Odessa Streamlines Portfolio Amid Exploration Approvals and Capital Raise

Heritage and Radiation Surveys Complete, Green Light for Exploration

Odessa Minerals Limited (ASX: ODE) has reported significant progress in its uranium exploration efforts during the December 2024 quarter. The company successfully completed heritage surveys across the Relief Well and Baltic Bore uranium prospects within its expansive Lyndon Project in Western Australia. Alongside this, baseline radiation survey data was acquired, and the company secured departmental approval to commence uranium exploration following the submission of radiation health management plans.

These milestones clear the path for Odessa to initiate monitored earthworks and drill pad preparations, targeting roll front-type uranium mineralisation at Relief Well and calcrete-type uranium at Baltic Bore once the Gascoyne region’s field season opens.

Capital Raise Strengthens Financial Position and Shareholder Base

In a strategic move to underpin its exploration ambitions, Odessa raised $1.1 million through a two-tranche placement, attracting several new substantial shareholders with proven track records in the mining sector. Notable investors include entities associated with Steve Parsons, Michael Naylor, Matthew Banks, Tom Bahen, Dan Bahen, and Chairman Zane Lewis. This infusion bolsters the company’s cash reserves to approximately $2.6 million, providing a solid financial foundation for the upcoming exploration activities.

Executive Director David Lenigas highlighted the value of this new shareholder group, emphasizing their diverse expertise and history of involvement with successful ASX-listed companies such as Boss Energy, Firefly Metals, and Pilbara Minerals. Their support is expected to enhance Odessa’s capacity to evaluate new acquisition opportunities and advance its current projects.

Focused Exploration on High-Potential Uranium Targets

Odessa has rationalised its tenement portfolio to concentrate expenditure on the most promising targets within the Lyndon Project. The Relief Well prospect features an extensive palaeochannel exceeding 8 kilometers in strike length, interpreted as a prime host for roll front uranium mineralisation. This prospect lies directly along strike from Paladin Energy’s Carley Bore deposit, which boasts a 15.6 million pound U3O8 resource.

At Baltic Bore, first-pass rock chip sampling revealed exceptional uranium grades, with assays up to 6,612 ppm U3O8 and significant vanadium values, indicating the presence of carnotite mineralisation within calcrete terraces. Similarly, the Jailor Bore prospect returned multiple rock chip assays exceeding 1,000 ppm U3O8, reinforcing the area’s uranium potential.

Portfolio Streamlining and Lithium Project Monitoring

In line with its strategic focus, Odessa relinquished its Aries Diamond and Gascoyne East tenements during the quarter, concentrating resources on projects with robust economic potential. Meanwhile, the company continues to monitor global lithium prices to determine the optimal timing for drilling at its Lockier Range Lithium Project, where promising lithium-pegmatite soil anomalies have been identified.

Odessa’s methodical approach to project management and capital allocation reflects a disciplined strategy to maximise shareholder value while advancing exploration targets with significant upside.