Odessa Minerals (ASX:ODE) applies for two licenses south of Argyle mine

• Odessa Minerals (ODE) applies for two exploration licenses south of the Argyle Diamond Mine in the East Kimberley region of Western Australia
• The first licence spans 230 square kilometres and covers 40 kilometres of Argyle South alluvial channels and the other licence covers 18 square kilometres over the Camel Yard
• Should the tenements be granted, Odessa will have a strategic footprint in the Argyle Diamond District
• Company shares closed 7.14 per cent in the green to trade at 1.5 cents

Odessa Minerals (ODE) has applied for two exploration licenses south of the Argyle Diamond Mine.

Located in Western Australia’s East Kimberley region, the Argyle diamond mine operated from 1985 and produced over 850 million carats of diamonds until it closed in 2020.

The first licence, E80/5725, covers 230 square kilometres and covers 40 kilometres of Argyle South alluvial channels. The other licence, E80/5738, covers 18 square kilometres over the Camel Yard area and is a second application over the top of an existing, larger exploration licence application by a third party.

This second application overlies a mining and miscellaneous licence for construction sand related to the construction of the Argyle Diamond Mine. The main alluvial diamond occurrences at E80/5738 are outside of the small miscellaneous licence area.

“We are delighted to make our first foray into the East Kimberley with a diamondiferous alluvial channel draining from the Argyle Diamond Mine,” CEO Alistair Stephens said.

“In complement to our West Kimberley strategy, which includes our efforts at the Aries Kimberlite Pipes and the Ellendale Diamond Fields, the addition of a large footprint in the Argyle Diamond District demonstrates Odessa’s commitment to sound project portfolio development.”

The applications come at a time when diamond prices are reportedly on the rise and the company aims to eventually produce ethically sourced diamonds.

Company shares were up 7.14 per cent to trade at 1.5 cents at market close.