diverse project portfolio
Odyssey's subsea mineral portfolio contains potential target opportunities throughout the world. Our portfolio continues to grow through the development of new deposits, acquisition of mineral rights/deposits and through leveraged contracting model, which allows the company to earn equity in deep-sea mineral projects.
All projects are located in the EEZ and within the jurisdiction of offshore mining friendly countries. The discovery and assessment of seafloor massive sulfide, phosphorite and polymetallic/manganese nodule resources in water depths ranging from shallow (<100 meters) to over 6,000 meters are among the greatest mineral resources we are pursuing.
Odyssey holds a majority equity ownership interest in Bismarck Mining Corporation (PNG), the entity that controls an exclusive Exploration License for 320 km of interest.
The Exploration License for the Lihir Gold Project covers a large subsea area that contains at least five prospective exploration targets in two different mineralization types: seamount-related epithermal and modern placer gold. Previous exploration expeditions in the license area, including a survey conducted by Odyssey, indicate a polymetallic resource with commercially viable gold content likely exists. Additionally, the two subaqueous debris fields within the area are adjacent to the terrestrial Ladolam Gold Mine and are believed to have originated from the same volcanogenic source.
DEPTH & LOCATION
The resource lies 500-2,000 meters deep in the Papua New Guinea EEZ
The project's license area is adjacent to Lihir Island in Papua New Guinea where one of the world’s largest known terrestrial gold deposits is currently being mined and processed by a major international mining company.
Odyssey is set to execute its Exploration Plan for the Lihir Gold Project that will validate and quantify the precious and base metal content of the prospective resource. Odyssey has met with local regulatory authorities, specialists in local mining, environmental legal experts, and logistics support service companies in PNG to establish baseline business functions essential for a successful program to support upcoming marine operations in the license area.
A robust Environmental Management Plan and Monitoring Plan is being developed and will be implemented to ensure that environmental decisions are placed at the forefront of the project. Bismarck and Odyssey value the environment and respect the interests and people of Papua New Guinea and Lihir and are committed to transparent sharing of all environmental data collected during the exploration program.
The company is planning environmental surveys and studies accruing to environmental permitting in compliance with Papua New Guinea's requirements as well as the development of an EIA (Environmental Impact Assessment) that meets the International Seabed Authority (ISA) recommendations. This will define the expected environmental effects of a full-scale extraction operation with the goal of minimizing impacts.
Future mining is dependent on the characterization of any present resources during exploration.