ASX-listed Orion Minerals has reported an increase in the Mineral Resource Estimates for three deposits that form part of the Okiep Copper Project (OCP), located in the Northern Cape Province of South Africa, following a detailed review of the geology and remodelling of the deposits.
The Measured, Indicated and Inferred Mineral Resources have been re-estimated for the Flat Mine North (FMN), Flat Mine East (FME) and Flat Mine South (FMS) deposits, and now total 9.3Mt grading 1.3% Cu for 130,000 tonnes of contained copper.
Together with the previously reported Mineral Resources for Flat Mine (Nababeep), Jan Coetzee Mine and Nababeep Kloof Mine (refer ASX/JSE release 29 March 2021), these latest resource estimates increase the total Mineral Resource at the OCP to 12Mt grading 1.4% copper for 160 000 tonnes of contained copper.
Orion’s Managing Director Errol Smart, commented: “Following a detailed geological review, we have been able to deliver an increase in the total Mineral Resource for the Flat Mines Area and, more importantly, greater confidence in the resource model. This is a very positive result which has now been incorporated in the Bankable Feasibility Study (BFS) for the Okiep Copper Project.
“We have now concluded the main body of work for the BFS and we are in the process of handing the study to the Independent Technical Expert appointed by the debt advisor for the project on behalf of the Industrial Development Corporation of South Africa Limited and debt financiers who have expressed an interest in funding the project. The BFS outcomes will be released to the market once the Independent Technical Assessment has been completed.
“While this initial Resource has been utilised to support a foundation stage BFS and economic assessment of the Okiep Copper Project, we are confident in the potential to expand these resources with future drilling into the mineralised envelopes. We see outstanding potential to further grow and upgrade the Mineral Resources with in-fill drilling into areas with low drill density as well as drilling potential plunge and strike extensions of the known deposits.
“Most importantly, we are pleased to have concluded the tailings facility design, together with completion of water management plans in order to submit an application for an Integrated Water Use Licence. This element of the BFS work has proven to be the most time consuming due to Orion’s focus on high ESG standards.”