Odessa Minerals (ASX:ODE)

Quarterly Report – Activities for Quarter Ended 30 June 2024

Odessa Minerals Limited (ASX:ODE) (“Odessa” or the “Company”) is pleased to report on its activities for the quarter ending 30 June 2024 (the “Quarter”).

HIGHLIGHTS:

Relief Well Uranium Project (Lyndon):

  • Relief Well Uranium Prospect immediately adjoins Paladin Energy’s Carley Bore Uranium Project
  • (15.6MLbs U3O8 announced resource)
  • Extensive 8km long palaeochannel confirmed at Relief Well, prospective for roll-front style uranium mineralisation
  • Drill planning underway for testing of roll-front uranium mineralisation at Relief Well
  • Unconformity-Type and fault-related uranium mineralisation potential along the Gneuda Formation- Moorarie Supersuite contact.

Lyndon Uranium/Lithium/REE

  • New Rock chip assay results up to 6,612ppm U3O8 at the Baltic Bore and Jailor Bore prospects
  • 12 rock chips returned assays >1,000ppm U3O8
  • 5 rock chips returned assays >1,000ppm V2O5
  • Uranium anomalism spans strike lengths of 2.6km at Baltic Bore and 2km at Jailor Bore
  • Lyndon Project Immediately adjoins Paladin Energy’s Carley Bore Uranium Project (15.6MLbs U3O8)

Gascoyne East:

  • Completion of lithological and structural interpretation from geophysical datasets
  • PoW approval for Phase 1 aircore drilling to assist bedrock mapping
  • Geophysical interpretation has confirmed drill targets for:
    • Intrusion-related porphyry and Iron Oxide Copper-Gold (IOCG) mineralisation
    • Magmatic Ni-Cu-PGE mineralisation within a distinct layered mafic intrusion
    • Orogenic and intrusion-related gold mineralisation within the Dalgaringa Supersuite and Camel Hills Metamorphics.
    • Intrusion-related gold and base metal deposits within the Edmund Basin
    • Sedimentary-hosted base metal deposits in the Edmund Basin analogous to the Abra deposit
  • At-surface uranium targets identified through airborne radiometric survey data

Odessa’s Executive Director, David Lenigas, commented:

“This has been a Quarter to prepare for drilling in the Gascoyne. We have identified some very significant uranium targets, and we aim to drill this Quarter. We have high grade calcrete uranium targets and substantial roll-front uranium targets set up to drill. Our drill contractor has been chosen and we are finalising some heritage surveys at Lyndon before we mobilise the drill rigs to Gascoyne East and Lyndon. We will advise of the planned metres of the various types of drilling we plan to do, closer to the drill rigs being mobilised. This should be an exciting Quarter for shareholders and the board looks forward to elaborating on the drilling as it moves to proceed shortly.”


Click here for the full ASX Release

This article includes content from Odessa Minerals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

ODE:AU
The Conversation (0)
Power lines, stock chart and money symbolizing energy market growth.

Uranium Price Update: Q1 2025 in Review

Impacted by broad uncertainty, geopolitical risks and trade tensions, the spot U3O8 price fell 13.26 percent during Q1, starting the session at US$74.74 per pound and contracting to US$64.83 by March 31.

As factors outside the uranium sector forced spot price consolidation, long-term uranium prices remained steady, holding at the US$80 level, a possible indicator of the market’s long-term potential.

Although the U3O8 spot price hit nearly two decade highs in 2024, the sector has been unable to find continued support in 2025. Much uncertainty has been introduced this year by the Trump administration's on-again, off-again tariffs, which have infused the already opaque uranium market with even more ambiguity.

As volatility rattles investors, US utility companies have also been impacted by the threat of tariffs.

“There's a lot of speculation,” Per Jander, director of nuclear fuel at WMC, told the Investing News Network (INN) in a March interview. “I think the new administration is unpredictable, and I think that is by design, and (they are) obviously doing a very good job at that. But again, it has ripple effects for players in the market.”

Keep reading...Show less
Mineralisation structures Identified at North Sweden project

Mineralisation structures Identified at North Sweden project

Basin Energy (BSN:AU) has announced Mineralisation structures Identified at North Sweden project

Download the PDF here.

Canadian flag next to uranium ore.

5 Best-performing Canadian Uranium Stocks of 2025

Q1 2025 has been a turbulent time for the uranium market as long term demand fundamentals proved insufficient at combatting global economic uncertainty.

Following 2024’s impressive performance that saw U308 spot prices break through the US$100 per pound threshold, reaching a 17 year high, the first three months of 2025 have been punctuated with volatility.

Concern about the impact of potential US energy tariffs on significant uranium producer Canada added headwinds to uranium’s sails early on. As tensions between the US and its neighboring ally ratcheted up, U3O8 spot prices slipped lower, falling to US$63.44 in mid-March, a low last seen in September 2023.

Keep reading...Show less
Toro Energy (ASX:TOE)

Toro Energy


Keep reading...Show less
Western Uranium & Vanadium Corp. Announces Ore Purchase Agreement

Western Uranium & Vanadium Corp. Announces Ore Purchase Agreement

Western Uranium & Vanadium Corp. (CSE: WUC) (OTCQX: WSTRF) (" Western " or the " Company ") is pleased to announce that the Company has entered into an Ore Purchase Agreement ("Agreement") with Energy Fuels Inc. (NYSE American: UUUU) (TSX:EFR).

Western plans to commence hauling around the beginning of May, making deliveries to Energy Fuels' White Mesa Mill, the only operational conventional uranium/vanadium mill in the United States. Deliveries will be sourced from previously mined production that has been stockpiled at the Company's flagship Sunday Mine Complex. The Agreement is for a one year period, and provisions for the delivery of up to 25,000 short tons of uranium bearing ore. The purchase price will be calculated based upon the uranium grade of each closed lot according to the agreed pricing schedule.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less

Latest Press Releases

Related News

×