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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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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
Drilling Commenced at Viani in Fiji
HIGHLIGHTS
- The Phase 1, three-hole diamond drilling program has commenced at the Viani Project, Fiji and will test for extensions to the quartz vein gold mineralisation at depth.
- Phase 1 is expected to be completed in early 2025, with plans for additional drilling under the same program dependent on the initial results
- The Viani Project (SPL1513) covers an area of approximately 200km2 and is largely underexplored.
- At the Dakuniba prospect within Viani, low sulphidation epithermal high-grade gold mineralisation has been mapped over >3km strike length.
- Diamond drilling completed by Japan International Cooperation Agency (JICA) in 1995 to 1997 intersected high-grade gold in low sulphidation epithermal quartz veins, including 0.6m @ 27.6 g/t Au.
Alice Queen’s Managing Director, Andrew Buxton said,
With drilling underway, Alice Queen is positioned to test the epithermal gold-style mineralisation identified in historic drilling at the Viani Project. Weather permitting, we anticipate completing the Phase 1, three-hole diamond drilling program in early 2025. Following this, our exploration team will mobilise the drill rig to the Sabeto Project in Fiji to maintain the momentum of this campaign. To deliver timely results to shareholders, we intend to accelerate the analysis of the drill core at ALS Brisbane.”
Image 1 – Diamond drilling at Viani
Details
Geology
The geology of the Viani Project (SPL 1513) comprises olivine basalts and volcaniclastics of the Natewa Volcanic Group which are intruded by andesite sills and dykes. In the 1940s, gold mineralisation was found by local prospectors near the village of Dakuniba. At Dakuniba, low sulphidation style epithermal gold occurs in quartz veins, and silicified rocks along a 3km long NE trending zone.
In 1995-1997, Japan International Cooperation Agency (JICA) drilled six diamond holes at Dakuniba and intersected high-grade gold in chalcedonic, crustiform, colloform banded quartz veins at depths of 50m to 100m below surface (i.e. MJVFV-5 intersected 2.2m @ 11.3 g/t Au, incl 0.6m @ 27.6 g/t Au at 121m downhole). This high-grade gold mineralisation is open in all directions.
Proposed Drill program
The initial Phase 1 drill program at Viani (see Table 1) will comprise three diamond drillholes designed to test continuity to the epithermal gold mineralisation previously intersected in JICA drillhole MJVFV- 5 (2.2m @ 11.3 g/t Au) (see Figure 2). The drilling will test for extensions to the gold mineralisation at depth and along strike.
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This article includes content from Alice Queen Limited, 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.
