Odessa’s Board Shakeup and Exploration Permits Signal Strategic Shift Amid Uranium Hunt

Exploration Momentum Builds at Lyndon

Odessa Minerals Limited (ASX: ODE) has delivered a robust quarterly update for the period ending 31 March 2025, underscoring its commitment to advancing uranium exploration at the Lyndon Project in Western Australia's Gascoyne region. The company is focusing on a diverse suite of uranium mineralisation styles, including unconformity-type, calcrete-type, and roll front-type deposits, which collectively enhance the project's prospectivity.

The Lyndon Project covers over 1,000 square kilometres of highly prospective ground along more than 100 kilometres of Devonian carbonate within the Glenburgh Terrane. This geological setting is notable for hosting uranium mineralisation at several prospects such as Ben Hur, Giant, and Red Hill, with historical drilling by Newera Resources yielding significant uranium intersections, including assays up to 411ppm U3O8.

Targeting Unconformity Uranium Deposits

Building on previous work, Odessa is preparing for detailed mapping and rock chip sampling along the unconformity east of the Relief Well prospect, a zone that has seen limited prior exploration. This area is particularly promising due to structural intersections that may facilitate uranium concentration sourced from radiogenic granites in the Glenburgh Terrane. The company’s interpretation of VTEM geophysical data has identified multiple priority targets along the Ben Hur Trend and Relief Well prospect, setting the stage for systematic drilling campaigns.

Following the completion of a Heritage Survey, drilling permits have been secured for the Relief Well and Baltic Bore prospects. Additional efforts are underway to obtain clearances for further calcrete-type uranium targets near creeks at Baltic Bore, reflecting Odessa’s methodical approach to exploration and stakeholder engagement.

Expanding Base Metal Potential

Beyond uranium, the Devonian carbonates at Lyndon are also prospective for Mississippi Valley-Type copper-lead-zinc deposits. Odessa plans to undertake further mapping to assess the potential of these carbonate units to host base metal mineralisation, drawing parallels with analogous deposits in Western Australia’s Lennard Shelf region. This diversification of exploration targets could add significant value to the project portfolio.

Corporate Developments and Financial Position

On the corporate front, Odessa announced the appointment of two new non-executive directors, Mr. Thomas Bahen and Ms. Maddison Cramer, effective April 2025. These appointments coincide with the resignations of Mr. David Lenigas and Ms. Lisa Wells, signaling a refreshed leadership team poised to drive the company’s strategic objectives.

Financially, Odessa reported cash outflows related to exploration and investing activities totaling approximately AUD 257,000 for the quarter. Despite this, the company maintains a healthy cash balance of AUD 2.3 million at quarter-end, providing a solid runway to fund upcoming exploration programs and corporate initiatives.

With a clear focus on unlocking the Lyndon Project’s potential and a strengthened board, Odessa Minerals is well-positioned to deliver on its exploration ambitions in the coming months.