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Osmond Resources (ASX:OSM) has found titanium, zircon, and rare earths at its first drill hole at the Orion EU Critical Minerals Project in southern Spain, today declaring the discovery is “world class” after assay results.
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This is a major milestone for the Spain-focused, ASX-listed explorer as it looks to establish a foothold in critical mineral feedstocks for European supply.
“Osmond is optimistic the potential scale and grade of the Orion project offers a unique multi-generational opportunity for the supply and processing of critical rare minerals within the EU,” the company declared today.
Assays from the primary heavy mineral layer in the first hole, AV-01, returned several “standout” intervals, Osmond reported, including three metres at 10.39% TiO2, 3.51% ZrO2, 756ppm HfO2, and 0.72% TREO from 108.45 metres.
Within that zone, the explorer spotted a 2.1-metre interval graded 13.18% TiO2 and 4.55% ZrO2, while a 1.5-metre section delivered the strongest results: 15.92% TiO2, 5.67% ZrO2, 1,225ppm HfO2, and 1.15% TREO. Magnetic rare earth oxide content reached up to 0.3% through that interval, techs declared.
There’s more excitement to come, too, Osmond suggested, with geological logging and down-hole geophysics identifying at least seven prospective quartzite layers in AV-01; the Pochico formation was confirmed as a host unit.
More results will come in “shortly,” The Market Link understands, with five other holes completed for 1,302.2 metres. Two others are being dug now.
Beyond drilling, Osmond is also looking into how it can sell its potential titanium, zircon, rare earths, and silica supply once it’s all dug up. The Aussie company believes Orion can be a “multi-generational opportunity” to support European objectives for domestic production and wants to secure a long-term deal.
OSM shares are up +3% on the find; each is selling for $1.03 this morning.
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