New Estimate Part Of Due Diligence Studies Into South African Project Acquisition
Orion Minerals Limited (ASX: ORN) has reported an updated Mineral Resource Estimates for three additional, near surface deposits that form part of the Okiep Copper Project (OCP) in South Africa, where Orion is currently undertaking due diligence work associated with the acquisition and option agreement.
The Inferred Mineral Resources have been estimated for the Flat Mine (Nababeep), Jan Coetzee Mine and Nababeep Kloof Mine deposits, and total 2.5 million tonnes grading 1.4% copper for 35,000 tonnes of contained copper.
Together with the previously reported Mineral Resources for the Flat Mine North, Flat Mine East and Flat Mine South deposits, these latest Resource estimates increase the total Mineral Resource at the OCP to 11.5 million tonnes grading 1.4% copper for 159,000 tonnes of contained copper.
Orion’s Managing Director and CEO, Errol Smart, said due diligence work at the Okiep Copper Project (OCP) has defined Inferred Mineral Resource estimates for a further three deposits in the Flat Mines area, all of which represent potential open pit mining opportunities.
The three additional Resource areas are at Flat Mine (Nababeep), Jan Coetzee Mine and Nababeep Kloof Mine.
Mineral Resources across the three deposits total 2.5Mt at 1.4% Cu1, which, in addition to the previously announced Resource of 9Mt at 1.4% Cu, brings the total Mineral Resources within the Flat Mines Area of the OCP to 11.5Mt at 1.4% Cu.
The additional Mineral Resources are based on exploration and drilling data contained within the extensive OCC exploration database secured by Orion last month, confirming the outstanding value of this data acquisition.
Other exploration and mining drill targets and historical mines are currently being modelled, with the potential to deliver further growth in the OCP Mineral Resource.
“The delineation of additional Mineral Resources within the Okiep Copper Project (OCP) is a very positive result for Orion which provides further evidence of the exceptional value we’ve been able to unlock through the recent access and option agreement to acquire of the O’Okiep Copper Company (OCC) archives,” Mr Smart said.
The three latest deposits bring our total Mineral Resource within the OCP to 11.5 million tonnes grading 1.4 per cent copper, which is a remarkable achievement given we only signed the option agreement over the OCP and commenced due diligence in early February.
“We have a large number of additional targets and historical mines currently being modelled, which we believe offer strong potential to further expand the OCP Resource base.”
The Okiep Copper Deposits are Orogenic Type Copper Deposits hosted in mafic to ultra-mafic intrusive bodies in the western part of the Namaqua Complex, South Africa. Mines in the Okiep district produced 105.6Mt at 1.71% Cu since the 1900’s.
