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Orion Upgrades Prieska Resource, Plans to Fast Track Work
Dec. 18, 2018 03:00PM PST
Orion Minerals has updated the deep sulfide mineral resource estimate at its Prieska zinc-copper project in South Africa’s Northern Cape.
Orion Minerals (ASX:ORN) has updated the deep sulfide mineral resource estimate at its Prieska zinc-copper project in South Africa’s Northern Cape.
The resource estimate update comes after an 85,000-meter infill drilling program that spanned 18 months and wrapped up this quarter.
Orion completed 60,391 meters of drilling between now and the release of a previous resource estimate in April of this year. According to the company, that work has resulted in 50 new intersections and the validation of 105 historical drill holes.
Prieska’s deep sulfide resource is now measured at 28.73 million tonnes grading 3.77 percent zinc and 1.16 copper, with 18.51 million tonnes grading 3.6 zinc and 1.17 percent copper upgraded to the indicated category.
“This pivotal resource upgrade provides a strong foundation for our strategy to fast-track the development of a state-of-the-art base metals operation at Prieska next year,” Orion Managing Director and CEO Errol Smart said in a statement.
“The higher-confidence indicated component of the resource has increased from zero to 18.5 million tonnes, a result which has exceeded our expectations for the area where we completed infill drilling.”
Orion’s main objective with the drill program was to take infill samples within the deep sulfide inferred resource area and to convert as much of the inferred resource to the indicated category as possible.
The company said that the resource could potentially be further expanded with additional drilling, and also believes that Prieska’s volcanogenic massive sulfide camp could house excellent potential for new discoveries. As such, Orion is now fast tracking its near-mine exploration program.
Moving forward, the company’s primary goal is to complete a bankable feasibility study for Prieska, and it is currently in the midst of that.
Additionally, the company anticipates having its mining permit granted in Q2 2019 after having submitted the application in April 2018; project construction is subsequently docketed for Q4 2019.
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Securities Disclosure: I, Olivia Da Silva, hold no direct investment interest in any company mentioned in this article.
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