OD6 Metals (ASX:OD6) has exercised its option agreement to acquire the Quinn Fluorspar Project in Nevada, US, after completing technical, legal, and strategic due diligence.
The project will be acquired through the company’s wholly owned subsidiary, US Fluorspar.
The company says the systematic due diligence campaign at Quinn confirmed the project to be “one of the most attractive undeveloped high-grade fluorspar opportunities” in the US.
OD6 Metals has confirmed multiple ‘high-grade’ targets across the Horseshoe, Mammoth, and Big Jim deposits following recent site visits to the project.
Work completed by OD6 Metals includes the verification of historical drill and channel sample results, the identification of an 8km-long alteration corridor, additional claim staking, the collection of metallurgical samples, a review of historical metallurgical work, the beginning of environmental baseline and archaeological studies, the prioritisation of drill-ready targets, and the advancement of a permitting strategy.
Completion of the acquisition is subject to shareholder approval, including the issue of 700,706 shares.
OD6 Metals will finalise shareholder approvals, receive pending assays, complete geological modelling and drill targeting, begin permitting activities, lodge bulk sample permit applications, and commence metallurgical test work ahead of maiden drilling.
Managing Director Brett Hazelden says the exercise of the option is a “major milestone for OD6 and reflects the strong confidence” the company has developed in the project.
“Over recent months we have systematically validated historical drilling and metallurgical data, expanded the project footprint, identified multiple drill-ready targets, and commenced the groundwork required to enable permitting and future development activities,” Hazelden says.
“What makes Quinn particularly compelling is the combination of exceptional grades, large-scale epithermal alteration, historical production, encouraging metallurgy, and direct exposure to rapidly growing US demand for fluorspar driven by AI (artificial intelligence) semiconductors, batteries, nuclear fuel processing and defence applications.
“With the US currently importing essentially all of its fluorspar requirements, we believe Quinn is strategically positioned as a potential future domestic supply source of this critical mineral.”
OD6 Metals is an Australian exploration and development company focused on critical mineral projects, including rare earths, copper, and fluorspar.
Write to Maddison Elliott at Mining.com.au
Images: OD6 Metals
