Osmond Resources Strengthens Prospects at Orion Project with New Exploration Data
OSM (OSM) Share Update November 2024 Monday 18th
Osmond Resources Boosts Confidence in Orion Project with Positive Exploration Results
Osmond Resources Limited (ASX: OSM) has reported encouraging exploration results from its Orion EU Critical Minerals Project, enhancing the potential of its Avellanar Zone in Southern Spain.
Instant Summary:
- Positive exploration results from Avellanar Zone at Orion Project.
- Bulk channel sample shows 12.0% TiO2, 4.0% ZrO2, 1,393 ppm Nd2O3, and 374 ppm Pr2O3.
- Evidence of a second mineralised seam above the primary seam.
- Geological mapping of all three Zones expected by end of the quarter.
- Initial assay results from Zone Three expected soon.
Exploration Success at Avellanar Zone
Osmond Resources has announced further positive exploration results from the Avellanar Zone within its Orion EU Critical Minerals Project. The latest findings include a bulk channel sample from a 2.2-meter-thick outcrop, revealing significant concentrations of titanium dioxide (TiO2), zirconium dioxide (ZrO2), and rare earth elements such as neodymium (Nd2O3) and praseodymium (Pr2O3). These results underscore the potential of the Avellanar Zone as a rich source of critical minerals.
Moreover, geological mapping has indicated the presence of a second mineralised seam above the high-grade primary seam. This discovery suggests that the true scale and extent of the mineralisation could be larger than initially anticipated, pending further drilling activities.
Geological Mapping and Future Plans
Osmond Resources has been actively conducting geological mapping across its 86 square kilometer permit area, covering three target zones. The company expects to complete this mapping by the end of the current quarter. Initial assay results from partial mapping and sampling of Zone Three are anticipated in the coming weeks, which could provide further insights into the project's potential.
Following the completion of geological mapping, Osmond plans to commence a modest drilling program to confirm the continuity of mineralisation between outcrops. The company aims to fast-track development activities, including a Mineral Resource Estimate and a Scoping Study, to leverage the strong EU support for critical minerals production.
The positive exploration results at the Orion Project are likely to boost investor confidence in Osmond Resources. The discovery of a second mineralised seam and the potential for a larger resource base could significantly enhance the project's value. This news aligns well with the European Union's strategic focus on critical minerals, potentially positioning Osmond Resources as a key player in this sector.
Investor Reaction:
Analysts are expected to view these results favorably, as they indicate a promising future for the Orion Project. The ongoing exploration success and strategic alignment with EU critical minerals policy could attract increased investor interest and support Osmond's stock performance.
Conclusion:
Osmond Resources' recent exploration results at the Orion Project highlight the potential for significant resource development. Investors should watch for upcoming assay results and the company's strategic moves to capitalize on EU regulatory support. Staying informed on these developments will be crucial for making informed investment decisions.