Interest in Odessa Minerals' raising was reportedly high, and the company easily exceeded its $5 million minimum at 2c, with the shares peaking as high as 2.5c, before it ended its maiden session at 2.2c.

 

The junior, which is setting itself up as a potential supplier of ethically-sourced diamonds if it can define mineable volumes of gems in Western Australia's Kimberley region, started life with an enterprise value of $7.7 million.

 

It has swiftly boosted its exploration team with the appointment senior advisor Grant Boxer. Boxer has 40 years' experience in diamond discovery in the Kimberley region, working for the likes of CRA Exploration, Argyle Diamonds and Rio Tinto Exploration, including a decade at the Argyle diamond mine.

 

He will work with Odessa to help advise on the design and structure of exploration programs.

 

Work has commenced with data compilation, primarily of all the paper documents into a single database, and geological modelling of the Aries pipe in progress to support seismic surveys and drilling.

 

Work on the ground will commence after the wet season in the June quarter next year.

 

Aries is Odessa's initial focus. 

 

It is the largest and most diamondiferous known kimberlite patch in WA and is described by Odessa as forgotten gemstone field.

 

It was first discovered by Freeport in 1986 and passed through several hands before becoming a foundation asset for the 2004 float of United Kimberley Diamonds, but within a few years the area was relinquished, and remained fallow until Jindalee lodged an application in 2016.

 

Odessa believes prior work was insufficient to assess the potential.

 

Together with the granted Calwynyardah project, and applications at Ellendale and Noonkanbah, Odessa has over 2400sq.km in the Kimberley that are known to have hosted coloured diamonds and other stones from a mix of kimberlite and lamproite pipes and extensive alluvial channels with more than 130 diamond mineral occurrences or exploration sites identified.

 

Australian diamond floats have been few and far between since the early 2000s, however the recent closure of Argyle has left a gap in the market at a time of high prices.