Lyndon Project Mapping Identifies 24km of Dolomite Anomalies, Raises $1.15M
Odessa Minerals has identified multiple new base metal and gold prospects at its Lyndon Project through advanced hyperspectral mapping, supported by a recent $1.15 million capital raise to accelerate exploration.
- Hyperspectral mapping reveals extensive dolomite anomalies across Lyndon Project
- New base metal targets identified at Tower Bore, Tarn Bore, and Ebro Bore prospects
- Kaolinite anomaly at Beroi Dam prospect suggests potential for gold mineralisation
- Unbrokered placement raises $1.15 million to fund exploration and project generation
- Tim Goldsmith appointed Non-Executive Chairman, bringing global mining expertise
Advanced Mapping Unveils New Prospects
Odessa Minerals Limited (ASX, ODE) has made significant strides in its exploration efforts at the Lyndon Project in Western Australia during the December 2025 quarter. Leveraging cutting-edge hyperspectral data from PRISMA and other satellite sources, the company successfully mapped extensive dolomite anomalies spanning up to 24 kilometres of strike. These anomalies are considered highly prospective for base metals such as lead and copper, marking a promising development for the project’s future.
The mapping work delineated key target areas including Tower Bore, Tarn Bore, and Ebro Bore prospects. Notably, Tower Bore and Tarn Bore have yet to be sampled on the ground, presenting fresh opportunities for discovery. At Ebro Bore, reconnaissance sampling has already returned encouraging base metal grades, with lead concentrations up to 0.8% and copper up to 0.3%, particularly where dolomite alteration intersects fault zones.
Gold Potential Emerges at Beroi Dam
Beyond base metals, the spectral study also identified a significant kaolinite anomaly at the Beroi Dam prospect, extending over a 9-kilometre strike. This anomaly coincides with hydrothermal fault breccias, which are often associated with gold mineralisation. Previous rock chip samples from this area showed anomalous gold values up to 0.2 grams per tonne, alongside silver, bismuth, molybdenum, and copper, suggesting a complex and potentially valuable mineral system.
Strengthening Leadership and Financial Position
In a strategic move to bolster its leadership, Odessa appointed Tim Goldsmith as Non-Executive Chairman in October 2025. Mr Goldsmith brings extensive international experience, having led Rincon Ltd through its successful acquisition by Rio Tinto for US$825 million. His expertise is expected to guide Odessa through its next phase of exploration and potential project acquisitions.
To support its expanding exploration program, Odessa completed an unbrokered placement raising $1.15 million before costs. These funds are earmarked for advancing exploration activities and evaluating new project opportunities. Despite ongoing operating and investing cash outflows, the company ended the quarter with a healthy cash balance of $2.77 million, providing a solid runway for upcoming work.
Looking Ahead
Odessa’s recent spectral mapping has allowed the company to prioritise its field efforts more effectively, focusing on the most promising targets across the extensive Gnedua Formation. With laboratory assay results pending from recent sampling programs, the market will be watching closely for confirmation of these early indications. Additionally, the company’s renewed focus on project generation and potential acquisitions under new leadership could unlock further value for shareholders.
Bottom Line?
Odessa Minerals’ latest exploration advances and strengthened leadership set the stage for a pivotal year at Lyndon.
Questions in the middle?
- What will the upcoming assay results reveal about the newly identified base metal and gold targets?
- How will Tim Goldsmith’s leadership influence Odessa’s project acquisition strategy?
- Can the company sustain its exploration momentum with current funding levels?
