share price

OD6 Metals rises 42.37% higher on ASX amid launch of Splinter Rock phase three drill program

OD6 Metals (ASX:OD6) rocketed on the Australian Securities Exchange (ASX) today (18 April 2023), closing trade 42.37% higher to $0.420 a share.

The company now has a market capitalisation of $30.22 million.

The surge in trade came after an announcement that the rare earths exploration company is poised to start a phase three drill program in Q2 2023 as it continues to return ‘bumper’ assay results at its Splinter Rock Project in Western Australia.

As Managing Director Brett Hazelden told Mining.com.au today, the 188-hole 10,000m phase three drill program is pushing forward as recent ‘high-grade’ intercepts have been better ‘significantly than anticipated’.

“They’re generally higher than what we’ve seen anywhere else in Australia, in the order of about 50% higher than most other Australian results today”

“They’re generally higher than what we’ve seen anywhere else in Australia, in the order of about 50% higher than most other Australian results today.”

Drilling and geological analysis at its flagship Splinter Rock has shown widespread, thick,  ‘high-grade’ clay hosted REE deposits that extend over hundreds of square kilometres.

Based on recent works, drill results to date, metallurgical results, government approved permit of works (PoW), and heritage clearances the phase three drill program is scheduled for Q2 2023.

Metallurgical testing using hydrochloric acid to leach the rare earths have already resulted in positive REE recoveries with optimisation ongoing.

Write to Adam Orlando at Mining.com.au

Images: OD6 Metals Ltd
Author Image
Written By Adam Orlando
Mining.com.au Editor-in-Chief Adam Orlando has more than 20 years’ experience in the media having held senior roles at various publications, including as Asia-Pacific Sector Head (Mining) at global newswire Acuris (formerly Mergermarket). Orlando has worked in newsrooms around the world including Hong Kong, Singapore, London, and Sydney.