After a strong month of growth saw the stock price grow 85%, OD6 Metals Ltd (ASX:OD6) continues to build momentum, having secured an exploration incentive scheme (EIS) grant from the Western Australian Government covering up to $180,000 in exploration expenses for the flagship Splinter Rock clay hosted rare earth project.
EIS grants are awarded to companies and projects with potential to contribute to the long-term health and sustainability of the resources sector in WA, a competitive program that offers up to a 50% refund for innovative exploration drilling projects, capped at specific amounts.
OD6 intends to use the funding for diamond and aircore drilling programs at Splinter Rock.
Critical and battery mineral focus
“OD6 is delighted to have been selected as a successful applicant in the competitive grant process for innovative exploration drilling projects under the latest round of the Exploration Incentive Scheme (EIS) Co-funded Drilling Program,” OD6 Metals managing director Brett Hazelden said.
“We recognise the Western Australian Government's support for the exploration industry and in particular the efforts of the many exploration and development companies also awarded a grant that are focused on the emerging critical minerals industry.
“The critical minerals industry, which includes OD6’s focus on rare earths, is at an important incubation stage with the support of state and Federal governments being essential to make Australia a driving force in the future provision of these minerals to the world.
“OD6 looks forward to potentially being one of the next major mineral discovery and development stories, that will create jobs and deliver economic growth to the Esperance Region and more broadly Australia.”
OD6’s diamond core drilling program will produce samples for metallurgical analysis, an important step in understanding the mineral profile at Splinter Rock, while the company designed the aircore program to test the length, depth, thickness and grade of mineralisation within the project’s clay basins.
Drill hole plan for EIS-funded drilling at Splinter Rock.
Read more on Proactive Investors AU
