Odessa (ASX:ODE) shows glowing uranium potential at LyndonJanuary 29, 2024
Odessa Minerals‘ first-pass uranium review over its Lyndon rare earth and lithium exploration project has shown the property’s excellent yellowcake potential as it begins planning its next stage of on-ground exploration in the Western Australian Gascoyne region.
Historic data revealed grades up to 3420 parts per million uranium (U3O8) within 10 individual occurrences alongside high-grade surface rock-chip samples while extensive radiometric anomalies remained untouched by the drill.
The site is an immediate neighbour to Paladin Energy‘s (ASX:PDN) Carley Bore Uranium Project, sitting within a scant 1.3 kilometres of the 15.6 million pound U3O8 resource held by the ASX‘s largest standalone uranium stock, one which has continued to extend its share price through a fast-rising nuclear market.
Odessa Executive Director David Lenigas said that with the price of uranium recently hitting a 15-year high of about US$105 per pound, it had pushed the button on a review of historic uranium work at the project.
“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,” Mr Lenigas said.
“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.”
A paleochannel-hosted roll-front uranium target extending from Carley Bore and showing significant VTEM anomalies at the Relief Well Prospect looks likely as a top priority, presenting a largely untested trend of over 5km and a drill-ready target as Odessa plots its next stage of uranium exploration in the Gascoyne.
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