Orion Minerals : Significant Shallow High-Grade Ni-Cu-Co-PGE Intercept

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Orion Minerals : Significant Shallow High-Grade Ni-Cu-Co-PGE Intercept

ASX/JSE RELEASE: 22 March 2021

Significant shallow high-grade nickel-copper-cobalt-PGE intercept confirms strong open pit potential at Jacomynspan

Intersection commences from just 85m below surface, highlighting an outstanding opportunity to drill out a shallow zone potentially extending over a strike length of up to 3km

Diamond drill hole OJPD055 at the Jacomynspan Nickel-Copper-Cobalt Project, located 80km NW of the Prieska Copper-Zinc Project, has intersected a shallow massive sulphide zone:

  • 31.53m at 0.72% Ni, 0.34% Cu, 0.05% Co and 0.45g/t 2PGE+Au from 100.63m down-hole, including:

  • 7m at 1.55% Ni, 0.345% Cu, 0.10% Co and 0.43g/t 2PGE+Au from 106.00m down-hole.

The top of the intersection starts at 85m below surface, confirming the strong potential for open pit mining at Jacomynspan.

The intercept lies within a mineralised ultramafic body extending over a strike length of more than 3km, representing an outstanding shallow, open pit drill target.

Previous drilling targeted the deeper parts of the deposit with a view to evaluating underground mining potential, leaving the shallower parts of the structure virtually unexplored.

Orion’s Managing Director and CEO, Errol Smart, said:

We could not have asked for a better start to our initial drilling to test the shallow open pit potential at Jacomynspan. The high-grade massive sulphide intercept in diamond hole OJPD055 has certainly exceeded our expectations in terms of the potential for higher-grade nickel mineralisation to occur close to surface. This is the best intersection ever achieved at Jacomynspan and confirms our view that there is a significant open pit opportunity at this project.

Previous explorers pretty much ignored the upper 200m of the deposit as their mindset was focused on underground mining that would sterilise a large crown pillar to be left at surface. What this intercept tells us is that there is a significant zone of shallow sulphide nickel-copper-cobalt-PGE mineralisation within the ultramafic structure, commencing at a depth of around 85m vertically below surface. That is a big breakthrough and leaves us with more than 3km of under-explored strike length with proven mineralisation at depth and presenting a compelling open pit mining target the reverse of what you would normally expect from an advanced exploration project!

“Because this sulphide mineralisation is so shallow, we see a clear opportunity to add substantial value to the project in a short space of time and at relatively little cost. We are now planning an intensive resource drill-out focused on the upper 200m, in parallel with metallurgical investigation which are currently underway. We also intend to sample and test the metallurgical charcteristics of the upper 60m of oxidised ore, that has been completely ignored in the past.”

Orion Minerals Limited

www.orionminerals.com.au

Incorporated in the Commonwealth of Australia

Suite 617, 530 Little Collins Street Melbourne, Victoria 3000

ASX Code: ORN

ACN: 098 939 274

JSE Code: ORN

Ordinary shares on issue: 3,918m I Options on issue: 234m

ISIN: AU000000ORN1

Orion Minerals Limited (ASX/JSE: ORN) (Orion or the Company) is pleased to advise that a recently completed diamond drill hole at its Jacomynspan Nickel-Copper-Cobalt-PGE Project, located 80km north-west of its flagship Prieska Copper-Zinc Project in the Northern Cape Province of South Africa (Figure 1), has returned a significant high-grade massive sulphide intercept. The shallow intercept has substantially upgraded the prospectivity of the project and highlights the opportunity for a near-term resource drill-out targeting the upper portions of the deposit.

Diamond drill hole OJPD055 intersected a broad zone of strong mineralisation comprising:

  • 31.53m from 100.63m at 0.72% Ni, 0.34% Cu, 0.05% Co and 0.45g/t 2PGE+Au from 100.63m down-hole, including a higher-grade zone of:

  • 7.00m from 106.00m at 1.55% Ni, 0.35% Cu, 0.10% Co and 0.43g/t 2PGE+Au from 106.00m down-hole (Table 1).

Hole OJPD055 was designed to complete drill section 5 after encouraging results were obtained in drill hole OJPD054 (refer ASX release 25 January 2021). The hole intersected massive and mottled sulphide mineralisation hosted by Harzburgite from 106.00m to 118.00m (Figure 2).

The mineralisation is hosted by the Jacomynspan Intrusive, an ultramafic body striking roughly east-west for more than 3km with a thickness of up to 70m and dipping 80 degrees south. Jacomynspan currently hosts a Mineral Resource of 6.8Mt at 0.57% Ni, 0.33% Cu, 0.03% Co, 0.19g/t Pt, 0.12g/t Pd, 0.07g/t Au (refer ASX release 20 October 2020).

The Jacomynspan Project is located some 80km north-west of Orions flagship Prieska Copper-Zinc Project on the Namaqua and Disawell prospecting rights in the Areachap Belt, South Africa.

Figure 1: Locality map showing the prospects drilled during the 2020 / 2021 drilling campaign on the Areachap Belt.

Figure 2: Massive and mottled sulphide intersected in drill hole OJPD055.

Down hole depth

(m)

Intersection width

(m)

Ni %

Cu %

Co %

Au g/t

Pt g/t

Pd g/t

100.63 to 132.16

31.53

0.72

0.34

0.05

0.09

0.25

0.11

106.00 to 113.00

7.00

1.55

0.35

0.10

0.15

0.13

0.16

Table 1: Summary of significant intersections made in drill hole OJPD055.

Orion is currently investigating the potential to exploit the shallow parts of the Jacomynspan deposit through open pit mining. Significantly, the high-grade mineralisation intersected in OJDP055 occurs just 85m below surface, highlighting the need to drill-out the upper 200m of the deposit over the interpreted strike length of over 3km (see Figure 3, which is a cross-section along Section Line 5 in Figure 4).

Figure 5 shows the drilling completed by various companies along the 3km of strike length of the Jacomynspan Intrusive. Drilling concentrated on the deeper parts of the deposit and very few holes intersected the deposit above 150m vertical depth, as historical exploration was undertaken with a mindset focused on underground mining.

Figure 3: Geological cross-section along Section 5 showing the higher nickel grades close to surface.

Figure 4: Map showing drill holes and section lines in the vicinity of OJPD055.

Figure 5: Map showing ultramafic sub-outcrops of the Jacomynspan Intrusive and drilling by various exploration companies.

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