OD6 - geophysics extends critical minerals potential at depth
Our Investment OD6 Metals (ASX: OD6 | OTCQB: ODSMF) just expanded the “iceberg theory” we have been using to describe its critical minerals project in Nevada.
OD6 has a historically producing fluorspar project in Nevada, it has fluorspar sticking out of the ground that old timers mined by hacking away at cliff faces.
The thing is, OD6 has several of these “cliffs” over ~8km of strike and today’s geophysics suggests that the fluorspar keeps going beneath cover, more than 500m down at the Mammoth target:
(source)
What we don't know is if they are all connected OR individual “icebergs” across that broader strike area.
Here is how we like to think of it:
(source)
Today, OD6 added weight to this theory by doing some geophysics over its main targets.
It surveyed 16.8 line kms of CSAMT (Controlled Source Audio Magneto-Tellurics), the first look at what sits underneath its key fluorspar targets.
CSAMT maps the resistivity of the rocks, so should be able to pick up the more resistive fluorspar mineralisation from what surrounds it.
It suggests:
- Mammoth could extend more than 500m below surface.
- Horseshoe (the old 1950s pit) could continue ~300m up and down dip beneath cover at 20m to 40m thick, with a possible feeder zone going deeper than 200m.
- A structure here called the Saw Mill Thrust has shown up beneath the surface, which could link Horseshoe, North Horseshoe Canyon and Big Jim. (which is the “connected underneath” part of the theory we described with the icebergs).
Now we see everything like this (thanks to the geophysics):
(source)
All we need now is to see OD6 drill the project to test which of the two it is (individual icebergs Or part of a larger system).
OD6 has lodged its Plan of Operations with the US Forest Service for up to 139 drill pads last month and expects to start drilling in early 2027, once approved. (source)
We covered that here in a Deep Dive: OD6 lodges drill permits and begins FAST-41 engagement for its Nevada fluorspar project
Meanwhile OD6 just listed on the US OTCQB market (OTCQB: ODSMF)
Meaning US investors can now trade OD6 in the US. (source)
The OTC listing ticks off another milestone from our “US critical minerals playbook”
(the list of steps we think set a company up to benefit from US interest in critical minerals)
Here is everything OD6 has done on that list:
- ✅ Own or acquire a US based critical minerals project (fluorspar project in Nevada, with past production in the 1950s and 226 claims)
- ⬜ Appoint Washington lobbyist
- 🔄 Spend time in USA or appoint US based operations person (US permitting specialists appointed)
- ✅ Appoint experienced, big name advisors or board members (Julie Bishop’s advisory firm appointed as strategic advisor)
- ✅ List on the US OTC market (OTCQB has now been confirmed and active)
- ⬜ Commence NASDAQ or NYSE listing process
- ⬜ Acquire, license or partner with downstream processing technology (TOMRA ore-sorting testwork only, no partnership)
- ✅ Deliver early metwork and processing of bulk samples ahead of drilling (TOMRA ore sorting got 98.3% fluorspar)
- 🔄 Prove samples can be processed, deliver downstream product (lab scale only: upgraded to 97.83% acidspar with low impurities)
- 🔄 Secure US government funding (registered on SAM.gov 3 Sep 2026, accepted into the DIBC 28 Sep 2026, FAST-41 engagement underway; no funding yet)
- 🔄 Attract interest from US investors (OD6 cited growing North American investor interest for the OTC listing; the ~$6.9M raise on 5 Oct 2026 had global institutions and family offices, but no named US investor)
- ⬜ Outline plan for small, cheap and fast mine
- ⬜ Deliver drilling success on project (no drilling yet; Plan of Operations for 139 drill pads is with the US Forest Service, drilling expected early 2027)
- ⬜ Use larger market cap to bolt on later stage or advanced US projects (the 5 Oct raise mentioned looking at more fluorspar and critical minerals acquisitions)
- ⬜ List on major US exchange
- ⬜ US investor roadshows
- ⬜ Deliver domestic US critical minerals supply
Check out our note on the playbook here: Our “playbook for small ASX stocks advancing US critical minerals projects
We are Invested in OD6 to see it land some sort of US funding deal for its project - like Canadian company Ares Strategic Mining, which landed a US Government contract worth up to US$250M for its Nevada fluorspar project on the strength of its permitting status.
(source)
AND/OR to see OD6 drill and discover enough fluorspar to put the project back into production.
What's next for OD6?
🔄 Drill permit application
A few weeks ago OD6 officially submitted the paperwork that, once approved, will allow it to do the first modern drilling (and bulk sampling) at the project since the 1950s.
The “Plan of Operations” is for up to 139 drill pad locations across priority target areas:
(source)
Milestones:
- ✅ Plan of Operations submitted
- 🔄 Plan of operations approved
- 🔲 Drill program commenced
✅ Target generation for US fluorspar project
We want to see OD6 sample in and around the old workings on its project, run some geophysics and generate high priority drill targets ahead of its maiden drilling program.
Milestones:
- ✅ Rock chips
- ✅ Channel sampling
- ✅ Historic drill results
- ✅ Digitisation of scanned paper maps and cross-sections into a 3D geological model
- ✅ Soil/channel sampling
- ✅ Geophysics
- ✅ Drill targets generated
