Odessa Minerals Expands Lyndon Exploration, Raises $1.15M, Appoints New Chairman
Odessa Minerals advances its Lyndon Project with promising base metal assays and uranium exploration, backed by a $1.15 million capital raise and a strategic board appointment.
- Confirmed anomalous lead and copper assays at Ebro Bore Prospect
- Expanded sampling and mapping programs targeting base metals and uranium
- Appointment of Tim Goldsmith as Non-Executive Chairman
- Unbrokered placement raised $1.15 million to fund exploration
- Plans for further geophysical surveys and project evaluations underway
Exploration Momentum at Lyndon Project
Odessa Minerals Limited (ASX, ODE) has reported significant progress in its exploration activities at the Lyndon Project in Western Australia during the September 2025 quarter. The company confirmed anomalous base metal mineralisation at the Ebro Bore Prospect, with assays revealing lead concentrations up to 0.8% and copper up to 0.3%. These encouraging results have prompted an expanded sampling and mapping program, particularly targeting the Walga Well area, to further delineate potential mineralised zones within the Devonian Gneuda Formation.
The Gneuda Formation, a carbonate-rich geological sequence extending approximately 100 kilometres, remains largely underexplored, with only 20 kilometres previously assessed for base metals. Odessa’s recent work has identified base metal anomalism spanning 11 kilometres of strike at Ebro Bore, predominantly hosted within brecciated dolomites near major fault zones. This structural setting is considered favourable for mineralisation, providing a compelling rationale for continued field investigations.
Uranium Targets and Geological Insights
In addition to base metals, Odessa has advanced reconnaissance mapping for uranium mineralisation, focusing on unconformities between the Gneuda Formation and the Glenburgh Terrane. Over 140 rock chip samples were collected from various geological features including vuggy fault breccias and calcrete zones. Initial observations suggest calcrete development at structural intersections, which is a recognised host environment for calcrete-style uranium deposits. This dual focus on base metals and uranium enhances the project’s exploration potential across multiple commodity fronts.
Strategic Board Appointment and Capital Raising
Corporate developments have also marked the quarter, with the appointment of Mr Tim Goldsmith as Non-Executive Chairman. Mr Goldsmith brings extensive international experience in resource project development and corporate strategy, notably leading Rincon Ltd prior to its $825 million acquisition by Rio Tinto. His leadership is expected to strengthen Odessa’s strategic direction and project evaluation capabilities.
Complementing this, Odessa completed an unbrokered placement raising $1.15 million before costs, issuing over 164 million shares at $0.007 each. The funds are earmarked to accelerate exploration activities, project generation, and general working capital needs. The company also issued performance rights to consultants and advisors to align incentives with shareholder value creation, with further rights proposed for Mr Goldsmith pending shareholder approval.
Looking Ahead, Exploration and Project Pipeline
Odessa plans to continue its expanded geological mapping and sampling across the full 100-kilometre strike of the Gneuda Formation, with a focus on identifying cross-cutting fault structures that may serve as feeder zones for mineralisation. The company is also evaluating further VTEM geophysical surveys at the Relief Well prospect to map palaeochannel extensions, which remain largely unsurveyed. Engagement with local Native Title groups is ongoing to secure heritage clearances for future fieldwork at Baltic Bore and other prospective areas.
While Odessa remains open to value-accretive acquisitions, no transactions have been finalised to date. The strengthened board and technical team are actively reviewing opportunities that could enhance the company’s exploration portfolio and shareholder returns.
Bottom Line?
Odessa Minerals is poised to deepen its exploration footprint at Lyndon, with fresh capital and leadership setting the stage for potential new discoveries.
Questions in the middle?
- What will the upcoming assay results from Walga Well reveal about the extent of base metal mineralisation?
- How will Tim Goldsmith’s leadership influence Odessa’s strategic direction and project acquisition plans?
- What are the timelines and expected outcomes for the planned VTEM geophysical surveys at Relief Well?