Orion Minerals Ltd (ASX:ORN) has reported an updated mineral resource of 28.73 million tonnes at 3.77% zinc and 1.16% copper for the Deep Sulphide target at its Prieska Zinc-Copper Project in South Africa.
Importantly, the resource upgrade provides a strong foundation to Orion’s ongoing bankable feasibility study (BFS) and fast-tracked development strategy.
Prieska project global resource
Orion managing director and chief executive officer Errol Smart said: “This pivotal resource upgrade provides a strong foundation for our strategy to fast-track the development of a state-of-the-art base metals operation at Prieska next year.
“This is an outstanding result for our shareholders, which demonstrates the success of the 85,000 metres infill drilling program completed over the past 18 months.
“The higher-confidence indicated component of the resource has increased from zero to 18.5 million tonnes, a result which has exceeded our expectations for the area where we completed infill drilling.
“This very high conversion rate is testament to the exceptional quality and consistency of this deposit, and the indicated resource will now form the cornerstone of our bankable feasibility study due for completion in Q2 next year.”
READ: Orion Minerals puts in 131,000+ hours at Prieska mine ahead of March-April DFS
The primary focus of the drilling was to undertake infill sampling within the Deep Sulphide inferred resource area, and to focus on converting as much as possible of the inferred to indicated resource.
As a result, mineralisation was not closed off and potential exists to increase the resource with more drilling at the Prieska Zinc-Copper Deposit.
In addition, Orion also believes that excellent opportunity exists for new discoveries within the Prieska Volcanogenic Massive Sulphide (VMS) Camp and is currently fast-tracking its near-mine exploration program.
READ: Orion Minerals begins airborne electromagnetic survey at Prieska Zinc-Copper Project
As part of the BFS, Orion is working towards completion of detailed scheduling and the mine design for the Deep Sulphide resource.
With engineering studies progressing well and metallurgical optimisation completed, Orion is confident of a positive outcome for the BFS.