Orion Minerals Ltd’s (ASX:ORN) (JSE:ORN) initial drilling has confirmed high-grade polymetallic sulphide mineralisation at the Rok Optel nickel-copper-cobalt-platinum target in the Areachap Belt, South Africa.
The assay data indicates that the sulphide mineralisation varies in metal tenor, from low base metal tenors (2.5 - 5% nickel, 1.5 – 3% copper) in the upper parts of the intrusion and within veinlets hosted by country rocks, to high tenors (10 – 15% nickel and 3-4% copper) within veinlets and blebs in the more primitive parts of the intrusion, which occur deeper in the intersection.
Orion managing director and chief executive officer Errol Smart said: "Having confirmed that narrow injected massive sulphides veins intersected in recent drilling have high base and precious metal tenors and also having detected very strong down-hole electromagnetic conductors which may indicate wide lenses of sulphide with similar quality to the narrow veins already intersected, we are looking forward to the results of follow up drilling already underway.”
Project area
Orion is following up the initial results with down-hole electromagnetic surveys to detect conductors typical of bulk massive sulphide bodies.
This is aimed at identifying high-priority drill targets for immediate follow-up.
READ: Orion Minerals progresses South African assets with $19 million in the bank
Orion’s flagship project is Prieska, a 29.4 million tonne zinc-copper project in South Africa that the company is hoping to complete a bankable feasibility study (BFS) for later this year or early next year, before what it hopes will be early production in 2019.
Orion has $19 million in the bank to work with and project support from Johannesburg-based international miner Anglo American plc (LON:AAL).