Following Orion Minerals’ success in confirming the potential for high-grade copper mineralisation at Flat Mine East over the past month, the first assay results from Flat Mine South have delivered further outstanding copper intercepts.
“These results show that the Flat Mines complex contains very high-grade copper sulphide mineralisation contained within wider zones of moderate grade intrusive,” MD Errol Smart said.
Flat Mine South is located about 3km to the southwest of Flat Mine East at its Okiep Copper Project (OCP) in the Northern Cape.
“We are encouraged by the potential to rapidly add high-grade tonnes from near-surface bodies such as at Flat Mine Nababeep, and also down-dip and along trend of the blocks being included in the current mine plan,” Smart said.
The company's initial Bankable Feasibility Study that is nearing completion has only focused on immediately available JORC [Joint Ore Reserve Committee] compliant mineral resources from Flat Mine North, Flat Mine East and Flat Mine South.
“However, the potential to expand scale and extend the mine life lies at the core of why Orion invested in the Okiep district,” Smart said.
“Our aspirational target is to restore our Okiep properties to their historic production levels of 20,000-50,000 tonnes of copper production per annum, which previous owners maintained for over five decades. Our ongoing drilling results underscore this potential,” he said.
Results received include the first two of the four planned holes at Flat Mine South. The assay results have confirmed historical information from drilling by Newmont and Goldfields in the 1980s and 1990s, used in the mineral resource update, the company said.
Earlier this month, the company announced a R92.3m capital raise to help advance its two main projects — Prieska Copper Zinc and Okiep Mines.
The miner, which is listed on the JSE and on the Australian Stock Exchange, said firm commitments had been received for a placement comprising about 513-million shares at an issue price of 1.5 Australian cents (18c) per share to raise about A$7.7m (R92.3m).
The funds will be used principally to progress the development of the Prieska Copper Zinc Mine and permitting and acceleration of infrastructure development for early production in respect of the Okiep Copper Project and ongoing exploration drilling at Okiep, the company said.
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