Orion Minerals has raised estimates for mineral resources under the ground at its Okiep Copper Project (OCP) in the Northern Cape following due diligence work. Its shares rose as much as 20%.
In an update yesterday, the exploration and development company, which is also listed on the Australian Securities Exchange, said resource estimates completed for three additional near-surface deposits increased the total mineral resource at Okiep to 11.5 million tonnes. The three additional resource areas at Flat Mine (Nababeep), Jan Coetzee Mine and Nababeep Kloof Mine have a combined 2.5 million tonnes.
Orion said other exploration and mining drill targets and historical mines were currently being modelled, with the potential to deliver further growth in the OCP mineral resource.
The company announced plans to buy the mineral rights to the historical mines of the O’okiep Copper Company in early February to expand its projects across the province. If it goes ahead and exercises its option, it will create a second base metals production hub that could supplement production of copper and zinc concentrates from its flagship Prieska Project, which is located 450km east of Okiep.The delineation of additional mineral resources within the Okiep Copper Project is a very positive result for Orion which provides further evidence of the exceptional value we’ve been able to unlock through the recent access and option agreement to acquire the O’Okiep Copper Company archives,” CEO Errol Smart said.
Main Image: Orion Minerals