Orion Minerals seeks to unlock value after boon of additional deposits
JOHANNESBURG - ORION Minerals, the JSE- and ASX-listed junior copper producer, said yesterday that it had open-pit mining opportunities after a further three additional deposits increased the mineral resource at the O’Okiep Copper Project (OCP) to 11.5 million tons.
Orion said due diligence at the OCP had defined inferred mineral resource estimates for a further three deposits in the flat mines area, all of which represented potential open pit mining opportunities.
The company said the three additional resource areas at Flat Mine, Jan Coetzee Mine and Nababeep Kloof Mine brought the mineral resource within OCP to 11.5 million tons grading 1.4 percent copper.
Orion said it was a remarkable achievement, given it only signed the option agreement over the OCP and commenced due diligence in early February.
Managing director and chief executive Errol Smart said the delineation of additional mineral resources within the OCP was a very positive result for Orion, which provided further evidence of the exceptional value the group was able to unlock through the recent access and option agreement to acquire the O’Okiep Copper Company archives.
“We have a large number of additional targets and historical mines currently being modelled,” Smart said.