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Odessa Minerals Limited (ASX:ODE) (“Odessa” or the “Company”) is pleased to provide a further update on the exploration program underway at its Yinnetharra Lithium Project at Lockier Range in the Gascoyne region of Western Australia.
Highlights:
- 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
- Highly-elevated key lithium-pegmatite pathfinders in rock chips including:
- peak Li2O result of 1911ppm
- 22 samples above 500ppm Li2O
- 5 samples above 100ppm Ta2O5 (Peak 259ppm)
- 18 samples above 100ppm Cs2O (Peak 712ppm)
- 9 samples above 100ppm BeO (Peak 8245ppm)
- 7 samples above 2000ppm Rb (Peak 2728ppm)
- Pegmatite Rock chip samples at Mt Yaragner show a westward fractionation trend with K/Rb ratios within feldspars <30
David Lenigas, Executive Director of Odessa, said: “Odessa’s exploration team have processed thousands of rock chip and soil samples from Lockier Range over the past 6 months and the results have now defined some exceptional lithium rich areas that will be targeted with our maiden drilling programme. The Company is actively engaging with Native Title Holders to complete the necessary access permissions so that we can get the drills turning on the ground. We have excellent targets to drill at four locations, with a number of key indicators pointing to existence of extensive LCT systems, and drilling is the next phase of exploration planned here. At Robinson Bore alone, for example, we have identified a lithium trend of 4km that needs to be drilled.”
Lockier Range Lithium Pegmatite Targets
In addition to the Robinson Bore rock chip results announced to the market on 16th October 2023, all rock chip and soil samples across the Yinnetharra Lockier Range Project have been received, with analysis of LCT pegmatite results now completed (Figure 1).
Recent rock chip sampling aimed to identify highly fractionated and fertile pegmatites across the Lockier Range Project through feldspar and mica multi-element analysis, as well as whole-rock pegmatite analysis. Recent soil sampling aimed to identify anomalous trends indicative of potential blind, fertile pegmatites at Robinson Bore, the Eastern Pegmatite Field and Mt Yaragner.
Figure 1: Principal pegmatite target areas within the Lockier Range Project showing the extent of mapped pegmatites underlain by gridded soil results coded by Li2O ppm.
Robinson Bore
The Company has successfully identified a coherent 4km x 2km northwest-trending Li-Cs-Ta-Be-Rb-Bi in-soil anomaly at Robinson Bore, coincident with the recently announced 2.5km-long northwest-trending corridor of fractionated pegmatites (Figure 2). A total of 140 soil samples returned Li2O results above 100ppm at Robinson Bore, mirroring the trend of sub-cropping mapped pegmatites.
The majority of pegmatites at Robinson Bore occur in sub-crop, with vast areas concealed by cover material. The in-soil anomalies have generated additional targets where potential blind pegmatites are present, notably along the fractionation trend (Figure 2).
Figure 2: All rock chip samples across the Robinson Bore Prospect coded by Li2O ppm underlain by gridded soil results coded by Li2O ppm. Pegmatite targets and anomalous pathfinders highlighted.
Eastern Pegmatite Field
The Eastern Pegmatite Field is located directly adjacent to the fertile Thirty Three Supersuite granite that is thought to be the source of lithium-bearing pegmatites at Delta Lithium’s Yinnetharra Project. Soil Sample results at the Eastern pegmatite Field have returned a coherent 2.7km x 2km Li-Cs-Ta-Be anomaly, with 61 soil samples above 100ppm Li2O (Figure 3). No outcropping pegmatites were found, with the in-soil anomaly generating targets for potential blind pegmatites.
A significant northwest trend in Sn-W-Bi pegmatite pathfinders extends from the mapped margin of the fertile Thirty Three Supersuite granite from the Eastern Pegmatite Field soil anomaly through to the sub-cropping Robinson Bore Pegmatite Field (Figure 3).
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ODE:AU
Odessa Minerals
Overview
Odessa Minerals (ASX:ODE) is an ASX-listed junior mining and exploration company focusing on uranium exploration in the Gascoyne Region of Western Australia via its three projects— Lyndon Project, Relief Well and Gascoyne East.
Odessa Mineral’s pivot towards uranium and away from lithium is a smart move, especially in the current environment of high uranium prices. Uranium prices have soared to their highest point since 2008, surpassing US$100 per pound. This upward trend is expected to continue due to the ongoing supply and demand imbalance for uranium. With its portfolio of uranium projects, Odessa is strategically positioned to capitalize on these robust market fundamentals.
Odessa Minerals’ projects in the Gascoyne Region of Western Australia totalling >3,000km2
The company’s flagship Lyndon project is immediately adjacent to Paladin Energy’s 15.6 million pounds (Mlbs) U3O8 Carley Bore uranium project. The Lyndon Project has identified highly significant uranium intersections with some rock chip sample assay results showing exceptional grades up to 6,612 parts per millions (ppm) U3O8 at the Baltic Bore and Jailor Bore prospects. Odessa plans to begin drilling at the target areas in 2024.
The other two projects—Relief Well and Gascoyne East—have shown significant potential for uranium. An extensive palaeochannel stretching over 8 kilometers has been verified at Relief Well, offering the potential for uranium mineralization in a roll-front style. Odessa is planning a drilling program to test roll-front uranium mineralization at Relief Well.
The Gascoyne East project is one of the most under-explored areas in the Gascoyne Province. The company has identified multiple gold, copper and uranium targets for the project, and drilling has been planned for 2024.
The company is in the early stages of its operations, making it attractive for investors looking to get exposure to uranium assets in a tier-1 mining region like Gascoyne. The high insider holding, at nearly 28 percent, is an encouraging sign for investors as it aligns management’s interests with those of the shareholders.
Company Highlights
- Odessa Minerals is an ASX-listed, uranium exploration company with a large holding covering over 3,000 sq. km. in the Gascoyne region of Western Australia. The company has three key projects in the area – Lyndon, Relief Well, Gascoyne East.
- The company focuses on advancing uranium prospects at its flagship project, Lyndon. Lyndon is adjacent to Paladin Energy’s Carley Bore uranium project, which has a resource base of 15.6 Mlbs U3O8.
- Initial review of the Lyndon project has identified highly significant uranium intersections at the Jailor Bore, Baltic Bore and Ben Hur prospects, with some exceptional grades reaching up to 6,600 ppm U3O8.
- The Relief Well Uranium Project has revealed significant palaeochannel-hosted uranium mineralization typically amenable to low-cost recovery. The company will move forward with drill planning and seek approvals to conduct drilling at the Relief Well prospect.
- Uranium prices have surged to their highest level since 2008, exceeding US$100 per pound. This upward trend is anticipated to persist due to the tight supply and demand balance for uranium. Odessa's portfolio of uranium projects is well-positioned to benefit from strong fundamentals.
- The Gascoyne East project has extensive gold, copper and uranium targets that were identified during the recent airborne survey. The company is planning air-core and RC drilling for the project in 2024.
- The Company’s senior leadership team is well-experienced in the mining sector and has significant ownership in the company at nearly 28 percent. This is an encouraging sign for investors as it aligns the management’s interest with that of the shareholders.
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Uranium exploration in the Gascoyne Region of Western Australia