Odessa Minerals (ASX:ODE)

Quarterly Report – Activities for Quarter Ended 31 March 2024

Odessa Minerals Limited (ASX:ODE) (“Odessa” or the “Company”) is pleased to report on its activities for the quarter ending 31 March 2024 (the “Quarter”).

HIGHLIGHTS:

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)

Relief Well Uranium Project (Lyndon):

  • Relief Well Uranium Prospect immediately adjoins Paladin Energy’s Carley Bore Uranium Project
  • (15.6MLbs U3O8 announced resource)1
  • 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

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:

“It’s been a very active and successful exploration period for Odessa in the Gascoyne this past quarter, having identified very significant uranium prospects emerging at Lyndon returning some exceptional grades up to 6,600 ppm U3O8. Our exploration priorities in the Gascoyne are now swayed towards accelerating our uranium targeting at Lyndon and readying the uranium prospects for drilling later this quarter if possible. We are also excited with what we are seeing now at Gascoyne East with the detailed interpretation of the airborne survey highlight excellent gold copper and uranium targets. Detailed planning for air-core and RC drilling is now well underway and should also start later this quarter or early next quarter.”

Figure 1: Odessa Minerals regional Gascoyne Project location map overlain with Geological Survey WA Minedex Occurrences.

Lyndon Uranium/Lithium/REE Project

Lyndon Project Overview

The Lyndon Project is located on the margin of the Carnarvon Basin and Gascoyne Complex approximately 200km south of Onslow and 200km NE of Carnarvon, in Western Australia. The project consists of over 1,000km2 of exploration licenses and applications.


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.

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