Orion MD and CEO Errol Smart
Globally diversified metal explorer and developer Orion Minerals' share price on the JSE rose by more than 7% on the morning of April 28, after announcing encouraging results from its maiden drilling programme across the Koperberg – Carolusberg line of intrusions at the Okiep Copper Project (OCP), in South Africa's Northern Cape.
The Phase 1 exploration drilling programme on the Koperberg – Carolusberg line of intrusions was designed to twin, in-fill, and expand known mineralisation intersected in historical drilling at the Koperberg West, Koperberg West Extension and Koperberg East deposits.
A total of 3 411 m of diamond drilling was completed in 25 holes, with 362 split core samples submitted to ALS Chemex for analysis.
The assay results have confirmed historically reported drill results and highlighted the presence of significant shallow mineralisation.
Ten holes returned high-grade assay results with the best assays including 7.76 m at 1.94% copper from 29.7 m, including 4.1 m at 2.01% copper from 33.3 m in OKED064; and 9.02 m at 1.45% copper from 103.08 m, including 5.9 m at 1.86% copper from 103.08 m in OKWED068.
This is in addition to previously reported high-grade intersections of 10.36 m at 1.84% copper from 58.98 m in OKWD100; 5.71 m at 1.93% copper from 72.85 m in drill hole OKWD102; and 4.69 m at 2.05% copper from 49.22 m in OKWD105.
Orion notes that the bulk of the Koperberg high-grade intersections are less than 100 m below surface.
“We are delighted with the outcome of our maiden drilling programme at Okiep. The results we’ve received to date have exceeded our expectations, demonstrating the presence of widespread near-surface copper mineralisation across the project and reinforcing what we have always thought – that Okiep represents an exceptional growth opportunity for Orion.
“The drilling focused initially along the Koperberg – Carolusberg line of intrusives and saw a total of 25 holes completed, ten of which intersected high-grade mineralisation. The Carolusberg area was the biggest contributor to historical production at Okiep and our drilling here has confirmed the tenor and grade of mineralisation," Orion MD and CEO Errol Smart commented.
The maiden drill programme will be followed up with further infill and extension drilling to enable future resource estimation.
Meanwhile, Smart noted that the company was also pleased with the results from the first hole at the Nous prospect, which was undertaken as a follow-up on targets identified from a SkyTEM survey.
The Nous prospect – located about 5 km southwest of the historic Nababeep mine – encompasses two adjacent SkyTEM anomalies referred to as Target 3 and Target 4.
Both electromagnetic anomalies have associated magnetic anomalies.
Drill hole OND001 at Target 4 intersected 10 m at 0.67% copper and 0.07% nickel from 31.70 m, including 3.87 m at 0.93% copper and 0.07% nickel from 33.45 m.
Importantly, Orion stated, semi-massive to massive pyrrhotite sampled in the hole assayed up to 0.40% nickel, indicating high nickel tenors in the pyrrhotite and the potential for strong nickel credits from mineralisation hosted in pyrrhotite-rich copper deposits in the OCP district.
"The higher pyrrhotite content sulphides discovered are nickel rich and present an exciting new opportunity. With strong market outlook and the London Metal Exchange nickel price currently more than three times the copper price, a potential nickel credit can be very valuable,” Smart noted.