OD6 Metals (ASX:OD6) has been reviewing relevant data requirements and collecting information relating to material environmental, social, and governance (ESG) practices for future plans.
In OD6’s quarterly activities and cash flow report released today (10 July 2023), the $22.53 million market capitalisation company says it has completed the foundational sustainability and ESG initiatives during the quarter ended 30 June 2023.
The company adds it will report its sustainability management approach, initiatives and performance.
OD6 has also established an ESG committee and a charter under the corporate governance plan, with the primary purpose of supporting and advising the OD6 Board team in fulfilling its responsibilities concerning ESG matters.
An ESG policy has been formalised to regulate and provide guidance to the Board on OD6’s activities to minimise adverse workforce, community, and environmental impacts, alongside ensuring the company conducts its operations sustainably.
This announcement comes after OD6 announced its phase three drilling program is in full swing at the Splinter Rare Earth Element (REE) Project in Western Australia following a bumper June quarter.
The drilling program is planned for an initial 188 holes for 10,000m, with the aim to test the length of the main prospects and determine the continuity of grade and thickness of the extensions
To date, 67 holes for 3,242m have been completed as at the end of the quarter.
To date, 67 holes for 3,242m have been completed as at the end of the quarter
OD6 says assay results from the program are expected to be available at the end of Q3 2023.
This drilling program is funded through the Western Australia government’s Exploration Incentive Scheme (EIS) co-funded drilling program, in which OD6 received $180,000.
The funding will be used for both diamond core and aircore drilling, which will provide valuable samples for metallurgical analysis, alongside testing the mineralisation length, depth, thickness, and grade of the clay basins.
OD6 has also received drill assay results for its phase two drilling at Splinter Rock, reporting grades of up to 6,605 parts per million (ppm) Total Rare Earth Oxides (TREO), with extensive clay thickness of between 20m and 80m at consistently ‘high-grades’.
‘Significant high-grade’ clay-hosted rare earth intersections include drillhole SRAC0227 with 69m @ 1,483ppm TREO (21.1% magnet REO) from 24m; and drillhole SRAC0271 with 29m @ 1,882ppm TREO (28.2% magnet REO) from 18m.
OD6 says all 4 of the main prospect areas returned ‘impressive’ results with the centre highlighting a new deep channel, with 1km width averaging at 1,500ppm TREO and mineralisation more than 70m thick.
OD6 Metals is an Australian public company, pursuing exploration and development opportunities within the critical minerals sector. The company’s portfolio of assets include the Splinter Rock and Grass Patch projects located in the Esperance-Goldfields region of Western Australia.
As of 30 June 2023, the company had $3.5 million cash at hand, according to its latest quarterly report published on 10 July 2023.
Write to Aaliyah Rogan at Mining.com.au
Images: OD6 Metals Ltd
