Odessa Minerals Limited - Quarterly Report Highlights Promising Uranium Exploration - 23 July 2024
ODE (ODE) Share Update July 2024 Monday 22nd
Odessa Minerals Announces Significant Uranium Exploration Progress
Odessa Minerals Limited (ASX: ODE) has released its quarterly report for the period ending 30 June 2024, highlighting significant progress in its uranium exploration projects and upcoming drilling plans.
Instant Summary:
- Relief Well Uranium Project adjoins Paladin Energy’s Carley Bore Uranium Project.
- 8km long palaeochannel confirmed at Relief Well, prospective for roll-front uranium mineralisation.
- New rock chip assay results up to 6,612ppm U3O8 at Baltic Bore and Jailor Bore prospects.
- Completion of lithological and structural interpretation from geophysical datasets at Gascoyne East.
- PoW approval for Phase 1 aircore drilling to assist bedrock mapping.
Relief Well Uranium Project
The Relief Well Uranium Project, which adjoins Paladin Energy’s Carley Bore Uranium Project, has confirmed an extensive 8km long palaeochannel that is prospective for roll-front style uranium mineralisation. Drill planning is underway to test this potential.
Odessa has identified unconformity-type and fault-related uranium mineralisation potential along the Gneuda Formation-Moorarie Supersuite contact. The company is optimistic about commencing drilling this quarter, pending heritage survey clearance.
Lyndon Uranium/Lithium/REE Project
New rock chip assay results from the Baltic Bore and Jailor Bore prospects have returned up to 6,612ppm U3O8, with 12 rock chips showing assays greater than 1,000ppm U3O8 and 5 rock chips returning assays greater than 1,000ppm V2O5. Uranium anomalism spans strike lengths of 2.6km at Baltic Bore and 2km at Jailor Bore.
Gascoyne East Project
The Gascoyne East Project has completed lithological and structural interpretation from geophysical datasets. The PoW approval for Phase 1 aircore drilling aims 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, orogenic and intrusion-related gold mineralisation, and sedimentary-hosted base metal deposits.
Odessa’s Executive Director, David Lenigas, commented on the significant progress made during the quarter and the exciting prospects for the upcoming drilling campaign.
The announcement of promising uranium exploration results and upcoming drilling plans is likely to positively impact Odessa Minerals' stock price. The confirmation of significant uranium targets and the initiation of drilling activities could boost investor confidence and attract new investments.
Investor Reaction:
Investors and analysts have reacted positively to the news, highlighting the potential for significant uranium discoveries. The proximity to Paladin Energy’s Carley Bore Uranium Project adds credibility to Odessa’s exploration efforts.
Conclusion:
Investors should closely monitor Odessa Minerals' progress in the upcoming drilling campaign. The company's strategic focus on uranium exploration and the promising results so far indicate potential for substantial returns. Stay informed on Odessa Minerals' developments to make well-informed investment decisions.