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Odessa Minerals Limited (ASX:ODE) (“Odessa” or the “Company”) is pleased to report on its activities for the quarter ending 31 December 2023 (the “Quarter”).
HIGHLIGHTS:
Highly anomalous lithium identified at Robinson Bore – Yinnethara Lockier Range Project
- First assay results confirm fertility of Robinson Bore pegmatites to host lithium-bearing minerals
- >16,500m of pegmatites mapped at Robinson Bore, taking overall mapped pegmatites at Lockier Range tenement to over 56km
- Highly-elevated key lithium-pegmatite pathfinders including:
- >2000ppm Rb in four pegmatites
- 672ppmCs
- 212ppmTa
- 2970ppmBe
Standout Lithium Pegmatite Drill Targets Identified
- Assay results (Rock chip and soils) define standout DRILLING TARGETS for Lithium in Pegmatites
- Soil sampling defines coherent anomalous lithium-pegmatite trends:
- 248 soil samples return Li2O > 100 ppm
- 4km x 2km northwest-trending Li-Cs-Ta-Be-Rb-Bi anomaly at Robinson Bore coincident to the 16,500m of sub-cropping fractionated pegmatites
- 2.7km x 2km coherent Li-Cs-Ta-Be anomaly at the Eastern Pegmatite Field adjacent to the fertile Thirty Three Supersuite granite
- Pegmatite Rock chip samples at Mt Yaragner show a westward fractionation trend with K/Rb ratios within feldspars <30
Mt Yarragner Ironstones shown as outstanding REE targets
- Soil sampling defines coherent anomalous Rare Earth Element (REE) trends at the Lockier Range Project, Upper Gascoyne Region of Western Australia:
- 5 x 2km overall highly anomalous area at Mt Yaranger (>300ppm La+Ce+Y in soils)
- 2 to 4km strike length individual trends (>700ppm La+Ce+Y)
Gascoyne East Project - Airborne Survey underway
- 2,100 sq km airborne magnetic and radiometric survey commenced
- Due to be completed early February 2024
Odessa’s Executive Director, David Lenigas, commented:
“Odessa is well funded to kick off 2024, with cash at bank at the beginning of this year standing at $3.2 millions. The quarter saw significant on-ground exploration and interpretation at our Yinnetharra Lockier Range Project which helped to define exceptional drill targets for both lithium and REEs. In addition, a massive airborne magnetic and radio magnetic survey covering more than 2,000 square kilometres has commenced at our Gascoyne East Project, where we are hopeful of identifying new multi-metal targets under the cover there. 2023 was the year for acquisition in the Gascoyne, obtaining access permits, heritage agreements and extensive surface exploration. 2024 will be the year for drilling in the Gascoyne for Odessa.”
Odessa has focused on exploration in the Gascoyne Region of Western Australia in Q4 2023. The tenement package in the Gascoyne now exceeds 3,000 km2.
Figure 1: Odessa Minerals regional Gascoyne Project location map overlain with Geological Survey WA Minedex Occurrences.
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ODE:AU
High grade Massive Sulphide Intercepts Confirmed at Oval
HIGHLIGHTS:
- OVD027 confirms the continution of high grade massive sulphide from OVD0211 with an intercept of 6.1 metres of 4.16% Cu, 3.51% Ni, 0.G3g/t E3, and 0.13% Co from G8.2 metres encountered between broader high grade zones of:
- A dense disseminated intercept - 26.2 metres of 0.44% Cu, 0.52% Ni, 0.12g/t E3, and 0.03% Co from 72.0 metres and
- A net textured intercept - 15.3 metres of 1.15% Cu, 0.79% Ni, 0.35g/t E3, and 0.04% Co from 104.3 metres;
- A high grade broad intersection is confirmed at the central part of the Oval area by OVD026. It includes a massive sulphide intercept in hole OVD026 of 1.8 metres of 3.21% Cu, 3.32% Ni, 0.6Gg/t E3, and 0.14% Co from 105.0 metres within broader mineralisation of:
- 19.8 metres of 1.23% Cu, 0.98% Ni, 0.36g/t E3, and 0.05% Co from 91.2 metres.
OVD026 is located 100 metres northwest of the previously announced 8.8 metres of massive sulphide identified in drillhole OVD021.
On completion of the Phase 2 exploration work and receipt of all assays, Managing Director Gan-Ochir Zunduisuren, commented:“The 2024 Phase 1 and 2 drilling and exploration programs have confirmed the broad presence of high-grade mineralisation in the Oval gabbroic intrusion. The grades intercepted in some of the drillholes are exceptional and may be indicative of broader potential over a larger area, given Oval is a greenfields discovery.
The 2025 exploration program will focus on obtaining information on the size/metal content potential of the Oval Cu-Ni-PGE mineral system as well as targeting the possible deeper magmatic sources at Oval. Broader exploration is also planned at potential extensions of Oval and nearby look-a-like prospects. We look forward to updating shareholders on progress, with drilling expected to commence in around 8 weeks”.
Summary of Phase 2 exploration drilling at Oval Cu-Ni-PGE project
The Company’s recent drilling work has predominantly focused on finding high-grade mineralisation in the olivine-amphibole gabbro at the Oval project. The multiple intercepts of massive sulphide mineralisation with different ratios of metal contents throughout the Oval gabbroic intrusion is highly encouraging for the presence of one or more deeper sources of high grade mineralisation in the opinion of ABM.
Figure 1. Plan view of drillhole locations on high resolution magnetics map (RTP)
Drillhole OVD02c
Drillhole OVD026 was designed to test the Down-Hole Electromagnetic (DHEM) conductor plate identified as OVD007_L2_B (reinterpretation of OVD007_L2_A2 by Southern Geoscience Consultants), which exhibits a conductance of 1,000 siemens. The drilling intersected a total of 1G.8 metres of mineralisation with 1.23% Cu, 0.G8% Ni, 0.36g/t E3, and 0.05% Co from G1.2 metres including;
- 4.8 metres of @ 0.45% Cu, 0.43% of Ni, 0.14g/t E3, and 0.02% Co of dense disseminated mineralised gabbro from 91.2 metres,
- 6.6 metres of @ 1.56% Cu, 0.G0% Ni, 0.50g/t E3, and 0.04% Co of net textured mineralisation from G6.0 metres,
- 2.4 metres of @ 1.52% Cu, 1.3G% Ni, 0.43g/t E3, and 0.07% Co of semi massive sulphide mineralisation from 102.6 metres,
- 1.8 metres of @ 3.21% Cu, 3.32% Ni, 0.6Gg/t E3, and 0.14% Co of massive sulphide mineralisation from 105.0 metres, and
- 4.2 metres of @ 0.57% Cu, 0.45% of Ni, 0.21g/t E3, and 0.02% Co of dense disseminated mineralised gabbro from 106.9 metres (Table 1 provides a detailed breakdown of mineralisation intervals).
OVD026 is located in the Oval area, which is approximately 100 metres northwest of the previous intersection identified in drillhole OVD0213. This intercept may represent an extension of the known massive sulphide mineralisation in the Oval area and highlights the potential for further expansion of massive sulphide zones within the broader prospect area (Figures 1 and 3).
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This article includes content from Asian Battery Metals PLC, 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.
