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Osmond Resources (ASX:OSM) has received a major confidence boost in the upside of the Orión critical minerals project in Spain after positive assay results from its latest drilling program there.
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MD and CEO, Anthony Hall, said drilling has confirmed the project’s regional scale to potentially contain globally significant critical and strategic mineral resources containing titanium, zirconium and rare earth elements (REE).
The company was particularly buoyed by results from the fourth and fifth drill holes in the latest program, approximately 9.5km from the high-grade discovery drill hole.
Mr Hall told shareholders that Osmond is preparing to fast-track development activities with initial drilling to confirm continuity and grade of the mineralised layers.
A mineral resource estimate, scoping study, and confirmation of a flow sheet are some of the activities to be completed in 1H CY26 to take advantage of strong EU regulatory support for in-sourcing production of critical minerals.
“The company is extremely encouraged with the intersection of mineralised, heavy mineral-rich quartzites in zone 3 as it significantly expands the target area for mineral resources at the project, both within the Orión investigation permit and in the surrounding investigation permit application areas,” Mr Hall said.
The company is expected to recommence drilling in the current quarter. Osmond is targeting primary high-grade rutile, zircon and monazite layers that it believes will be prevalent in all three zones at Orión.
Upon completion of a scoping study, the Australian company will control an 80% interest in 95% of the Orión critical minerals project, which already includes 756 Spanish mining units covering an area of 228 sq. km.
OSM is up +2.78% to 55.5¢. Mkt cap $74.53M.
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