Odessa Minerals to Launch Maiden 10,000m Air-Core Drilling at Lockier Range Rare Earth Projects in WA

Odessa's Gascoyne Exploration Assets and Strategic Locations

Odessa Minerals holds exploration licenses covering 785 square kilometres of prospective terrain in Western Australia's Gascoyne region, placing the company in one of Australia's premier mineral exploration districts. Its portfolio includes two key projects: the Lockier Range Lithium and Rare Earths Project spanning approximately 124 square kilometres, and the Lyndon Project covering over 661 square kilometres of licenses and applications. Both projects are strategically positioned along a north-south corridor recognised for recent world-class REE carbonatite discoveries and close to significant lithium and pegmatite exploration successes.

The Lockier Range Project is located within the same regional geological corridor as Hastings Technology Metals Limited's (ASX:HAS) Yangibana rare earths deposit and is near the Yinnetharra and Jamesons lithium projects. The Lyndon Project lies on the margin of the Carnarvon Basin and Gascoyne Complex, roughly 200 kilometres south of Onslow and 200 kilometres north-east of Carnarvon. Both projects feature Proterozoic granitoids and structural corridors prospective for carbonatite-related rare earth and lithium mineral systems, providing a robust geological foundation for Odessa's exploration strategy.

Details of the Maiden 10,000-Metre Air-Core Drilling Program and Schedule

Odessa is advancing Programs of Work (PoWs) applications and actively engaging drilling contractors to prepare for its maiden 10,000-metre air-core drilling campaign targeting priority prospects at the Lockier Range and Lyndon Projects. This drilling campaign is planned and budgeted for the September 2026 quarter, marking a significant increase in exploration activity on these highly prospective tenements. This initial drilling phase represents a key milestone in systematically assessing the company's rare earth and lithium mineral potential.

Omni Geoscience has been appointed to lead a winter field program designed to refine existing targets and define precise drill locations before the maiden drilling campaign. This staged approach—combining desktop and field-based target refinement prior to drilling—demonstrates a disciplined exploration methodology aimed at maximising the efficiency and effectiveness of the air-core program. The winter timing aligns with optimal seasonal conditions in Western Australia for geological mapping and sampling.

Mt Yaragner Carbonatite Target and Rare Earth Element Potential

The winter field program will prioritise further evaluation of the Mt Yaragner target, where previous surface sampling identified pathfinder elements suggesting the presence of an underlying carbonatite. Odessa plans additional geological mapping and sampling to refine drill targets. The company aims to discover a mineral system analogous to Hastings Technology Metals' Yangibana Rare Earths Project, a major REE discovery in the Gascoyne region.

Carbonatites are rare igneous rocks enriched in carbonate minerals and are globally recognised as key hosts for rare earth element mineralisation. The identification of surface pathfinder elements provides geological evidence supporting a carbonatite body at depth. By refining geochemical signatures and structural controls, Odessa intends to define high-confidence drill targets to test for REE mineralisation. This approach aligns with modern REE exploration practices and underscores the company's commitment to systematic, science-driven target definition.

REE-Bearing Ironstone Caps and Historical Lockier Range Sampling Results

As announced on 15 June 2026, rock-chip sampling at the Lockier Range Project identified REE-bearing ironstone caps potentially overlying prospective carbonatite units. Sampling yielded combined lanthanum, cerium, and yttrium (La, Ce, Y) values up to 1,098 parts per million (ppm), indicating significant REE concentrations in surface oxidised materials. Additionally, evidence of ferruginous residual enrichment was found, with elevated iron, phosphorus, barium, and strontium alongside calcium depletion due to leaching—geochemical signatures typical of weathered carbonatite systems.

These historical results provide geological context for the upcoming winter field program and will guide target refinement for drilling. The company clarified these figures are not new assay results but historical data informing strategic future work. The presence of REE-bearing ironstone caps and characteristic geochemical enrichment suggests the Lockier Range Project may host subsurface carbonatite mineralisation warranting systematic drill testing.

Southern Pegmatite Field Lithium Exploration and High-Grade Sampling

The winter field program will also include follow-up mapping and sampling of the Southern Pegmatite Field, where previous sampling reported lithium oxide (Li8O) values up to 1,911 ppm. Odessa highlighted the potential for a fertile lithium system here based on prior updates dated 15 June 2026 and 15 November 2023. Lithium-bearing pegmatites are increasingly vital sources of lithium amid growing demand driven by battery and renewable energy technologies.

Odessa’s work in the Southern Pegmatite Field aims to define the extent, orientation, and geochemical characteristics of the pegmatite system and identify drill targets. By integrating geological mapping with systematic sampling and analysis, the company plans to develop a detailed spatial and geochemical model of the lithium system. This methodical strategy is intended to advance the Southern Pegmatite Field from discovery to defined drill targets capable of testing its economic potential.

Omni Geoscience’s Role and Winter Field Program Execution

Odessa has engaged Omni Geoscience to lead the winter field program across its Gascoyne Projects. This appointment reflects Odessa’s commitment to applying specialist expertise in geological mapping, sampling design, and target definition ahead of the air-core drilling campaign. The winter program is a critical exploration phase, as data and samples collected will directly inform drill site selection and methodology for the maiden 10,000-metre drilling.

Engaging an experienced third-party geology firm underscores Odessa’s dedication to industry best practices. Specialist contractors bring standardised methodologies, quality assurance, and documented expertise, enhancing data reliability and interpretation. The winter timing capitalises on improved accessibility and working conditions in the Gascoyne region during cooler months, optimising field productivity and safety.

Regional Geology and Prospectivity of the Gascoyne District

The Lockier Range Project is underlain by Proterozoic granitoids and structural corridors prospective for carbonatite-related rare earth and lithium mineral systems. The Lyndon Project hosts diverse mineralisation styles, including lithium-pegmatites, uranium, rare earth elements, intrusive nickel-copper-platinum group elements (Ni-Cu-PGE), orogenic gold, and sedimentary-hosted copper-lead-zinc (Cu-Pb-Zn) deposits. It covers the unconformity between the eastern margin of the Phanerozoic Carnarvon Basin and the Precambrian Gascoyne Province basement, offering access to multiple mineral systems.

The Lyndon basement comprises Proterozoic granites, metamorphic gneisses, and schists of the Gascoyne Complex, while western areas include Palaeozoic-Mesozoic basin margin sediments of the Southern Carnarvon Basin. These sequences include Devonian carbonates, Carboniferous-Permian glaciogene sediments of the Lyons Group, and Cretaceous siliciclastics of the Winning Group deposited during north-west-south-east rifting. This complex geology provides multiple exploration targets and highlights the region’s prospectivity for diverse mineral systems, positioning Odessa to explore commodities of global economic importance.

Executive Insights and Strategy for Enhancing Shareholder Value

Odessa Executive Chairman Tim Goldsmith stated: "We are encouraged by progress toward first drill testing of our priority rare earth targets at the Gascoyne Projects. The upcoming winter field program will refine these targets ahead of the maiden 10,000-metre air-core drilling campaign, marking a key step in assessing carbonatite-hosted rare earth mineralisation potential. With permitting and drill-contractor engagement underway, we look forward to commencing field activities and updating shareholders as the program advances."

Odessa’s strategy focuses on identifying and acquiring high-quality exploration and development projects with potential to deliver significant shareholder value. The Gascoyne Projects exemplify this through systematic, staged exploration designed to reduce technical and commercial risk. By progressing Programs of Work applications, engaging drilling contractors, and refining targets before drilling, Odessa aims to deploy capital efficiently toward testing promising rare earth and lithium prospects. The Executive Chairman’s comments highlight management’s commitment to transparent communication as the exploration program progresses.

Market and Exploration Environment for Rare Earth Elements and Lithium

Odessa’s exploration timing coincides with sustained global strategic interest in rare earth elements and lithium as critical minerals for batteries, renewable energy, and defense. Western Australia’s Gascoyne region has become a hotspot for major explorers pursuing REE and lithium discoveries, with nearby projects like Hastings Technology Metals’ Yangibana attracting significant investment and expertise. This regional momentum creates competitive pressure for early-stage explorers like Odessa to de-risk and define targets through systematic, high-quality exploration.

The maiden drilling program aims to test geological models directly relevant to discovering economic REE and lithium deposits in the Gascoyne. Success—whether through identifying grade, width, or depth extensions of known mineralisation or discovering new systems—would enhance Odessa’s ability to attract funding and partners. Conversely, results that do not support exploration models could prompt a shift in focus or project portfolio strategy.