Orion Minerals Unveils Promising Copper Intercepts at Okiep Copper Project
ORN (ORN) Share Update July 2024 Monday 8th
Orion Minerals Reports High-Grade Copper Intercepts at Okiep Copper Project
Orion Minerals Limited (ASX/JSE: ORN) has released promising assay results from its diamond drilling program at the Okiep Copper Project in the Northern Cape, South Africa. These results highlight the potential for high-grade copper mineralization, which could significantly enhance the project's value.
Instant Summary:
- Drill hole OFMSD077 intersected 20.50m at 4.99% Cu within 43.00m at 3.41% Cu.
- Mineralization remains open for 200m down-dip.
- Flat Mine South to be a key part of Orion's early production plan.
- Drilling continues to test down-dip extension of high-grade mineralization.
- Confirmatory drilling commenced at Flat Mine Nababeep with an inferred resource of 1Mt at 1.4% Cu.
Promising Assay Results
Orion Minerals Limited has announced outstanding assay results from its first diamond drill holes at Flat Mine South, part of the Okiep Copper Project (OCP). Drill hole OFMSD077 intersected 20.50m at 4.99% Cu within a broader zone of 43.00m at 3.41% Cu. These results confirm the high-grade potential of the area, with mineralization remaining open for 200m down-dip.
Flat Mine South, a virgin discovery blind to the surface, is expected to play a crucial role in Orion's early production plans for the OCP. The intersections achieved so far support geological and grade distribution interpretations incorporated in the Mineral Resource modeling and estimation for the project.
Ongoing Drilling and Resource Expansion
Drilling is ongoing to test the down-dip extension of high-grade mineralization in a previously untested area with a 300m strike and 200m down-dip extent. Additionally, confirmatory drilling has commenced at Flat Mine Nababeep, where an inferred mineral resource of 1Mt at 1.4% Cu was reported in March 2021.
Orion's Managing Director and CEO, Errol Smart, expressed optimism about the results, stating, 'These results show that the Flat Mines complex contains very high-grade copper sulphide mineralization within wider zones of moderate grade intrusive.'
Strategic Development and Historical Context
The latest results add momentum to Orion's development strategy for the OCP, building on initial results reported earlier in 2024. The OCP ground holdings cover 641km², encompassing areas where 105Mt of copper has been mined over the past 100 years. The Flat Mines area and the current drilling program fall entirely within an executed Mining Right.
The assay results from the first two holes at Flat Mine South confirm historical data from drilling by Newmont and Goldfields of South Africa in the 1980s and 1990s. Historical intersections indicate that high-grade mineralization remains open down-dip for up to 200m within an untested area encompassing a 300m strike length.
The high-grade copper intercepts reported by Orion Minerals are likely to have a positive impact on the company's stock price. The confirmation of high-grade mineralization and the potential for resource expansion could attract investor interest and boost market confidence in the Okiep Copper Project.
Investor Reaction:
Investors and analysts have reacted positively to the news, with many highlighting the potential for significant resource expansion and increased production capacity. Orion's strategic focus on high-grade near-surface bodies and the ongoing drilling program are seen as key drivers for future growth.
Conclusion:
Investors should closely monitor Orion Minerals' progress at the Okiep Copper Project. The promising assay results and ongoing drilling efforts indicate substantial potential for resource expansion and increased production. Orion's strategic approach to developing the project will be crucial in maintaining investor confidence and realizing the full potential of the Okiep Copper Project.