January 22, 2024
BY Expert Base Metals
Strategic Developments in Iberian and Australian Projects
Osmond Resources has made significant strides in its mining projects during the fourth quarter of 2023, as detailed in its recent quarterly report.
Iberian One Project in Spain
- Earn-In Agreement: The company has executed a binding staged Earn-In Agreement to potentially acquire a full 100% stake in the Iberian One Project located in Spain.
- Due Diligence Period: A six-month due diligence period is in place to verify historical results before committing to the three-stage earn-in process.
- Project Prospects: The Iberian One Project shows potential for Potassium Sulphate (SOP), Alumina products, and Graphite. Notably, both aluminium and natural graphite are listed in the EU’s 2023 Critical Raw Materials list.
- Historic Drill Holes: Over 190 historic drill holes are expected to accelerate the project's development.
Australian Projects
- Geophysical Surveys: Gravity surveys have been completed at the Yumbarra and Fowler projects in South Australia.
- Target Identification: Based on new gravity data and existing aeromagnetic and VTEM survey data, prospective drill targets for nickel, copper, and PGE have been identified.
- Drilling Plans: Planning for drilling operations has commenced, following the post-quarter announcement of the uranium potential at the Fowler project.
Salt Wells Lithium-Borate Project in Nevada, USA
- Survey Completion: Gravity surveys have been finished, with the data set to be integrated with existing historical geophysical and geological data.
- MT Survey: A planned Magneto-Telluric (MT) survey aims to map aquifers hosting potentially lithium-bearing brines.
Corporate Financials
- As of December 31, 2023, Osmond Resources Limited reported cash reserves totaling $4.03 million.
