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Odessa Minerals Limited (ASX:ODE) (“Odessa” or the “Company”) is pleased to announce that it has completed an airborne gradiometer magnetic and radiometric survey over the Company’s +2,100 square kilometre tenement package at its Gascoyne East Project (“Project”) in the Gascoyne region of Western Australia.
Highlights:
- Completion of gradiometer magnetic and radiometric surveys at the previously under-explored Gascoyne East Project
- Multiple major mantle-tapping structures transect the Project area along strike from known mineralisation, indicating strong prospectivity for:
- Iron Oxide Copper-Gold (IOCG) mineralisation
- Sedimentary Exhalative (SEDEX) and sedimentary-hosted targets, analogous to the Abra Deposit
- Intrusion/magmatic-related Cu-Ni-Co-PGE mineralisation
- Lode-gold mineralisation analogous to the Glenburgh and Mt Edgerton deposits
- At-surface uranium radiometric anomalies also identified
- Ongoing geophysical interpretation for target ranking and immediate exploration
Figure 1: TMI RTP NE shade magnetic imagery overlain by structures. Primary magnetic anomaly targets identified. GSWA 1:500k bedrock geological and structural underlay. White boxes show the areas of interest displayed in Figure 2.
Magnetic Anomaly Targets
Figure 2: Zoomed areas of the white boxes (A-D) referenced in Figure 1. Yellow dashes outline magnetic features of interest associated with the translithospheric structures.
Geophysical consultants are completing inversion modelling and litho-structural basement mapping to aid with understanding the depth and geometry of the anomalies. Odessa will subsequently complete target ranking and plan immediate follow-up exploration and subsequent drilling.
Radiometric Targets
Figure 3: Uranium targets highlighted in U:Th ppm ratio radiometric image, showing the proximity of anomalies to splays of the Mt Clere South Fault that dissect the outcropping Moorarie Supersuite.
Several uranium anomalies have been highlighted by radiometric survey data across the Project, coincident with calcrete deposits mantling fault structures within an outcrop of Moorarie Supersuite granite. On-ground mapping and sampling is to be conducted to assess the potential for Calcrete-Type and concealed structurally- hosted uranium mineralisation
David Lenigas, Executive Director of Odessa, said: “The Gascoyne East Project is the most under-explored area of the emergent Gascoyne Province. This new, detailed geophysical dataset is the first high-resolution survey over the area and proves that major geological structures transect the project area along strike from known mineralisation.
The initial results from the survey have provided multiple exciting large-scale multi-commodity targets that will require follow-up exploration and drill testing.
Magnetic Inversion and structural modelling are underway to progress our understanding of the new anomalies and aid with target ranking. The Gascoyne East Project is shaping up to be an exciting frontier for Odessa’s exploration throughout 2024.”
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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.
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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.
Jeffreys Find Gold Mine Toll Milling of 150,000 Tonnes Commenced, Second 2024 Campaign
HIGHLIGHTS
- Processing of 150,000 tonnes commenced at Greenfields Mill.
- 75,600 tonnes on ROM Pad at Greenfields as of 23 July 2024.
- Second campaign expected to finish early September 2024.
- On target to process 300,000 tonnes at Greenfields Mill in 2024/2025.
- BML expects to mine well in excess of 300,000 tonnes in 2024/2025.
- First cash distributions to Auric this quarter.
MANAGEMENT COMMENT
Managing Director, Mark English, said: “We have the good fortune of pouring gold just as the price firms. It happened last year when the price went to $3,000 an ounce, this year it’s around $3,600 an ounce.
“The ever increasing gold price will result in Auric and our joint venture partner generating cash surpluses well in excess of what we had budgeted and anticipated.
“150,000 tonnes is a sizeable parcel of ore for this campaign. While it will take six weeks or so to mill, we expect it to generate well in excess of $25 million through gold sales for the joint venture.
“The mill contract is to process 300,000 tonnes in 2024. This 150,000 tonnes parcel will be the largest for Stage 2 of mining of Jeffreys Find. That leaves an additional 120,000 tonnes for milling at Greenfields towards the end of 2024.
“Jeffreys Find will be a substantial cash producer for Auric in 2024. We are on target to receive our first distribution within about a month.” said Mr English.
The Jeffreys Find Pit as of 16 July 2024
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This article includes content from Auric Mining, 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.
Viani - Low Sulphidation Epithermal Gold Project License Renewed
Highlights
- MRD notified Alice Queen on Friday 19 July 2024 via email that its Viani license (SPL1513) has been renewed for a further three years with effect from Wednesday 3 July 2024.
- Viani, located on the Pacific Rim of Fire on Vanua Levu in Fiji, covers an area greater than 200km2 and is largely under explored (see Figures 1 and 2).
- The Dakuniba prospect within Viani has been previously sampled where epithermal gold mineralisation has been recorded in outcrop samples over a >3km strike length.
- Multiple epithermal veins within the Dakuniba prospect area, 5km by 1.5km surface gold-in- soil geochemical anomaly - the footprint of the epithermal mineralisation is comparable to other economically productive gold epithermal deposits globally.
- Previous drilling by Japanese International Cooperation Agency (JICA) in 1997 focused on a small, shallow part of the overall system and intersected high grade epithermal gold mineralisation.
- (Hole MJFV-5 (see Figure 3) over 6 vein zones at 50 to 100m below surface with best results, 0.6m @ 27.6 g/t Au & 900 g/t Ag and 0.4m @ 11.7 g/t Au1 and remains open in all directions.
- The JICA drilling was limited to only 600m of strike-length of the 5km long gold-in-soil anomaly (>10ppb Au) supported by epithermal geochemistry i.e., Ag and As.
- Based on discovery knowledge from epithermal systems worldwide, it is apparent the historical drilling was an inadequate test of the Viani gold system.
Alice Queen’s Managing Director, Andrew Buxton said,
We are delighted the SPL1513 license has been renewed for a further three years and look forward to continuing to work alongside the Fiji Mineral Resources Department as we commence our next phase of exploration activities. The Viani Gold Project is a tremendous prospect which has demonstrated it has the potential to become a significant epithermal system. With the license now renewed and the Company fully funded for its Fiji exploration plans, Alice Queen will continue the systematic exploration of the Viani Gold Project with the Company having commenced planning for its upcoming exploration programs.
Viani
Figure 1. Fiji Project locations.
Figure 2. Location of the Dakuniba Prospect in relation with SPL1513.
The Viani project (SPL1513) covers an area greater than 200km2 on the Caukadrove Peninsula on the Pacific Rim of Fire, Vanua Levu, Fiji. It is well serviced from Savu Savu on Vanua Levu and is highly prospective for a high-grade LSE gold system (see ASX releases 2 December 2022, “VIANI UPDATE” and 6 March 2023, “ALICE QUEEN UPGRADES VIANI EPITHERMAL PROJECT”.
Following a renewal process for Viani (SPL1513) which the Company commenced earlier this year (including as announced in the Quarterly Activities Report released to ASX on 23 April 2024), MRD notified Alice Queen on Friday 19 July 2024 that the license had been renewed with effect from Wednesday 3 July 2024 for a further three years. The renewed license includes typical terms for a license of this nature, including minimum work program and expenditure requirements.
Whilst the greater project area remains under explored, extensive sampling, trenching and (historic) limited drilling of the Dakuniba prospect area has been previously completed.
Previous drilling by JICA in 1997 returned multiple epithermal gold intersections in shallow drilling. Hole MJFV-5 (see Figure 2) intersected 6 vein zones at 50 to 100m below surface (best results include 0.6m @ 27.6ppm Au & 900ppm Ag, 0.4m @ 11.7ppm Au & 4.3ppm Ag)1. The JICA drilling was limited to only 600m of strike-length of the 5km long gold-in-soil anomaly (>10ppb Au) supported by epithermal geochemistry i.e., Ag and As.
Further details in relation to upcoming exploration plans at Viani will be announced in due course.
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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.
June 2024 Quarter - Activities Report
Highlights
- Multiple work programs focused on high-value critical minerals – scandium, cobalt, and copper across Rimfire’s NSW projects
- Thick zones of strong scandium anomalism from surface across multiple locations across the 20km² Murga Intrusive Complex;
- 22m @ 273ppm Sc from surface incl 12m @ 353ppm Sc
- 22m @ 172ppm Sc from 2m incl 5m @ 226ppm Sc
- 28m @ 158ppm Sc from 4m incl 6m @ 320ppm Sc
- 25m @ 163ppm Sc from 2m incl 5m @ 242ppm Sc
- 27m @ 162ppm Sc from 3m incl 4m @ 270ppm Sc
- Further Melrose leaching test work generates up to 90% scandium recoveries at atmospheric pressures
- Estimation of a combined JORC Mineral Resource for both Murga North and Melrose Scandium Prospects (Fifield and Avondale Earn-In Projects) underway ahead of completion within the coming weeks subject to receiving outstanding drill assays from the laboratory
- Drilling programs are planned for September 2024 Quarter designed to test copper cobalt targets at Broken Hill and scandium targets at Fifield
- Rimfire completes a placement to raise $1.15M post end of Quarter
Commenting on the Quarterly Activities report, Rimfire’s Managing Director Mr David Hutton said: “Rimfire continues to explore for and discover the critical minerals that are associated with global decarbonisation strategies. We are leveraged to and provide unique ASX investment exposure to scandium – an extremely valuable metal.
Buoyed by the success of our scandium drilling and metallurgical studies carried out during the Quarter we have made the decision to estimate a maiden JORC Mineral Resource for both the Melrose and Murga North Prospects with the work underway.
We expect to announce both resources in the coming weeks with just some Melrose drilling assays awaited on to complete the estimation process.
Looking ahead, the September 2024 Quarter will be pivotal for Rimfire and its shareholders with maiden scandium resources, further scandium drilling and the resumption of copper-cobalt drilling at Broken Hill”.
Introduction and Operational Summary
During the June 2024 Quarter (the “Quarter”), Rimfire’s exploration activities were focused on advancing the Murga and Melrose Scandium Prospects (Fifield and Avondale Earn In Project) with 100 aircore holes (2,664 metres) drilled.
The drilling successfully intersected strongly anomalous scandium at multiple locations across the Murga Intrusive Complex with subsequent re-assaying of anomalous drill samples demonstrating a significant increase in grade.
Buoyed by the success of the drilling, Rimfire has commenced the estimation of a combined JORC Mineral Resource for both the Murga North and Melrose Scandium Prospects.
Also, two further sighter leach tests focused on maximising scandium recovery at atmospheric pressures from Melrose laterite-hosted mineralisation returned recoveries of 62.6% and 90.1% scandium respectively. The latest results represent a significant improvement on previous best scandium recovery of 40% and can be attributed to increased acidity (sulphuric acid) and addition of reagents (NaCl).
To guide the Company’s future metallurgical studies, Rimfire also engaged highly experienced hydrometallugist Mr Boyd Willis as Process Consultant.
The exploration activities at the Fifield and Avondale are funded by Rimfire’s exploration partner
- Golden Plains Resources (GPR) and looking ahead to the September 2024 Quarter, Rimfire will complete the estimate of the combined JORC Mineral Resource for the Murga North and Melrose Scandium Prospects, as well as undertaking further aircore and diamond drilling at Murga to build on the initial resource.
Separately on its 100% - owned projects, Rimfire is preparing to carry out a further round of diamond drilling at its Bald Hill Copper Cobalt prospect commencing in August 2024.
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This article includes content from Rimfire Pacific Mining 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.
Odessa Minerals Investor Kit
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- Upcoming projects