Explorer Odin Metals has picked up some interesting ground in NSW, and executive chairman Jason Bontempo says it’s a district-scale copper and base metals exploration package.

The company holds around 2600km2 of land and a 150km strike of the under-explored Koonenberry Belt.

Bontempo said his interest in the region was piqued because it’s the largest copper resource in far west NSW and it’s been largely ignored because Broken Hill and Cobar have got all the attention.

“When we looked closer and did some due diligence, we realised that it was just completely underexplored,” he said.

“The owners at the time were more interested in Cymbric Vale but to the east there’s the Grasmere historic resource (JORC 2004, 5.75 Mt @ 1.03% Cu) and to the north is Wertago, which is a historic brownfield with small tonnage but high grade – in the vicinity of 20-30% copper at surface.”

Only scraping the surface

Odin Metals’ (ASX:ODM) is giving the region the attention it deserves.

The company has already spent the best part of a million dollars on a massive electromagnetic survey over the northern area of the licences.

And Bontempo says it’s already paying off.

“Some of the hole’s we’re drilling now at Cymbric Vale match the EM data that we have,” he said.

“There’s so much opportunity and we’re only really working at the more advanced prospect areas like Grasmere, and Cymbric Vale at the moment.

“We haven’t even got to places like Wertago – and there’s a whole lot of work to be done in the south – so it really is a large district scale base metals exploration project.

“It’s got enormous size to it, it’s underexplored, its high-grade VMS geology, and we’re looking for that low tonnage but high-grade type of copper deposits – and this geology has the potential for that.”

Odin Metals
Pic: HeliTEM EM targets at the Koonenberry Copper Project.

 Cymbric Vale looks promising

The company released results last week from Cymbric Vale, which returned:

  • 11m at 1.90% Cu from 35m including 6m at 3.20% Cu from 37m2;
  • 7m at 1.08% Cu from 48m;
  • 10m at 0.88% Cu from 11m;
  • 13m at 0.77% Cu from 13m; and
  • 8m at 0.76% Cu from 15m.

“We recently announced results from Cymbric Vale where there’s a really big EM anomaly called Big Mother, and when we drilled it, there was a whole heap of shallow magnetite alteration,” Bontempo said.

“So, beneath the magnetite alteration there is the potential for an iron oxide, copper-gold deposit.”

The company plans to follow up to test if the shallow mineralisation continues at a higher grade – especially at Cymbric Vale and then a deeper hole to test the IOCG potential at Big Mother.

Grasmere provides the goods

And this week, Odin released more results – this time from Grasmere.

Results included:

  • 12m at 1.16% Cu from 80m, including 8m at 1.62% Cu from 83m;
  • 8m at 1.46% Cu from 92m, including 5m at 2.72% Cu from 94m;
  • 3m at 1.70% Cu from 86m; and
  • 2m at 4.6% Cu from 192m.

“What’s great about Grasmere is that we only really tested the sort of known resource area but within that resource area there’s a number of gaps – so a huge amount of potential for it to grow and expand as we test those gaps,” Bontempo said.

“Further to that, it’s completely open along strike and sits within 22kms of VMS geology that remains completely untested.”

RC drilling has already kicked off at Grasmere, with plans to follow on to Cymbric Vale, and then Wertago.




This article was developed in collaboration with Odin Metals Limited, a Stockhead advertiser at the time of publishing.


This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.