Osmond Resources intersects target rocks in three drill holes
By Liezl GambeKey points
- Osmond Resources completed its first three Phase 2 drill holes at the Orión EU Critical Minerals Project in Spain, intersecting target quartzites in all three holes.
- The Osmond Resources share price remained unchanged at $0.50 following the announcement.
- The company deployed a third drill rig to accelerate the programme and support a planned upgrade to its 60-million-tonne mineral resource estimate.
Osmond Resources (ASX:OSM) reported that its first three Phase 2 drill holes intersected target Pochico Formation quartzites across the 232-square-kilometre Orión Project in southern Spain.
The new infill drilling follows a September maiden resource estimate of 60 million tonnes, which includes 44.7 million tonnes in the lower-confidence inferred category.
Core samples from the three completed holes—measuring 2.60m, 2.80m, and 3.20m thick—are awaiting laboratory assays while two additional holes progress.
Osmond Resources stated that bringing a third drill rig to the site will accelerate the programme ahead of a targeted resource upgrade in early 2027.
Following the announcement, the Osmond Resources share price was unchanged at $0.50.
The Orión Project hosts titanium, zircon, hafnium, and rare earth minerals, which Osmond Resources aims to supply as the European Union's first domestic producer.
Osmond Resources recently raised $3.8 million in November, received a €250,000 Spanish government grant, and published an October scoping study valuing the project at US$2.31 billion.
