Orion increases resource at Okiep to 11.5Mt

The company has been undertaking due diligence work at the project since mid-February to define an inferred mineral resource estimate for three additional deposits in the flat mines area of Okiep – all of which represent potential openpit mining opportunities.

The three additional resources areas are Nababeep, Jan Coetzee Mine and Nababeep Kloof Mine, while the existing areas of the flat mines area are Flat Mine East, North and South.

Mineral resources across the three deposits total 2.5-million tonnes, grading 1.4% copper, which, in addition to the previously announced resource of nine-million tonnes, grading 1.4% copper, brings the total mineral resources within the flat mines area of the Okiep project to 11.5-million tonnes, grading 1.4% copper.

The company continues to evaluate other exploration and mining drill targets, as well as model historical mines in the area, with the potential to deliver further growth in the Okiep mineral resource.

“The delineation of additional mineral resources within the Okiep copper project [area] is a very positive result for Orion, which provides further evidence of the exceptional value we have been able to unlock through the recent access and option agreement to acquire of the O’Okiep Copper Company (OCC) archives,” says Orion MD and CEO Errol Smart.

Orion in early February secured an option to acquire the entire furnished head office and database of the OCC, for R25-million, allowing the company to fast-track exploration and evaluation of its Okiep copper complex.

Orion’s purchase is payable in cash and Orion shares, with the company having until July 31 to exercise its option over this purchase.

Smart says that, as a result of this deal, the company will have immediate access and use of all the data, which will provide Orion with a giant step forward with due diligence investigations over the next six months.