Osmond Resources (ASX:OSM) said it found potential for "globally significant" titantium, zircon, and rare earths mineralization during a recent drilling at its Orion EU Critical Minerals Project in Spain, according to a Thursday Australian bourse filing.

The results were up to 3 meters at 3.5% titanium dioxide, 0.8% zirconium dioxide, 168 parts per million hafnium dioxide, and 0.2% total rare earth oxides, including 0.04% magnet rare earth oxides, from a depth of 132 meters.

The company expects drilling to restart within the current quarter and has initiated downstream product initiatives to capitalize on potential grade and scale improvements, per the filing.

The company's shares rose almost 2% in recent Thursday trade.