Targets Generated at Gascoyne East Project

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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