 22.5 cents earlier this month before dropping lower from profit-taking.

Odyssey Gold has a market capitalisation of roughly $63 million, with 452 million shares on its registry.

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Shares in Odyssey Gold Ltd (ASX: ODY) are wobbling today after the company announced a new discovery and a successful drilling program. At the time of writing, the Odyssey share price is 16 cents, down 3.13%.

This morning, the Odyssey share price broke its 2-day trading halt, opening 5% higher than its previous close. Despite the positive reception, it quickly plunged 11% before returning to trade at 16 cents.

The mineral exploration company released news it has found visible gold at the newly discovered Blue Gino Prospect. it's also finished its maiden drill program.

Let's take a closer look at the news driving the Odyssey share price today.

Odyssey's new findings

Bottle Dump

This morning Odyessy announced that drill holes from its Bottle Dump Mine – located within its Tuckanarra Project – have returned positive results.

From 30 holes drilled, 28 intersected the mine's gold-hosting banded iron formation, while only 20 were assayed.

All assays returned gold mineralisation, with results including:

• 6 metres at 2.8 grams of gold per tonne from 118 metres.
• 12 metres at 1.6 grams of gold per tonne from 172 metres.
• 9 metres at 1.1 grams of gold per tonne from 143 metres.
• 7 metres at 1 grams of gold per tonne from 113 metres.
• 4 metres at 3.3 grams of gold per tonne from 124 metres.

Stakewell Project

A maiden diamond drilling program at Odyssey's Stakewell Project has also returned significant assay results.

The program targeted mineralisation extensions from the historical Kohinoor gold mine.

Assay results from the program include:

• 4 metres at 5.2 grams of gold per tonne 281 metres.
• 4 metres at 1.8 grams of gold per tonne from 289 metres.

Blue Gino Prospect

According to Odyssey, it was unaware of Blue Gino until it recently discovered visible gold within near-surface quartz at the prospect.

Exploration at Blue Gino will be fast-tracked so it can be included in the company's next phase of drilling.

The Blue Gino prospect is located within the company's Stakewell Project.

What's next?

Going forward, Odyssey will be focusing on ground magnetics over the Bottle Dump Mine and the Blue Gino Prospect, as well as a second drilling program.

In addition, it will be continuing to map, test, and develop target areas. This will also include previously unexplored areas.

Finally, the company has recently applied for a new tenement near its two existing projects. It stated the new tenement houses potentially fertile greenstone geology with limited previous exploration.

Commentary from management

Odyssey's executive director Matt Syme commented on the findings, saying:

The new discovery of high-grade visible gold in a previously unknown quartz vein system at Blue Gino, highlights again the excellent exploration potential which led us to acquire Stakewell and Tuckanarra… We are looking forward to receiving the remaining assay results and the re-mobilisation of the drill rigs to continue unlocking this exciting exploration potential.

Odyssey Gold share price snapshot

Despite today's instability, the Odyssey Gold share price is having a great year on the ASX.

Currently, the Odyssey share price is 121% higher than it was at the start of 2021.

The company has a market capitalisation of around $72 million, with approximately 532 million shares outstanding.

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The Odyssey Gold Ltd (ASX: ODY) share price is deep in the red on the ASX today. This follows the company's announced assay results from its maiden diamond drill hole at its Bottle Dump section.

Forming part of the Tuckanarra project, Odyssey Gold controls an 80% interest in the Western Australian gold mine. The 52 square kilometre site comprises four main pits – – Bottle Dump, Maybelle, Cable and Bollard.

At the time of writing, the gold miner's shares are fetching for 15.5 cents, down a sizeable 20.5%.

What were the results?

Investors are driving Odyssey Gold shares down despite the company providing exciting gold results.

According to the release, Odyssey Gold advised significant visible gold from its first intercept at Bottle Dump. The diamond drill hole intersected gold at around 249 meters, along with sheared quartz vein contacts and interpreted magnetite alteration.

A core of 28 centimetres long comprising of the gold veinlet and nearby disseminated visible gold was sent to Perth laboratory for analysis. To preserve the gold vein and core, Odyssey Gold selected the PhotonAssay technique.

This non-destructive method uses high powered x-rays to bombard rock samples and activate atoms of gold and other metals. A highly sensitive detector then picks up the unique atomic signatures from these elements to identify their concentrations.

The core had to be split into three parts as the central subsample exceeded an upper detection limit of 12,000g/t gold. Because of the strong results, a second calibration method is underway to determine the value of the sample. The new technique will have an upper detection limit of 35,000g/t gold.

The company is expected to provide the results when available.

Odyssey Gold share price review

Since listing on the ASX board in January, Odyssey Gold shares have accelerated close to 250%. The company's share price reached an all-time high of 22.5 cents last week before dropping lower from profit-taking.

On valuation metrics, Odyssey Gold presides a market capitalisation of roughly $67 million, with 452 million shares outstanding.

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The Odyssey Gold Ltd (ASX: ODY) share price has been an incredible performer on Tuesday.

In morning trade, the gold explorer's shares were up a whopping 118% to a record high of 15.5 cents.

The Odyssey Gold share price has now given back some of these gains but remains 69% higher at 12 cents at the time of writing.

Why is the Odyssey Gold share price rocketing higher?

Investors have been scrambling to buy the company's shares on Tuesday following the release of an update on its exploration activities at the Tuckanarra project.

As you might have guessed from the performance of the Odyssey Gold share price, the update was a very positive one.

According to the release, Odyssey has intersected significant visible gold in its maiden diamond hole. This was a 70 metre step-out in the eastern extension of the developing Bottle Dump deposit at Tuckanarra.

Management notes that this is the first ever drilling in an untested area, with the visible gold mineralisation associated with the nearby basal quartz vein system.

It believes this indicates a second mineralised domain, parallel to the mineralisation in the main mine banded-iron formation sequence.

Odyssey Gold's Executive Director, Matt Syme, commented: "The impressive visible gold intersected at Bottle Dump confirms the strong potential of the Bottle Dump trend to host high-grade gold mineralisation. The visible gold in TCKDD0003 and the 13m at 3.9g/t in TKRC0014 have extended known gold mineralisation over 100m to the east of the Bottle Dump pit."

"The potential extent of the Bottle Dump trend is up to 3km and the known gold mineralisation is open to the east and west and at depth. Odyssey has consolidated some of the best gold exploration ground in the Western Australian Goldfields and we are looking forward to applying modern exploration techniques to uncover the area's outstanding potential," he concluded.

The Odyssey Gold share price is now up almost 400% since its re-listing at 2.5 cents per share in January.

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The Odyssey Gold Ltd (ASX: ODY) share price is one of the few star performers on the ASX market today. This comes after the company released previously uncovered results from its high-grade Tuckanarra exploration project.

During the opening minutes of trade, the gold miner's shares rocketed to an intraday high of 8 cents. However, investors have decided to take some profit off the table, sending the Odyssey share price to 6.9 cents, up 60.4%.

What's moving the Odyssey share price higher?

Today's news revealed that Odyssey has uncovered a number of previously unannounced results from Bottle Dump (the most eastern pit at its Tuckanarra project), which signify the potential of high-grade gold mineralisation at the site. 

Odyssey acquired an 80% interest in the Tuckanarra gold project from Canadian-listed gold producer, Monument Mining Ltd, late last year. Since then, the miner has been collating and reviewing all historical exploration data to see if it missed any drilling results that occurred before its acquisition of both the Tuckanarra and Stakewell projects.

The newly discovered results from Bottle Dump were as follows:

• 30 meters @ 3.7 grams per tonne (g/t) of AU (gold) (BTD100 from 87 metres)
• 13 meters @ 8.5 g/t Au (BTD128 from 15 metres)
• 8 meters @ 10.3 g/t Au (BTD123 from 88 metres)
• 2 meters @15.8 g/t Au (BTD107 from 81 metres)
• 8 meters @ 6.3 g/t Au (BTD138 from 80 metres)
• 12 meters @ 4.5 g/t Au (BTD108 from 69 metres)

Located in Western Australia, Tuckanarra covers an area of 52 square kilometres. The project has four main pits – Bottle Dump, Maybelle, Cable and Bollard. Originally, Tuckanarra came with extensive drilling and geochemical tests at the site. Over 2,949 drill holes and 6,940 soil/rock samples were conducted prior to the acquisition.

The adjacent Stakewell gold project is located just north of Tuckanarra. Both sites, which represent the Tuckanarra greenstone belt, position Odyssey to become a large player in the area known as the Murchison Goldfields.

In light of the recent developments, the company stated that it was planning to commence its maiden drilling program at Tuckanarra and Stakewell. Odyssey added that planning, contract tendering and permits are well advanced and will begin work sometime this quarter.

Management commentary

Odyssey executive director Mr Matt Syme touched on the positive find, saying:

The Odyssey team is very pleased that our review and modelling of the extensive historical exploration dataset continues to enhance the potential at Tuckanarra.

Bottle Dump is emerging as an exciting, high priority target given the down plunge potential revealed by these and earlier results.

The Company is looking forward to further results from the ongoing review and collation of historic exploration data as well as the commencement of our maiden drill program in coming weeks.

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