OD6 Metals (ASX:OD6) has delivered ‘exceptional’ new rare earths results from a phase three drilling program at its Splinter Rock Rare Earth Project in Western Australia.
The $18.44 million market capitalisation company says the results include grades of up to 6,441 parts per million (ppm) total rare earth oxide (TREO) and offer ‘real and substantial’ potential for a mineral resource expansion.
OD6 plans to conduct a review and potential upgrade of its Splinter Rock Mineral Resource Estimate in the first quarter of 2024.
OD6 reports 92% of the assays from 67 holes drilled at the Centre prospect encountered clays with rare earth concentrations of more than 300ppm TREO, and 77% of the holes intercepted rare earth concentrations of more than 1,000ppm TREO.
Drilling also confirmed clays across a 14km length at Centre with widths between 4km to 5km.
OD6 adds that ‘high-value’ magnet rare earth oxides (MREO) represent an average of 23% of the TREO grade.
Some of the ‘significant high-grade’ intersections include hole SRAC0356 with 58m @ 2,060ppm TREO (21.8% MREO) from 21m; and hole SRAC0303 with 24m @ 2,379ppm TREO (25.5% MREO) from 18m.
OD6 Metals Managing Director Brett Hazelden says these ‘exceptional’ assay results have surpassed the company’s previous results and showcase some of Australia’s thickest high-grade clay-hosted rare earths intercepts.
“The consistency of mineralisation across such a vast 14km-by-5km zone highlights the quality and significance of our discovery.
Importantly, a deep, wide clay channel extensional to the southern end of the resource has returned grades in excess of 1,400ppm TREO. The volume and grades in this area alone create the strong potential for substantial resource expansion.
The geological team of internal and external experts will now start reviewing the current Splinter Rock Mineral Resource Estimate with a view to update this early in the new year.”
“The geological team of internal and external experts will now start reviewing the current Splinter Rock Mineral Resource Estimate with a view to update this early in the new year”
OD6’s drilling comprised 145 holes for 7,435m across the Centre and Prop prospects within the Splinter Rock project. The program received funding through the Western Australian Government Exploration Incentive Scheme (EIS).
OD6 Metals is an Australian critical minerals and rare earths-focused explorer and developer. The company wholly owns the Splinter Rock and Grass Patch projects in Western Australia.
As of 30 September 2023, OD6 had about $2 million cash at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: OD6 Metals
