Odessa Minerals (ASX:ODE) has on-ground reconnaissance at the Lyndon Project in Western Australia in its sights after completing a first pass review for ‘excellent’ uranium potential.
The $8.34 million market capitalisation company says the on-ground reconnaissance is being designed after the review flagged uranium grades up to 3,420 parts per million and 10 individual uranium occurrences at Lyndon.
The project immediately adjoins Paladin Energy’s (ASX:PDN) Carley Bore Uranium Project within 1.3km of the 15.6 million pound uranium resource.
Odessa reports the review also uncovered historic surface ‘high-grade’ uranium in rock chip samples and ‘extensive’ radiometric uranium anomalies largely untested by drilling.
Calcrete-hosted uranium mineralisation in carnotite is also present at surface at the Jailor Bore, Baltic Bore, and Ben Hur prospects.
Executive Director David Lenigas says it has completed the review following uranium prices hitting 15-year highs of around $105 per pound.
“With the uranium price recently hitting a 15 year high at around $105 a pound, we pushed the button on a review of historic uranium work at Lyndon. The proximity of Lyndon to Paladin Energy’s Carley Bore Project is noted, and we believe our project has strong potential for uranium exploration and discovery.
Most of these uranium targets at Lyndon are on granted tenements with heritage agreements and site surveys already in place. This will help to get exploration efforts for uranium going soon and we look forward to following up on this historic work in coming weeks.”
The Lyndon project sits on the margin of the Carnarvon Basin and Gascoyne complex about 200km south of Onslow and 200km northeast of Carnarvon in Western Australia.
Odessa Minerals is an ASX-listed explorer which holds licences over 3,000km-square of ‘highly prospective’ ground in the Gascoyne Region.
Write to Adam Drought at Mining.com.au
Images: Odessa Minerals
