The Conversation (0)
Odessa Minerals Limited (ASX:ODE) (“Odessa” or the “Company”) advises that it has received and reviewed the rare earth element (“REE”) analysis results from the tenement-wide systematic soil sampling program over the Lockier Range project located in the Gascoyne region of Western Australia.
Highlights:
Well-defined and standout drill targets for REE have now been identified at Lockier Range and includes:
- Mt Yaragner West REE
- ~2.5km x 1.5km target zone with very high cerium (Ce) + lanthanum (La) in systematic soil analysis1
- >2,400ppm Ce+La ppm peak soil value
- Coincident thorium radiometric anomalies
- Proximity to historic HMC stream sediment results up to 14% total REE (3.36% Nd+Pr)2
- Several other anomalies warranting follow up work
- Odessa’s Lockier Range Lithium and Rare Earth Element (“REE”) Project covers a large area of 125km2 within its substantial Gascoyne tenement package of +3,000 km2; and is ideally located:
- ~8.5km southwest of Delta Lithium’s “Jameson” lithium pegmatite discovery
- ~15km west of Reach Resources’ “Morrissey Hill” lithium pegmatite discovery
- ~25km west of Delta Lithium’s “Yinnetharra” lithium pegmatite discovery
- ~40km west of Voltaic Strategic Resources’ pegmatite discovery
- ~60-70km south of Hastings Technologies’ and Dreadnought Resources’ rare earth projects
David Lenigas, Executive Director of Odessa, said:
“With historic stream sediment sample results at Lockier Range up to 14% REE (including 3.36% Neodymium and Praseodymium), these very high REE soil sampling results define a compelling REE target in the emergent Gascoyne REE province, which require priority mapping followed by drilling. Mt Yaragner has always been our main REE target of interest, and these new results confirm it remains a very high priority for next steps. Combined with the high order lithium targets released at the end of last week and these REE results, Lockier Range is looking very promising for Odessa.”
The Lockier Range Project consists of a single 125km2 Exploration License (E09/2649). Previous work includes historic stream sediment sampling showing the project to be highly anomalous in lithium pegmatite and REE carbonatite indicator elements.
The Lockier Range Project is located in the highly sought-after Gascoyne region of Western Australia and is in close proximity to significant recent lithium/pegmatite discoveries by Delta Lithium Ltd (ASX:DLI), Voltaic Strategic Resources (ASX:VSR) and Reach Resources (ASX:RR1). Furthermore, the project lies in a north-south corridor of REE carbonatite discoveries by Hastings Technologies Ltd (ASX:HAS); Dreadnought Resources Ltd (ASX:DRE) and Kingfisher Mining Ltd (ASX:KFM) (Figure 1, Figure 6). Odessa recently reported very positive results from its soil sampling for lithium and lithium pathfinder elements.3
Figure 1 - Lockier Range Project, proximal to the emergent Gascoyne lithium pegmatite province.
REE Carbonatite Targeting
The Gascoyne Province of Western Australia is emergent with the discovery of significant critical rare earth element resources and occurrences by Hastings Technology Metals (ASX:HAS), Dreadnought Resources (ASX:DRE) and Kingfisher Mining (ASX:KFM), along with other REE-focused explorers such as Augustus Minerals (ASX:AUG) and Minerals 260 (ASX:MI6).
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.
Odessa Minerals Investor Kit
- Corporate info
- Insights
- Growth strategies
- Upcoming projects
GET YOUR FREE INVESTOR KIT
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.
Key Projects
Lyndon Project
The Lyndon project tenements total 1,000km2 of highly prospective ground for REE/lithium exploration. The project has also shown signs of significant uranium potential, making the company pivot towards it and aligning its priorities to uranium exploration. The initial fieldwork on the project has yielded impressive results.
Jailor Bore, Baltic Bore and Ben Hur prospects showed significant calcrete-hosted uranium mineralization at the surface. The findings at the Balti Bore and Jailor Bore included 12 rock chips with assays revealing over 1,000 ppm U3O8 and five rock chips with assays showing more than 1,000 ppm V2O5 (vanadium oxide).
Carnotite (uranium) mineralisation within siliceous calcrete at the Jailor Bore prospect in sample XT0938.
Baltic Bore prospect: The Baltic Bore prospect area features several radiometric anomalies linked to calcrete terraces, extending over a strike length of 2.6 km. Baltic yielded a noteworthy 6,612 ppm U3O8 while also uncovering 2,132 ppm V2O5 in sample XT0970. An additional eight samples show rock chip assays exceeding 1,000 ppm U3O8. Historically, little attention has been paid to the Baltic Bore prospects compared to Jailor Bore. However, the assay results at Baltic Bore indicate significant potential for high-grade uranium discovery.
Jailor Bore target: Jailor Bore encompasses more than 2 km of uranium radiometric anomalies along its strike length. Surface mineralization has been observed at this target, with four rock chip assays exceeding 1,000 ppm U3O8, with a maximum of 4,489 ppm U3O8. Additionally, high vanadium levels were found to be associated with uranium mineralization, with rock chip XT0929 showing up to 1,541 ppm V2O5.
Ben Hur, Giant and Red Hill Uranium Targets: The Ben Hur, Giant and Red Hill prospects exhibit calcrete-type uranium mineralization similar to that found at the Baltic Bore and Jailor Bore. Historical exploration reported intersections up to 2 meters @ 411 ppm U3O8 from 4 meters.
Relief Well Project
VTEM survey data has confirmed the presence of a palaeochannel at the Relief Well prospect with a strike length of greater than 8 km that remains open to the south. The palaeochannel-hosted uranium mineralization at the Relief Well prospect is typically amenable to low-cost in-situ leach recovery. Relief Well is situated directly along the strike and serves as an upstream extension of the paleochannel that hosts Paladin Energy’s Carley Bore, which contains a 15.6 Mlbs U3O8 resource. The company will now move forward with drill planning and will seek approvals to conduct drilling at the Relief Well prospect.
Gascoyne East Project
The Gascoyne East Project tenements cover 2,108 sq. km. of exploration licenses. The Gascoyne East project is one of the most under-explored areas of the Gascoyne Province. The company has identified multiple gold, copper and uranium targets for the project, and is planning a two-phase air-core drilling program. Phase 1 air core drilling with hole spacings ranging from 200 meters to 400 meters aims to update the basement geology model and rank targets for the follow-up Phase 2 drill program, which will test for mineralization at depth. Phase 1 drilling is expected to commence in Q3 2024.
Management Team
Zane Lewis – Non-Executive Director
Zane Lewis is the principal and co-founder of SmallCap Corporate, a corporate advisory firm that specializes in providing corporate advice and compliance administration to public companies. Leveraging his extensive financial and corporate experience from previous roles, Lewis brings a wealth of knowledge to the board. Additionally, he holds the title of Fellow of the Governance Institute of Australia and serves as a non-executive director of Lion Energy (ASX:LIO) and Kairos Minerals (ASX:KAI).
David Lenigas – Executive Director
David Lenigas is a mining engineer holding a Western Australian First Class Mine Managers Certificate. He boasts vast corporate experience, having served as chairman and chief executive officer of numerous leading stock exchanges worldwide, overseeing various business sectors. He has also held senior financial and management roles in publicly listed and private enterprises across Australia, the United Kingdom, Canada and Africa.
Lisa Wells – Non-Executive Director
Lisa Wells brings 26 years of experience as an exploration geologist, having worked across various commodities such as diamonds, bulk commodities, gold, and base metals. Previously, she was a senior geologist at United Kimberley Diamonds, overseeing the Phillips Range diamond bulk sampling program at Aries South in Central Kimberley.
Wells has extensive expertise in environmental and permitting approvals, coordinating trial mining operations, conducting feasibility studies, and managing projects across a range of commodities, including diamonds, gold, phosphate and base metals.
Currently, Wells is a non-executive director of Territory Minerals, a gold company with projects in North Queensland. She holds a BAppSc. in Geology from Curtin University.
Robbie Featherby – Company Secretary
Robbie Featherby is a corporate advisor at SmallCap Corporate, a specialized boutique firm offering company secretarial, CFO and transaction management services to both listed and unlisted companies. Additionally, he is the company secretary at Victory Goldfields (ASX:1VG), Cosmos Exploration and Volt Resources.
Odessa Minerals Investor Kit
- Corporate info
- Insights
- Growth strategies
- Upcoming projects