Odessa Minerals (ASX:ODE) reports it has acquired a 148km-square granted exploration licence from privately held Historic Gold Mines that is prospective for lithium pegmatites and rare earth elements (REEs).
The company reports tenement E08/3217 increases the company’s Lyndon Project tenure in the ‘highly prospective’ Gascoyne region to 754km-square, and the area holds ‘considerable potential’ for lithium pegmatites and REE carbonatites.
Odessa has paid a non-refundable deposit on the tenement and signed a binding agreement, with the settlement with Historic Gold Mines currently in progress.
Once this is complete, Odessa will purchase the tenement for 5 million shares, valued at $115,000, or the funds will be paid in cash if Odessa is unable to obtain all necessary regulatory and shareholder approvals.
Odessa Executive Director David Lenigas said the new tenement enlarges the Lyndon Project exposure substantially.
“Lyndon is proving to be an exciting and prospective project.
“Lyndon is proving to be an exciting and prospective project”
The decision by Odessa to exercise its option to acquisition of E08/3217 enlarges our tenement holding in the rapidly developing Gascoyne Province of Western Australia.”
Odessa Minerals is an Australian diamond explorer that has a portfolio of 2,400km-square of granted and tenement applications in the Kimberly region of Western Australia.
The company’s flagship project Aries, is the ‘largest and most diamondiferous’ kimberlite pipe in Western Australia, with ‘potential’ for both primary kimberlite and alluvial deposits.
This project will be the focus of a major exploration campaign over the next 12 months.
Odessa’s other projects all contain diamond occurrences at different stages of development, and the company will undertake a structured exploration program across these projects over the next 12 to 14 months.
Images: Odessa Minerals Ltd & iStock