Orion Minerals - June 2024 Quarterly Activities Report
ORN (ORN) Share Update July 2024 Sunday 21st
Orion Minerals Reports Significant Progress in Key Projects
Orion Minerals Limited (ASX/JSE: ORN) has released its June 2024 Quarterly Activities Report, highlighting significant progress in its key projects in South Africa's Northern Cape Province.
Instant Summary:
- Feasibility Studies for Prieska Copper Zinc Mine (PCZM) and Okiep Copper Project (OCP) on track for September 2024 completion.
- Successful trial mining of the Supergene orebody at PCZM with improved development rates.
- Upgrade of Cuprum electrical sub-station completed, providing 15MVA power to PCZM.
- Key underground dewatering infrastructure installed at PCZM, achieving required dewatering rates.
- Water Supply & Management Agreement signed with Armscor for PCZM.
- Outstanding initial results from confirmatory diamond drilling at OCP.
- A$7.7 million capital raising completed to progress development of PCZM and OCP.
Feasibility Studies
Orion Minerals is on track to complete the Feasibility Studies for both the Prieska Copper Zinc Mine (PCZM) and the Okiep Copper Project (OCP) by the September 2024 Quarter. These studies are crucial for advancing the development of these projects.
Trial Mining at PCZM
The trial mining of the Supergene orebody at PCZM has been successfully completed, achieving significantly improved development rates. This trial has provided key inputs for the updated Bankable Feasibility Study for PCZM.
Infrastructure Upgrades
The Cuprum electrical sub-station has been upgraded to supply 15MVA power to PCZM, enabling simultaneous dewatering and early mining operations. Additionally, key underground dewatering infrastructure has been installed, achieving dewatering rates exceeding the required 500m3/hour.
Water Management
Orion has signed a Water Supply & Management Agreement with Armscor, allowing PCZM to take over the maintenance and operation of the Armscor water pipeline. This agreement ensures a reliable water supply for the mine.
Drilling Results at OCP
Outstanding initial results have been received from confirmatory diamond drilling at OCP. Notable intersections include 49.35m at 5.05% Cu, 9.27m at 3.01% Cu, and 20.50m at 4.99% Cu, demonstrating the potential for high-grade copper mineralization.
Capital Raising
Orion completed a A$7.7 million capital raising in July 2024, with funds to be used primarily for the development of PCZM and OCP, as well as ongoing exploration drilling at OCP.
The advancements in the Prieska and Okiep projects are likely to positively impact Orion Minerals' stock, as these developments indicate significant progress towards production. The successful trial mining and infrastructure upgrades at PCZM, along with promising drilling results at OCP, enhance the company's prospects.
Investor Reaction:
Investors and analysts have reacted positively to the news, noting the successful trial mining and infrastructure upgrades at PCZM as key milestones. The promising drilling results at OCP further bolster confidence in the company's future prospects.
Conclusion:
Investors should keep an eye on the completion of the Feasibility Studies in September 2024 and monitor further developments in the Prieska and Okiep projects. Orion Minerals' strategic advancements position the company well for future growth.