Proactiveinvestors United Kingdom Orion Minerals Ltd https://www.proactiveinvestors.co.uk Proactiveinvestors United Kingdom Orion Minerals Ltd RSS feed en Sun, 26 May 2019 05:00:57 +0100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Orion Minerals restructures equity stakes ahead of BFS and financing milestones ]]> https://www.proactiveinvestors.co.uk/companies/news/218720/orion-minerals-restructures-equity-stakes-ahead-of-bfs-and-financing-milestones-218720.html Orion Minerals Ltd (ASX:ORN) (JSE:ORN) specialises in project development and exploration in South Africa and Australia. It is run by managing director and CEO Errol Smart, an economic geologist who has more than 24 years of industry experience.

Smart has headed up companies for more than 12 years, serving as managing director of Clarity Minerals and Canaustra Group. He previously led mining corporate strategy at LionGold Corp Ltd (SGX:A78) and was responsible for underground and open pit operations at Metallon Corporation Limited. Smart has also served at AngloGold Ashanti Limited (ASX:AGG) (NYSE:AU) (JSE:ANG) (FRA:AOD1), Cluff Mineral Resources and Stellar Group Africa.

Orion’s MD is chairman of the Minerals Council South Africa’s Junior Leadership Forum and is a board member of the council. Smart is a registered professional with the JORC-recognised overseas professional organisation, the South African Council of Natural Scientific Professionals.

What does Orion Minerals own?

The key asset is Prieska Zinc-Copper Project in South Africa on the highly-prospective Areachap base metals minerals belt.

Orion has a total of 2.4 million square kilometres of mineral rights on this belt, with 7,819 square kilometres located near-mine.

Prieska has access to good infrastructure and is found 270 kilometres southwest of Kimberley in South Africa’s Northern Cape.

The project is located at the old Prieska copper mine which was discovered in 1968 and mined at a rate of about 250,000 tonnes a month from 1971 to 1991.

In January 2019 Orion upgraded its resource for the flagship project to 30.49 million tonnes grading 3.7% zinc and 1.2% copper for 1.1 million tonnes zinc and 361,000 tonnes copper.

The updated estimate had come after an updated open pit resource had been released for a beyond 105 metres level target of 1.76 million tonnes grading 2.0% zinc and 1.5% copper.

A Prieska scoping study released in December 2018 confirmed a 10-year mine life for Prieska during phase I of development.

The company had submitted a mining right application in April 2018 and this week described delivery of a mining right grant as “imminent.”

Petra Capital noted in its January 2019 analysis a mining right approval was an Orion milestone for the June quarter of 2019.

The company expects to deliver a funded bankable feasibility study (BFS) for the project later this quarter, noting the milestone in a Proactive Investors video interview.

Orion’s study includes a number of innovative aspects, including a proposal to source power at the project from off-the-grid.

Orion significant shareholder and Australian Fraser Range project partner Independence Group NL (ASX:IGO) (FRA:IDZ) has first rights to pick up the smaller company’s nickel projects on Areachap belt or form a joint venture.

How is Orion Minerals’ economic empowerment stake structured?

This week Orion hit a significant accelerated milestone for a new South African minerals project.

The company completed an A$8 million capital raising and put forward a structured investment package to ensure the company met a black economic empowerment (BEE) equity participation target of 30%.

A group of high-profile South African investors are joining the fold with their monetary investments and proposed Mining Charter 3-compliant buy-ins to Prieska project, funded by Orion vendor finance and met about five years earlier than a regulatory compliance date.

Among these investors were a number of Prieska-born female entrepreneurs with a record of success in the mining, banking and commercial industries.

The company also made a number of board-level changes, including the appointment of experienced South African-based mining professionals as non-executive directors.

Former Anglo American plc (LON:AAL) (JSE:AGL) (ETR:NGLB) (OTCMKTS:NGLOY) thermal coal business chief executive officer Godfrey Gomwe joined the board along with experienced director and BHP Billiton Limited (ASX:BHP) (LON:BHP) (NYSE:BHP) (NYSE:BBL) group senior manager Tom Borman.

Part of the transactions will be executed through the ownership of Orion subsidiary and Prieska project owner Repli Trading No 27 (Pty) Ltd.

A 26.7% Repli owner stake will be swapped for Orion shares, allowing a community trust to take a 5% share and an employee trust to take a further 5%.

A new company given the name BEE HoldCo is to buy a 20% stake in Repli, funded by the Orion vendor finance.

Wholly-black-owned and 75%-black-female-owned Black Star Minerals (Pty) Ltd will hold 67% of the empowerment stake holdco. Black Star is made up of the principals Jowell Tobias, Sharon Matthews and Johanna Tobias.

The 100%-black-owned Kolobe Nala Investment Company (Pty) Ltd would have the remaining 33% of the holdco. Billy Mawasha is Kolobe’s principal.

Inflection points

Prieska BFS delivery expected in the June quarter of 2019

Prieska mining right milestones

Company and Prieska project financing milestones

Offtake or production take successes

Independence and other major group interest in JVs, project buy-ups or other significant transactions

Prieska final investment decision

Regional, secondary and other exploration project successes and significant transactions

Orion Minerals’ MD-CEO Errol Smart outlines BEE restructure and future milestones

“This is a deal that has taken more than six months in the brewing,” Orion Minerals managing director and CEO Errol Smart told Proactive Investors yesterday.

“You can appreciate that it involves eight different parties having to sign different agreements and they, not working together, it’s a bit like herding chickens, but we managed to pull it together with great success for the company.

“In a lot of ways, we’ve broken the mist, and South Africa trades under a lot of mist, and more and more we are starting to demonstrate that they are just mists and that there is actually a real value available again in South Africa.”

Smart noted the company expected its Prieska BFS “within a matter of weeks”, and had proposed and restructured the BEE arrangements it had inherited with its project as a part of a wider effort to ensure it could raise the funds necessary for its mine which were estimated at A$300 million in the company’s December 2018 scoping study.

To learn more about how Orion structured its BEE arrangements and is looking forward toward obtaining a mining right for the project, view yesterday’s video interview filmed and published last night Australian eastern time.

Orion added 0.3 cents, or 9.68%, to its share price yesterday to end a day’s trade on the Australian Securities Exchange at 3.4 cents a share.

 

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Tue, 16 Apr 2019 19:30:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/218720/orion-minerals-restructures-equity-stakes-ahead-of-bfs-and-financing-milestones-218720.html
<![CDATA[Media files - Orion Minerals makes significant restructure to its BEE ownership ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/13015/orion-minerals-makes-significant-restructure-to-its-bee-ownership-13015.html Tue, 16 Apr 2019 10:56:00 +0100 https://www.proactiveinvestors.co.uk/companies/stocktube/13015/orion-minerals-makes-significant-restructure-to-its-bee-ownership-13015.html <![CDATA[News - Orion Minerals raises $8 million through BEE ownership restructure ahead of completed Prieska BFS ]]> https://www.proactiveinvestors.co.uk/companies/news/218629/orion-minerals-raises-8-million-through-bee-ownership-restructure-ahead-of-completed-prieska-bfs-218629.html Orion Minerals Ltd (ASX:ORN) has completed an A$8 million capital raising as part of a proposed restructure of the company’s black economic empowerment (BEE) equity participation.

The raising is underpinned by a group of high-profile South African investors and has achieved accelerated compliance with the ownership aspects of the South African Mining Charter 3 (MC3).

Milestone for company

Representing a milestone for Orion, the raising precedes the company obtaining a mining right for its flagship Prieska Zinc-Copper Project in South Africa’s Northern Cape province and the delivery of the project’s bankable feasibility study (BFS) later this quarter.

Funds will be used to finalise the Prieska BFS and go towards continued exploration at Orion’s prospective tenements in the Northern Cape.

 

Orion chairman Denis Waddell said the company was delighted with the outcome of the interrelated transactions which had taken months of negotiation and preparation.

He said: “The proposed BEE restructuring ahead of the imminent mining right grant and the completion of the bankable feasibility study for the development of a world-class base metal mine at Prieska, shows that the South African MC3 ownership objectives can be achieved while enhancing value for all shareholders.

“As a result of this restructuring, all Orion BEE partners will be aligned as shareholders at the ASX-JSE listed level, sharing the equity risk and reward on equal terms with all Orion shareholders.”

READ: Orion Minerals powers up Prieska zinc-copper BFS work

The proposed share placement will be made at an issue price of 4 cents per ordinary share and will include one free-attaching option for every two shares issued.

Occurring in two stages, the first tranche will result in the issue of about 117 million shares using the company’s 15% placement capacity under the relevant ASX listing rule to raise A$4.685 million.

The second tranche will comprise 83.5 million shares and raise A$3.34 million, subject to shareholder approval to be sought at a general meeting planned for early June 2019.

Free-attaching options will not be quoted on the ASX or the JSE and will have an exercise price of 5 cents, expiring on October 31, 2019.

Prieska's total mineral resource

 

READ: Orion Minerals collaborates with South African company for renewable energy at Prieska

The proposed BEE restructuring entails existing BEE shareholders in Orion subsidiary Repli Trading No 27 Pty Ltd, which owns the Prieska project, exchanging their 26.7% holding in Repli for JSE-listed Orion shares.

A new BEE company will then acquire a 20% shareholding in Repli, facilitated by way of Orion vendor funding.

The established of the new BEE company is expected to be finalised before June 11 this year and its members have demonstrated their commitment and financial capacity by subscribing for A$2 million in the share placement.

Along with the milestone transactions, Orion will also appoint two highly-experienced South African-based mining executives who have specific knowledge and skill in the South African mining industry.

These are Godfrey Gomwe, former chief executive officer of Anglo American’s thermal coal business, and Tom Borman, who has worked for BHP Billiton Group in various senior managerial roles.

Non-executive director Michael Hulmes has stepped down from his board role due to increased commitments in another role.

READ: Orion Minerals identifies new VMS-style targets at world-class South African zinc-copper project

Waddell added: “We have also secured the equity participation in terms of MC3 with the engagement of highly-experienced BEE entrepreneurs, including Prieska-born, female executives with successful mining, banking and commercial backgrounds.

“Our key shareholders have recognised the potential value uplift brought by our new BEE partners and have participated in the placement at a significant premium to market, matching the terms which our incoming BEE partners are investing.

“As part of this milestone, we are also very pleased to have attracted highly-respected and experienced South African mining executives Godfrey Gomwe and Tom Borman as non-executive directors.

“Michael Hulmes has stepped down as a non-executive director due to his increased commitments as an executive in a new role elsewhere.

“We thank Michael for his significant contribution during the feasibility study period and wish him well in his new role.”

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Mon, 15 Apr 2019 21:37:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/218629/orion-minerals-raises-8-million-through-bee-ownership-restructure-ahead-of-completed-prieska-bfs-218629.html
<![CDATA[Media files - Orion Minerals to explore renewable energy generation at flagship Prieska Zinc-Copper Project ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/12505/orion-minerals-to-explore-renewable-energy-generation-at-flagship-prieska-zinc-copper-project-12505.html Thu, 07 Mar 2019 08:00:00 +0000 https://www.proactiveinvestors.co.uk/companies/stocktube/12505/orion-minerals-to-explore-renewable-energy-generation-at-flagship-prieska-zinc-copper-project-12505.html <![CDATA[News - Orion Minerals has nearly 30mln tonnes of zinc ore in South Africa and significant private equity support ]]> https://www.proactiveinvestors.co.uk/companies/news/195855/orion-minerals-has-nearly-30mln-tonnes-of-zinc-ore-in-south-africa-and-significant-private-equity-support-195855.html “The Prieska project was discovered by Anglovaal in 1968,” says Errol Smart, chief executive of Orion Minerals Ltd (ASX:ORN)

“By 1969 they’d realised that they had something exceptional. They drilled 47 holes, built a mill and operated it for 20 years. The mine took its last blast in 1989 and the mill finally stopped in 1991.”

At that point, though, a change in the inclination of the orebody, a weakening in the commodities market and the general economic isolation of South Africa as apartheid dragged on to its inevitable conclusion all added up to a decision by Anglovaal to walk away.

They left a project that was somewhat in limbo and with an estimated 23mln tonnes of copper ore still to be mined.

South Africa’s economic troubles continued into the 1990s as apartheid ended and the new era began, and because Prieska had been formally closed and rehabilitated, there was little immediate interest in a restart.

But it was only a matter of time before that 23mln tonnes of historically estimated ore attracted renewed interest and, in a rising zinc market, Orion stepped up to the plate.

At one stage Orion had been involved in Australian nickel, but come 2014 the thinking inside the company was that the mining cycle had bottomed out and there were likely bargains to be had in other base metals.

Errol Smart, a South African himself, was initially reluctant to venture back to the country of his birth. But the quality of the asset, and its relatively remote location changed his mind.

In October of 2015 Orion took out an option on 73.33% of Prieska and it hasn’t looked back since.

The initial objective during due diligence was to verify that historic 23mln tonne figure.

“We took the old mine plans and we started digitising,” says Smart.

“We found two blocks with ore amounting to around 16mln tonnes. We then modelled a further seven million tonnes in the remaining pillars. That accounted for the 23mln tonnes, and showed that the data provenance was very good.”

But there was more.

Because the orientation of the orebody had changed at depth, Anglovaal hadn’t completely drilled out the remaining resource. That opened up the possibility that there could be more than the established 23mln tonnes there, and sure enough, when Orion put the drill rigs to work on the southern extension of the resource last year, a further 10mln tonnes-plus was identified.

Thus, the total resource excluding pillars at Prieska now rings in at a chunky 29.4mln tonnes, which is substantially higher than the initial 16mln tonnes expected. Total contained metal comes to 1.126mln tonnes of zinc and 365,000 tonnes of copper, with nearly nine million ounces of silver and 198,000 ounces of gold.

And even now the project remains open on dip and strike.

Not surprising then that Orion’s shares have moved upwards by around 30% since the beginning of the year, in a market that hasn’t generally favoured smaller mining companies.

The plan now is to complete the resource drill out and a bankable feasibility study, which should be ready by the fourth quarter of this year, at a cost of around A$15mln.

All the key elements are in place. There’s power, a water pipeline tar roads and a nearby rail siding. The company has established the integrity of the existing shaft, and the ramp decline roadways are in what Smart calls “fantastic” condition.

The metallurgical work too, has been favourable, which is perhaps not surprising given the previous 20 years of operation.

It all points towards first production in 2020, as a small open pit orebody gets mined, before the company then moves underground the following year.

“In that year we will de-water the mine and re-equip the shaft,” says Smart.

“With the additional ore we’ve identified we’re now starting to look at mining at a rate of two million tonnes per year, instead of the original 1.2mln tonnes that was planned.”

And while all that work is underway, Orion will also get busy exploring the plethora of other volcanic massive sulphide deposits around Prieska, and also press on with work at another project, Jacomynspan, which is highly prospective for nickel, copper and cobalt and platinum group elements.

If that seems like a hectic work programme, then it is. But Orion is supported by London-based private equity group Tembo, which likes what it sees in the South African portfolio and has been willing to put up debt as well as equity to allow Orion to get moving at quite a pace.

“We had 19 rigs drilling last year,” says Smart.

“It was the most intensive drilling programme anywhere in Africa. We’d like to continue spending around A$1mln per month on exploration.”

With the current cash balance standing at A$3.5mln, more will clearly be needed. But a bigger funding round is likely anyway towards the end of the year, when the bankable study is complete, and Orion turns its thoughts towards the capital required for a build.

At that stage a London listing is likely, perhaps just before the bankable study is complete.

 

 

 

 

 

 

 

 

 

 

 

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Thu, 26 Apr 2018 12:39:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/195855/orion-minerals-has-nearly-30mln-tonnes-of-zinc-ore-in-south-africa-and-significant-private-equity-support-195855.html
<![CDATA[News - Orion Gold identifies new nickel-copper targets in the Fraser Range ]]> https://www.proactiveinvestors.co.uk/companies/news/140178/orion-gold-identifies-new-nickel-copper-targets-in-the-fraser-range-62586.html Orion Gold (ASX:ORN) has identified a number of new nickel-copper exploration targets within its Fraser Range landholding in Western Australia.

The new targets were identified using constrained gravity inversion modelling, which is growing in importance as an exploration technique in the region.

These are interpreted to be indicative of prospective mafic-ultramafic intrusions located under thick sediment cover. 
Orion now has 34 targets of which only four have been drill-tested.

Target ranking underway to prioritise areas for high-powered EM and drill testing.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Tue, 26 May 2015 14:30:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/140178/orion-gold-identifies-new-nickel-copper-targets-in-the-fraser-range-62586.html
<![CDATA[News - Orion Gold drilling supports presence of epithermal system in Queensland ]]> https://www.proactiveinvestors.co.uk/companies/news/140177/orion-gold-drilling-supports-presence-of-epithermal-system-in-queensland-60232.html Orion Gold’s (ASX:ORN) initial drilling has intersected multiple epithermal veins and stockwork zones at the Aurora Flats Prospect of its Connors Arc Epithermal Gold-Silver Project in Central Queensland.   

These have promising alteration and sulphides with first assays due by the end of January.

Detailed structural and alteration logging is underway under supervision of leading epithermal experts.

Drilling is ongoing to test depth extensions to epithermal veins before moving on to test the Veinglorious Prospect.

The alteration styles are associated with epithermal deposits and the style and pervasive nature of the alteration observed in the drilling supports the company’s hypothesis that the Aurora Flats system is a significant epithermal system of substantial scale.

Sulphides are present within veins, on vein contacts, and disseminated in the country rock.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Wed, 21 Jan 2015 15:30:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/140177/orion-gold-drilling-supports-presence-of-epithermal-system-in-queensland-60232.html
<![CDATA[News - Orion Gold looks for rare intermediate sulphidation epithermal gold and silver system ]]> https://www.proactiveinvestors.co.uk/companies/news/140176/orion-gold-looks-for-rare-intermediate-sulphidation-epithermal-gold-and-silver-system-60043.html Orion Gold (ASX: ORN) will begin drilling at its Connors Arc Epithermal Gold-Silver Project in Central Queensland, testing geological and geophysical targets identified in late 2014.

Orion looks to have identified an intermediate sulphidation epithermal gold and silver system at Aurora Flats on the Connors Arc, where drilling is focused now.

These intermediate Sulphidation deposits are rare in Australia while overseas discoveries have included some massive deposits such as Pachuca Real in Mexico and Acupan and Antomok Bagiuo in the Philippines.

The project lies between the Cracow and Mt Carlton epithermal mines and looks to hold some promise. Historical drilling was encouraging.

Two diamond holes have been completed to date with first results expected during January 2015.


Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Tue, 13 Jan 2015 16:00:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/140176/orion-gold-looks-for-rare-intermediate-sulphidation-epithermal-gold-and-silver-system-60043.html
<![CDATA[News - Orion Gold sets sail for capital raising ]]> https://www.proactiveinvestors.co.uk/companies/news/140175/orion-gold-sets-sail-for-capital-raising-57655.html Orion Gold's (ASX:ORN) shares will return to trading after it finalises a capital raising. 

Recent reconnaissance drilling appeared to provide promise with the presence of a mafic intrusion and nickel potential at its Pennor Target, Fraser Range Project in Western Australia.

A peak assay of 1,260ppm nickel was returned.

The shares will exit the trading halt by Monday, 22 September 2014.

 

 

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Thu, 18 Sep 2014 12:30:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/140175/orion-gold-sets-sail-for-capital-raising-57655.html
<![CDATA[News - Orion Gold identifies nickel potential in Fraser Range ]]> https://www.proactiveinvestors.co.uk/companies/news/140174/orion-gold-identifies-nickel-potential-in-fraser-range-57629.html Orion Gold's (ASX:ORN) shares are expected to gain this morning after reconnaissance drilling confirmed nickel potential in the Fraser Range of Western Australia, and there are early similarities to Sirius Resources (ASX:SIR) discoveries.

Drilling has defined coherent nickel anomalies over an extensive area within the Pennor mafic intrusion at the Pennor Target, part of the company's Fraser Range nickel-copper project.

The 3300 metre aircore drilling program sampled fresh rock under 25m-40m of transported cover within the magnetic low, with a peak assay of 1,260ppm nickel.

ORN has achieved a similar tenor of nickel endowment in this first-pass drilling to the results reported by Sirius from their initial aircore drilling at the Crux and Centauri prospects.

Sirius drew analogies between their results and the early exploration results from the drilling of the hangingwall sequence to the Eye which led to the Nova-Bollinger discovery one year later.

ORN has a substantial 5000 metre square landholding in the Fraser Range Belt, located between two of the most significant Australian mineral discoveries of the past decade being Nova and Tropicana.


Nickel tenor

The nickel tenor is significantly higher than the equivalent program at the Peninsula-HA2 target, confirming the prospectivity of Pennor.

Geochemical anomalies overlap areas where prospective lithologies were logged in drill chips, which will further refine the target areas.


News flow coming

ORN has near-term news flow, with results from the detailed geochemical study and petrology work are still to come.

These results, together with geophysical data, will enable targeting of follow-up deeper drilling at what is emerging as a compelling exploration target for Orion.

 

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Wed, 17 Sep 2014 13:00:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/140174/orion-gold-identifies-nickel-potential-in-fraser-range-57629.html
<![CDATA[News - Orion Gold starts reverse circulation drilling at Fraser Range nickel-copper-PGE project ]]> https://www.proactiveinvestors.co.uk/companies/news/140173/orion-gold-starts-reverse-circulation-drilling-at-fraser-range-nickel-copper-pge-project-53230.html Orion Gold (ASX: ORN) has started reverse circulation drilling to test the CE Prospect at its Fraser Range nickel-copper-platinum group elements project in Western Australia.
   
Drilling continues to test the mafic complex delineated by aircore drilling and geophysics with 22 targets to be tested across the project.

The first hole was designed to test a bedrock conductor modelled from ground electromagnetic surveys.

Graphitic shale containing trace amounts of sulphides was intersected in contact with metamorphosed mafic intrusive at the interpreted position of the conductor.

A second hole is currently underway in an area of the CE prospect where trace sulphides were intersected in aircore drilling.

Of all the Fraser Range explorers, Orion controls the second largest landholding, greater in size than Sirius Resources (ASX:SIR), and second only to Windward Resources (ASX:WIN).

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Thu, 27 Feb 2014 12:00:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/140173/orion-gold-starts-reverse-circulation-drilling-at-fraser-range-nickel-copper-pge-project-53230.html
<![CDATA[News - Orion Gold finds copper, nickel, platinum group metals anomalies at Cooper Creek project in Victoria ]]> https://www.proactiveinvestors.co.uk/companies/news/140172/orion-gold-finds-copper-nickel-platinum-group-metals-anomalies-at-cooper-creek-project-in-victoria-52946.html Orion Gold (ASX:ORN) has found zones anomalous for copper, nickel and platinum group elements following initial diamond drilling at its Cooper Creek prospect in Victoria.

The drilling programme was aimed at testing for extensions to mineralisation intersected by drilling carried out by previous explorers that returned 3.5 metres at 3.23% copper, 0.53% nickel, 1.3 grams per tonne gold, 14.4g/t silver, 1.16g/t platinum and 1.64g/t palladium within a larger intersection of 36 metre at 1.75% copper, 0.20% nickel, 0.39g/t gold, 8.6g/t silver, 0.78g/t platinum and 1.08g/t palladium.

The copper, nickel, platinum and palladium anomalies at Cooper Creek, which is within Orion's Walhalla project, include individual co-incident results of up to 1% copper and 1g/t of platinum and palladium.

Further down hole electromagnetic survey of Orion's drill holes also found two off-hole conductors and drilling is under-way to test the stronger of the two conductors.

The Walhalla-Wood point goldfield in Victoria, has seen significant regional historical high grade gold production including 4 million ounces at 25g/t of past production.

 

Proactive Investors Australia is the market leader in producing news,articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Tue, 18 Feb 2014 20:00:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/140172/orion-gold-finds-copper-nickel-platinum-group-metals-anomalies-at-cooper-creek-project-in-victoria-52946.html
<![CDATA[News - Orion Gold intersects mafic intrusives at CE nickel-copper prospect, Fraser Range ]]> https://www.proactiveinvestors.co.uk/companies/news/140171/orion-gold-intersects-mafic-intrusives-at-ce-nickel-copper-prospect-fraser-range-52833.html Orion Gold (ASX: ORN) has intersected mafic lithologies in the area above a previously identified bedrock conductor at the CE prospect within its Fraser Range nickel-copper-platinum Project in Western Australia.

Drilling intercepted a pyroxene-bearing metamorphosed mafic intrusive in multiple holes adjacent to the modelled position of the conductive body, with trace sulphides including chalcopyrite identified.

No petrographic work has been carried out as yet, however the presence of a mafic intrusion is an essential component to a potential mineralised system.

Positively, drilling did not encounter any common contributors to “false” electromagnetic anomalies such as graphitic horizons or shear-zones that may host saline waters.

Also intersected was up to 40 metres of cover sediments that would obscure geochemical signatures from surface sampling.

Samples from the aircore drilling are being submitted for analysis this week and results will be announced as soon as they are received and validated.

Deeper reverse circulation drilling into the bedrock conductor is expected to commence next week, subject to access.

Of all the Fraser Range explorers, Orion controls the second largest landholding, greater in size than Sirius Resources (ASX:SIR), and second only to Windward Resources (ASX:WIN).

Orion is capitalised at $14 million.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Fri, 14 Feb 2014 12:00:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/140171/orion-gold-intersects-mafic-intrusives-at-ce-nickel-copper-prospect-fraser-range-52833.html
<![CDATA[News - Orion Gold pinpoints 19 new nickel-copper targets in Fraser Range, Western Australia ]]> https://www.proactiveinvestors.co.uk/companies/news/140170/orion-gold-pinpoints-19-new-nickel-copper-targets-in-fraser-range-western-australia-52477.html Orion Gold (ASX:ORN) has defined an additional 19 electromagnetic targets prospective for nickel, copper and platinum group elements within its Fraser Range acreage in Western Australia.

The company now has two clear, high-ranking anomalies, one being the 1.75 square kilometre CE Prospect revealed in January, and a new 1 square kilometre target in the north of the tenement area.

These targets are ranked in the top tier due to their strike extent, signature and strength, relative to surrounding responses.

The company identified 18 other anomalies, of which five are deemed to be “second tier” and the remainder “third tier”.

Significantly, two of the second tier anomalies occur in the same area as the newly identified high priority target, which together have been coined the CD Prospect, and lies between the CE Prospect and Chromite Creek.

Ground electromagnetic surveys are planned to confirm bedrock conductors and thus refine drill target locations.

It is interesting to note that whilst having one of the smaller market caps amongst the Fraser Range explorers, Orion holds the second largest ground position, larger than Sirius Resources (ASX:SIR), and behind only Windward Resources (ASX:WIN).

 

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Tue, 04 Feb 2014 09:20:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/140170/orion-gold-pinpoints-19-new-nickel-copper-targets-in-fraser-range-western-australia-52477.html
<![CDATA[News - Orion Gold extends conductor to 1.75km, set to drill for nickel-copper in Fraser Range ]]> https://www.proactiveinvestors.co.uk/companies/news/140169/orion-gold-extends-conductor-to-175km-set-to-drill-for-nickel-copper-in-fraser-range-52177.html Orion Gold (ASX: ORN) has extended an electromagnetic anomaly at its CE nickel-copper-platinum project in the Fraser Range, Western Australia.

The survey has extended the length of the anomaly from 1 kilometre to 1.75 kilometres.

Aircore drilling will commence shortly, followed by reverse circulation drilling.

The CE Prospect already contains a number of indicators commonly associated with intrusive hosted nickel-copper-platinum deposits, namely a magnetic "eye" feature and coincident gravity anomalies.

"Eye" shaped magnetic features are now accepted by operators in the Fraser Range to be a key indicator of mafic intrusive complexes in the belt, and therefore are the highest ranking targets for Nova-style nickel-copper-cobalt deposits.

The part of the anomaly previously surveyed was interpreted to contain strongly conductive bodies indicative of interconnected sulphide minerals or graphite.

 

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Fri, 24 Jan 2014 11:00:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/140169/orion-gold-extends-conductor-to-175km-set-to-drill-for-nickel-copper-in-fraser-range-52177.html
<![CDATA[News - Orion Gold kicks off nickel-copper-platinum exploration in Fraser Range ]]> https://www.proactiveinvestors.co.uk/companies/news/140168/orion-gold-kicks-off-nickel-copper-platinum-exploration-in-fraser-range-51858.html Orion Gold (ASX: ORN) has recommenced drilling and exploration activities at its nickel-copper-platinum projects in the Fraser Range, Western Australia, and Coopers Creek in Victoria.

In the Fraser Range, drilling will commence shortly at the CE Prospect, part of the ground package acquired last year from the Creasy Group.

The maiden drill program will determine the bedrock lithology associated with a previously identified magnetic “eye” feature, as well as the source of the bedrock conductor identified in ground electromagnetic surveys completed in 2013.

Significantly, a number of gravity anomalies have been identified coincident with the “eye” feature, enhancing the prospectivity of this area.

At Cooper’s Creek, diamond drilling is underway with the most advanced prospect within the Walhalla Polymetals project, and is expected to reach target depth in coming days.

 

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Tue, 14 Jan 2014 13:40:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/140168/orion-gold-kicks-off-nickel-copper-platinum-exploration-in-fraser-range-51858.html
<![CDATA[News - Orion Gold to start maiden nickel-copper drilling in Western Australia’s Fraser Range ]]> https://www.proactiveinvestors.co.uk/companies/news/140167/orion-gold-to-start-maiden-nickel-copper-drilling-in-western-australias-fraser-range-50395.html Orion Gold (ASX: ORN) will next week start its maiden drilling program targeting multiple nickel-copper targets at its Fraser Range Project in Western Australia.

This will provide quality bedrock samples for analysis and detailed geological information, enabling the geophysical results to be further interpreted in context.

Drilling will test the electromagnetic conductors identified at HA1 as well as the features observed at HA2.

Recent field mapping has also defined additional areas of interest around the HA1 and HA3 targets.

In particular, forward modelling of the high-resolution aeromagnetic data around HA1 indicates that the adjacent magnetic high is likely to be mafic in origin.

 

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Wed, 20 Nov 2013 17:40:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/140167/orion-gold-to-start-maiden-nickel-copper-drilling-in-western-australias-fraser-range-50395.html
<![CDATA[News - Orion Gold locates another strong conductor at Fraser Range nickel project ]]> https://www.proactiveinvestors.co.uk/companies/news/140166/orion-gold-locates-another-strong-conductor-at-fraser-range-nickel-project-48383.html Orion Gold NL (ASX: ORN) has identified a strong bedrock conductor during reconnaissance ground geophysics within one of the tenements being acquired from Mark Creasy, adjacent to its Peninsula Nickel Project in the Fraser Range, Western Australia.

The discrete conductor dips west, lies less than 100 metres below surface and is in the area of an apparent pressure shadow within an “eye feature” interpreted from aeromagnetic data.

The survey confirmed that the cover sequence within the tenement area is weakly to moderately conductive, thus any legitimate, massive sulphide bedrock conductors  should be able to be detected via airborne survey to 250-300 metres.

Accordingly Orion has engaged Geotech Airborne to fly a heliborne electromagnetic survey anticipated to commence in mid-October; follow-up ground electromagnetics are also planned to map the full extent of the conductor.

Ground reconnaissance indicates that the area is overlain by younger sediment cover, meaning geochemical anomalies may be masked or displaced.

Drilling to collect basement samples for geochemical sampling and lithology will form part of the planned future work program.

 

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Tue, 24 Sep 2013 11:40:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/140166/orion-gold-locates-another-strong-conductor-at-fraser-range-nickel-project-48383.html
<![CDATA[News - Orion Gold identifies new gold targets at Queensland project ]]> https://www.proactiveinvestors.co.uk/companies/news/140165/orion-gold-identifies-new-gold-targets-at-queensland-project-47192.html Orion Gold (ASX: ORN) has identified a number of new gold exploration targets at its Connors Arc Epithermal Project in Central Queensland after receiving the results of ASTER satellite data.

Connors Arc is located within the New England Fold Belt in Queensland that hosts numerous +1 million ounce Devonian through to Triassic-aged epithermal and intrusion-related gold deposits.

Notably, it is located between Evolution Mining’s (ASX: CAH) operating Cracow & Mt Carlton mines. Cracow produced 102,560 ounces of gold in the 2013 financial year while Mt Carlton is expected to produce up to 75,000 ounces of gold in the 2014 financial year.

The processed and interpreted ASTER data identified five areas of interest based on coincident ASTER alteration, geological and geophysical features.

These include interpreted occurrences of high temperature clays which are known to be associated with high-sulphidation epithermal such as Mt Mackenzie and Mt Carlton.

The data reinforces the broad geological similarities between Orion’s project area and productive epithermal gold systems in the wider region, and suggests potential for multiple hydrothermal alteration systems with characteristics consistent with epithermal and/or porphyry gold-copper systems.

The targets identified by this work represent grass-roots style additions to the project’s target portfolio and provide a focus for ground-based exploration activities upon the grant of tenure.

 

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Tue, 27 Aug 2013 11:00:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/140165/orion-gold-identifies-new-gold-targets-at-queensland-project-47192.html
<![CDATA[News - Orion Gold confirms magnetic nickel targets in Fraser Range ]]> https://www.proactiveinvestors.co.uk/companies/news/140164/orion-gold-confirms-magnetic-nickel-targets-in-fraser-range-46776.html Orion Gold (ASX:ORN) has identified conductive bodies within the previously defined nickel-copper target areas at the Peninsula Project in the Fraser Range, W.A.

A first pass, fixed loop, time domain electromagnetic survey defined a body with a strike length of 500 metres, strongly magnetic and likely mafic in origin.

A moving loop survey is planned to refine another conductive body within the Peninsula Intrusion, and over a target area where the fixed loop was ineffective.

As a result, Orion now has three priority targets for follow-up work at Peninsula. A reconnaissance survey over one of the tenements being acquired from Mark Creasy is also planned.

In August, Orion agreed to acquire a 70% interest in a 2,628km2 tenement package owned by leading prospector, Mark Creasy. Consideration for the acquisition is 15 million Orion shares and 18.5 million options with various terms and exercise prices.

The transaction, will position Orion as one of the dominant players in the emerging northern end of the Fraser Range province, with a combined land-holding of 4,210km2.

The belt has delivered the world-class Nova-Bollinger nickel-copper discoveries.

Orion is undertaking a $5 million, to a maximum of $7million capital raising by way of a share placement.

 

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Thu, 15 Aug 2013 12:40:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/140164/orion-gold-confirms-magnetic-nickel-targets-in-fraser-range-46776.html
<![CDATA[News - Orion Gold launches capital raising for Fraser Range nickel copper search ]]> https://www.proactiveinvestors.co.uk/companies/news/140163/orion-gold-launches-capital-raising-for-fraser-range-nickel-copper-search-46603.html Orion Gold (ASX: ORN) just last week agreed to acquire a 70% interest in a 2,628 square kilometre tenement package in the Fraser Range Belt of Western Australia owned by leading prospector, Mark Creasy.

Orion has now launched a capital raising program, which has the potential to be well-supported, considering the highly prospective nature of the Fraser Range - which hosts the world-class Nova-Bollinger nickel-copper discoveries.

Orion is currently in pre-open following the ASX granting the company a trading halt to organise the raising.

Last week Orion said that it would undertake a $5 million, to a maximum of $7 million capital raising by way of a share placement at $0.12 cents per share.

The transaction, will position Orion as one of the dominant players in the emerging northern end of the Fraser Range province, with a combined land-holding of 4,210 square kilometres.

Consideration for the acquisition is 15 million Orion shares and 18.5 million options with various terms and exercise prices.

The halt will last until the earlier of an announcement being made to the market, or the opening of trade on Wednesday 14th August 2013.

 

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Mon, 12 Aug 2013 10:40:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/140163/orion-gold-launches-capital-raising-for-fraser-range-nickel-copper-search-46603.html
<![CDATA[News - Orion Gold to acquire Mark Creasy's Fraser Range tenement package; gains 11% stake ]]> https://www.proactiveinvestors.co.uk/companies/news/140162/orion-gold-to-acquire-mark-creasys-fraser-range-tenement-package-gains-11-stake-46388.html Orion Gold (ASX: ORN) has parachuted into a prominent acreage position in the Fraser Range Belt of WA, agreeing to acquire a 70% interest in a 2,628km2 tenement package owned by leading prospector, Mark Creasy.

The binding deal for seven tenements will see Creasy emerge with an 11 per cent stake in Orion, after completion of the proposed $5 million capital raising. Creasy was behind Sirius Resource's (ASX:SIR) Nova and Bollinger nickel/copper discoveries.

The transaction, will position Orion as one of the dominant players in the emerging northern end of the Fraser Range province, with a combined land-holding of 4,210km2.

The belt has delivered the world-class Nova-Bollinger nickel-copper discoveries.

Consideration for the acquisition is 15 million Orion shares and 18.5 million options with various terms and exercise prices.

Orion is undertaking a $5 million, to a maximum of $7million capital raising by way of a share placement at $0.12 cents per share.  Current share price is $0.135.

Interestingly, the tenements cover the northern extension of the Peninsula Intrusion, a mafic/ultramafic intrusion identified in exploration by Western Areas between 2000 and 2006 and which returned anomalous bedrock nickel-copper-cobalt-sulphur results in RC drilling in 2005.

Orion’s existing Peninsula Project already covers the bulk of this intrusion.

 


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Tue, 06 Aug 2013 16:45:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/140162/orion-gold-to-acquire-mark-creasys-fraser-range-tenement-package-gains-11-stake-46388.html
<![CDATA[News - Orion Gold to add to acreage in Fraser Range belt ]]> https://www.proactiveinvestors.co.uk/companies/news/140161/orion-gold-to-add-to-acreage-in-fraser-range-belt-46283.html Orion Gold (ASX:ORN) is the next company entering a trading halt, looking to acquire a tenement in the northern part of the Fraser Range belt and undertake a capital raising.

During the last quarter, Orion defined nickel-copper targets at its its Peninsula Nickel Project in the Fraser Range belt and a HeliTEM survey refined advanced targets based on historical drilling.  Ground geophysics are underway.

Orion had flagged adding to its landholding in the Fraser Range Province last month.

 

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Fri, 02 Aug 2013 10:20:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/140161/orion-gold-to-add-to-acreage-in-fraser-range-belt-46283.html
<![CDATA[News - Orion Gold identifies nickel-copper targets in the Fraser Range ]]> https://www.proactiveinvestors.co.uk/companies/news/140160/orion-gold-identifies-nickel-copper-targets-in-the-fraser-range-45594.html Orion Gold (ASX: ORN) has used a HeliTEM airborne survey to identify nickel-copper targets within its Peninsula Project, located in the Fraser Range Province of Western Australia.

It's not just the Fraser Range post code which is important, but the geology, and Orion's target PEN_HA2 lies within an area previously interpreted as being underlain by mafic and ultramafic intrusives.

These are similar to those which host Sirius Resources’ (ASX: SIR) Nova-Bollinger nickel-copper-cobalt deposit, based on lithologies intersected in drilling.

Further adding to the prospectivity is that the target is adjacent to anomalous bedrock nickel-copper-cobalt-sulphur results returned from historical reverse circulation drilling by Western Areas in 2005.

Drilling by Western Areas in 2005 yielded intersections of gabbronorite and other mafic units which were interpreted as a layered, differentiated mafic intrusive. Western Areas interpreted the mafic complex to be around 13 kilometres long and 5 kilometres wide.

Nickel exploration was carried out by Western Areas NL at the Peninsula Project between 2000 and 2006.


Target PEN_HA1

Another primary target PEN_HA1 is a well-defined bedrock anomaly of around 200-250 metres in length situated along the margin of a magnetic feature, which may be interpreted as another intrusive body.

 

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Tue, 16 Jul 2013 08:40:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/140160/orion-gold-identifies-nickel-copper-targets-in-the-fraser-range-45594.html
<![CDATA[News - Orion Gold readies for gold nickel search in Fraser Range / Tropicana belts ]]> https://www.proactiveinvestors.co.uk/companies/news/140159/orion-gold-readies-for-gold-nickel-search-in-fraser-range-tropicana-belts-43771.html Orion Gold (ASX: ORN) is now on the gold nickel exploration trail in the highly prospective Fraser Range / Tropicana belts in Western Australia, following due diligence to acquire a new tenement package from Kamax Resources.

From the deal Orion acquired over 900 square kilometres of licences in the Tropicana Belt and Fraser Range Province, along with around 670 square kilometres of additional applications in the two belts.

Orion will target massive sulphide accumulations within or on the margins of the mafic intrusions, with the company engaging Southern Geoscience to monitor QA/QC of data acquisition and interpret the results of the HeliTEM survey.

Mobilisation to site has commenced with the survey anticipated to be completed in early June.

Orion had $2.4 million in cash at the end of March 2013.


Orion discovers visible gold in Victoria

In other Orion news, diamond drilling has been completed at the Longfellow’s prospect where visible gold was intersected, which is located within the Walhalla Gold-PGE Project in Victoria.

 

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Mon, 27 May 2013 14:40:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/140159/orion-gold-readies-for-gold-nickel-search-in-fraser-range-tropicana-belts-43771.html
<![CDATA[News - Orion Gold joins Fraser Range quest with acquisition ]]> https://www.proactiveinvestors.co.uk/companies/news/140158/orion-gold-joins-fraser-range-quest-with-acquisition-41133.html Orion Gold (ASX: ORN) will be the newest entrant into Western Australia’s mineral-rich Fraser Range and Tropicana belts with the proposed acquisition of around 1,600 square kilometres of tenements prospective for Tropicana-style gold and Nova-style nickel deposits.

The company has entered into a binding heads of agreement to acquire all of the shares in Kamax Resources, which owns 913 square kilometres of granted tenements and 669 square kilometres of additional applications in the two belts.

The Cundeelee Project is located between Independence Group (ASX: IGO) and AngloGold Ashanti’s (ASX: AGG) 7.9 million ounce Tropicana Gold Project to the north and Sirius Resources’ (ASX: SIR) Nova nickel-copper-cobalt discovery to the south.

To settle the acquisition, Orion will issue 86 shares for every 100 Kamax shares and 86 options, exercisable at $0.20 until 30 April 2014, for every 100 Kamax options.

Orion shares were last trading at around $0.10, valuing the transaction at around $1.2 million.

Historical geochemical anomalies and scout drilling at the Cundeelee Project has identified bedrock mineralisation of both gold and nickel.

The highly anomalous, gold-in-calcrete geochemistry is coincident with the regional scale Cundeelee Shear Zone.

Anomalies on the Kamax tenements extend along this shear zone for over 44 kilometres.

Aircore drilling, comprising 1,131 holes for 52,595 metres between 2006 and 2011, by Dominion Mining principally targeted these geochemical anomalies with encouraging results.

However, only two reverse circulation holes were drilled to test for mineralisation below supergene anomalies.

Kamax has been granted funding of $100,000 under the WA Government’s co-funded Exploration Incentive Drilling Scheme which will fund a drilling program to test bedrock targets.

Nickel exploration to the northeast of the Cundeelee Shear Zone was carried out by Western Areas (ASX: WSA) between 2000 and 2006.

Exploration pre-dated Sirius Resources’ recent Nova discovery and has not been reinterpreted in that context.

Scout reverse circulation drilling by Western Areas in 2005 yielded intersections of gabbronorite and other mafic units which were interpreted to represent differentiated mafic intrusives.

Western Areas interpreted the mafic complex to be approximately 13 kilometres long and 5 kilometres wide.

Drilling also yielded nickel values of over 0.1% nickel in hard rock, in three holes.

While aeromagnetic and ground gravity data was collected, no electromagnetic surveys (airborne or ground) were carried out.

Importantly, the ground gravity survey identified an anomaly which has not been explained by previous drilling.


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Fri, 22 Mar 2013 12:20:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/140158/orion-gold-joins-fraser-range-quest-with-acquisition-41133.html
<![CDATA[News - Orion Gold extends terms of Victorian gold JV with Franklin Resources ]]> https://www.proactiveinvestors.co.uk/companies/news/140157/orion-gold-extends-terms-of-victorian-gold-jv-with-franklin-resources--40048.html Orion Gold (ASX: ORN) and joint venture partner Franklin Resources have extended the terms of their partnership on exploration licence 3437, within the Walhalla – Woods Point goldfield of Victoria.

The agreement allows Orion an extended period until 30 June 2013 to carry out drilling on identified targets in the tenement and to earn an 85% interest in the joint venture.

Exploration licence 3437 is located in the northern section of the Walhalla – Woods Point goldfield, surrounding the A1 and Morning Star mine licences, held by other companies, and the prospective ground between those mines.

The Walhalla region is Victoria’s sixth largest historical gold producing region with over 400 known reef and alluvial gold deposits.

The historic Cohen’s Reef was mined to a depth of over 1 kilometre and produced 1.5 million ounces of gold at a grade of 30 grams per tonne (g/t).

Drilling of identified prospects on the Cohen’s Reef trend is planned to begin in the near future.

The program will test for both sheared sediment hosted gold mineralisation of the Cohen’s Reef style and sheared intrusive related mineralisation of the A1 and Morning Star mines style.

Each of these mineralisation styles is modelled on mines with substantial recorded gold production and presents an attractive exploration target.


Growing interest

The planned drilling, along with Orion’s past exploration expenditure, will complete the obligations under the joint venture, to increase the company’s equity in the joint venture from the current 25% to 85%.

Importantly, an increase in Orion’s joint venture equity will increase its equity interest in the northern section of the Walhalla – Woods Point field.

Orion has issued $25,000 worth of shares to Franklin at $0.10 per share as consideration for the extension to 30 June 2013.


Walhalla Project

Work is also continuing on Orion’s most advanced project at Walhalla in preparation for a drilling program to test a number of significant targets.

Earlier this month the company identified several occurrences of platinum group elements associated with copper, nickel, gold and silver following an initial data review.

At least 10 occurrences of mineralisation of this type are recorded in data from the Victorian Department of Primary Industries.

While two of these occurrences have previously been explored for their copper potential, the district and the known occurrences have never been subject to significant, platinum group elements-focused exploration.


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Tue, 26 Feb 2013 12:20:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/140157/orion-gold-extends-terms-of-victorian-gold-jv-with-franklin-resources--40048.html
<![CDATA[News - Orion Gold updates on capital raising ]]> https://www.proactiveinvestors.co.uk/companies/news/140156/orion-gold-updates-on-capital-raising-36400.html Orion Gold (ASX: ORN) has been delayed on a consolidation of capital pending a capital raising.

Conversion of convertible notes held by Silja is conditional on receiving commitments from investors to subscribe for a
minimum of $3 million as part of the second private placement.

Consolidation will occur upon conversion of all convertible notes.

On 24 October 2012, the company announced that it had completed an initial private placement and issued 57,370,000 fully paid ordinary shares in the company at 0.25 cents per share.  This raised $0.14 million.

 

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Mon, 26 Nov 2012 18:00:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/140156/orion-gold-updates-on-capital-raising-36400.html
<![CDATA[News - Hodges Resources' major shareholder supports gold exploration activities with capital injection ]]> https://www.proactiveinvestors.co.uk/companies/news/140155/hodges-resources-major-shareholder-supports-gold-exploration-activities-with-capital-injection-20236.html Orion Gold (ASX: ORN) has finalised a $1.5 million loan agreement with the company's major shareholder, Silja Investment.

The funding injection allows Orion to continue the current 2400 metre diamond drilling program to test high priority targets at New Dawn – Toombon, Longfellow’s and Happy Go Lucky.

Providing a boost to the Victorian based targets are the location, which are hosted on the recently reinterpreted Cohen’s trend.

This trend includes the major historical mines in the Walhalla-Woods Point goldfield, with the recorded gold production of around 4 million ounces.

The Cohen’s reef system, which was mined in the late 1800's to early 1900's, has the states highest production from a single shoot at around 1.5 million ounces at a very high head grade of 40 grams per tonne gold.

Orion said after 40 years of mining many basic features of the system remained unknown or poorly defined, with 2010 drilling and interpretation delivering a breakthrough in the understanding of structural controls on mineralisation at Cohen’s, and the newly interpreted regional Cohen’s trend.


Terms of the facility

Silja Investment has committed to convert cash drawn down under the facility to shares, as part of a possible future capital raising subject to various conditions.

These conditions include shareholder approval; the capital raising including Silja’s allocation being a minimum of $1.5 million; the capital raising issue price of shares not being less than $0.01 per share; and Silja’s participation in the capital raising being an amount equivalent to Silja’s proportionate shareholding in the company - which is around 27%.

The facility expires on 30 June 2013, and the company would be required to repay the facility in cash on that date to the extent the loan balance has not been converted into shares by then.

 

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Fri, 30 Sep 2011 08:20:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/140155/hodges-resources-major-shareholder-supports-gold-exploration-activities-with-capital-injection-20236.html
<![CDATA[News - Orion Gold NL identifies high priority targets to be drilled at Happy Go Lucky ]]> https://www.proactiveinvestors.co.uk/companies/news/140154/orion-gold-nl-identifies-high-priority-targets-to-be-drilled-at-happy-go-lucky-13046.html Several high priority gold targets have been identified at the Orion Gold (ASX: ORN) Happy Go Lucky prospect, within the Walhalla Gold Project.

Orion said the new geological model demonstrates the large scale potential of the mineralised system.

The company is currently planning a follow-up drilling campaign at Happy Go Lucky.

Historic workings at the Walhalla Gold Project area are generally aligned in a linear, roughly north-south trending fashion.

These lines of mineralisation have been exploited and explored for over 100 years highlighting the future potential of additional discoveries.

The Walhalla tenements cover around 730 square kilometres.

 

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Thu, 13 Jan 2011 11:26:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/140154/orion-gold-nl-identifies-high-priority-targets-to-be-drilled-at-happy-go-lucky-13046.html
<![CDATA[News - Orion Gold identifies positive intersections at Happy Go Lucky ]]> https://www.proactiveinvestors.co.uk/companies/news/140153/orion-gold-identifies-positive-intersections-at-happy-go-lucky-10772.html The Happy Go Lucky prospect continues to provide encouraging results for Orion Gold (ASX: ORN), significantly the drilling which extended the reefs along strike and at depth indentified open mineralisation remaining in most directions.

OHL004 intersected a significant high strain zone over a 32 metre down hole length from approximately 281 to 313 metres, with the position of the intersection suggesting that this is the east dipping Lower Reef which was previouslyintersected in holes OHL002 and OHL003.

OHL006 intersected a strongly deformed interval between 140.5 metres and 160 metres, with the wallrock sandstones pyrite-bearing between 140.5 and 155.5 metres, which are similar to OHL002.

OHL003 assay results confirm the presence of two main mineralised structures  within the high strain zone that hosts the east dipping Lower Reef.

Results indicate a broad zone of low grade mineralisation with better grades; including 0.75 metres at 1.53 Au g/t, from 208.1 metres and 2.05 metres at 1.24 Au g/t, from 212.35 metres down hole.

Denis Waddell, executive chairman, said, "Although there is much work to be completed to better understand the structural complexity at Happy Go Lucky, the results to date highlight the prospectivity of the company’s Walhalla Gold Project."

To test various aspects of the Happy Go Lucky geological and mineralisation model, the company is drilling approximately 2,500 metres of diamond core on Stockrider’s Spur, with historic mining data for the area indicating around 90,000 ounces of gold were recovered from historical underground workings, and shallow open pit mines.

Orion is currently planning follow-up programs at Happy Go Lucky and other identified target zones.

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Wed, 13 Oct 2010 09:08:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/140153/orion-gold-identifies-positive-intersections-at-happy-go-lucky-10772.html
<![CDATA[News - Orion Gold hat trick of strikes at Happy Go Lucky ]]> https://www.proactiveinvestors.co.uk/companies/news/140152/orion-gold-hat-trick-of-strikes-at-happy-go-lucky-9872.html Victorian based Orion Gold (ASX:ORN) has announced the first three drill holes of the Happy Go Lucky (HGL) drill program have intersected a pyrite-gold system associated with a major structure.

The three holes completed to date confirm the existence of a second, east dipping, largely unexploited gold bearing reef.

The results received from the second hole indicate that gold mineralisation is associated with a wide high strain zone, which incorporates a second east dipping reef system.

Encouraging gold grades were returned across the zone from 134 metres to 155 metres down hole.

The highest grade within the high strain zone is 8.12 Au g/t over 0.5 metres from 144.97 metres.

The broader zones of lower grade mineralisation have been intersected, which include 5.45 metres @ 2.79 Au g/t from 140.35 metres (including 1.9 metres @ 4.16 Au g/t from 140.35 metres), and 6.0 metres @ 1.05 Au g/t from 146.08 (see table 1 for further detail).

The Company commenced drilling from Stockriders Spur (Happy Go Lucky - Grey Horse Project) in July 2010.

The drill program was planned and given high priority following an evaluation of historic mining data for the area that estimated that around 90,000 ounces of gold were recovered from historical underground workings and shallow open pit mines.

Executive chairman Denis Waddell said, “we are very encouraged by the initial Happy Go Lucky drill results particularly given the major structures intersected."

"The Happy Go Lucky results together with the other mineralised zones identified from the current drill program highlight the prospectivity of the Company?s Walhalla Gold Project. We are looking forward to the ongoing drill results from Happy Go Lucky and from the follow-up programs planned for other identified target zones”.

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Wed, 08 Sep 2010 14:20:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/140152/orion-gold-hat-trick-of-strikes-at-happy-go-lucky-9872.html