ASX-listed Orion Minerals has entered into an agreement to acquire the remaining minority vendor interest in the Jacomynspan project.
The project is located 65 km north of the company’s flagship Prieska copper/zinc project, on Namaqua and Disawell mining and prospecting rights.
In September 2017, Orion entered into a binding earn-in agreement to acquire the earn-in rights over the Jacomynspan project held by Namaqua and Disawell for a total $750 000.
Orion started off in 2017 with a 25% interest in the project, and earned its way up to 100% ownership since then.
Orion will become 70% owner of the Jacomynspan project, while its black economic empowerment partners and staff and employee trusts will hold the remaining 30% interest.
The company says the Jacomynspan intrusive complex has characteristics in common with major nickel/copper occurrences globally.
Since starting exploration work in 2017, Orion has conducted airborne electromagnetic and magnetic surveys, as well as ground sampling work and identified several high-priority targets for follow up.
Orion intends to drill test several geophysical targets with the potential to host concentrations of Type 2 sulphide mineralisation and potential large bodies of high-tenor nickel.
The geophysical targets are centred around a maiden mineral resource of 6.8-million tonnes, containing 39 480 t of nickel, 22 800 t of copper and 1 800 t of cobalt, grading 0.57%, 0.33% and 0.30%, respectively.
Orion MD and CEO Errol Smart says the deal is well-timed, considering rising global nickel, copper and zinc prices.
The Areachap Belt in the Namaqualand region of the Northern Cape, where Orion holds more than 3 200 km2 of prospecting and mining rights, is poised to become the focus of base metal exploration in South Africa.