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Notification of Grant of Prospecting Rights Over the Strike Extension of the Prieska Zinc-Copper Deposit
Orion Minerals Limited
Incorporated in the Commonwealth of Australia
Australian Company Number 098 939 274
ASX share code: ORN
JSE share code: ORN
ISIN: AU000000ORN1
Orion Receives Notification of Grant of Prospecting Rights Over the Strike Extension of the
Prieska Zinc-Copper Deposit
- Newly granted area which was extensively drilled by previous mine owners, covers south
eastern strike continuation of the Prieska Zinc-Copper deep sulphide Mineral Resource.
- The south eastern extension now granted represents an increase of approximately 30% to
Orion’s original target area for the contiguous Prieska Deep Sulphides target.
- Newly granted prospecting rights also cover the Annex Zinc-Copper VMS discovery, which is
a satellite occurrence to Prieska and presents a high priority target for exploration.
Orion Minerals Limited (ASX/JSE: ORN) (Orion or the Company) is pleased to announce that two
subsidiary companies, Vardocube (Pty) Ltd (70% Orion, 30% BEE) (Vardocube) and Bartotrax (Pty) Ltd
(74% Orion, 26% BEE) (Bartotrax), have each received notice of grant of Prospecting Rights from the
Department of Mineral Resources for important contiguous areas around the Prieska Zinc-Copper
Project (Prieska Project). The newly granted rights include two important occurrences of
volcanogenic massive sulphide (VMS) Zinc-Copper mineralisation that were historically the subject
of extensive drilling by previous owners, Anglovaal Group (Anglovaal) during the 1970s and 1980s.
Most importantly, the Vardocube right provides access to the known strike extension of the main
Prieska Zinc-Copper massive sulphide and represents a 30% increase to the strike of the main deep
massive sulphide target that was originally identified by Orion based on previous surface and
underground drilling.
“Figures" referred to throughout this announcement can be viewed on the pdf version of the
announcement, available on the Company's website, www.orionminerals.com.au.
Vardocube and the South Eastern Deeps
The Vardocube Prospecting Right covers an area of 6,085ha (Figure 1) and includes the geological
strike extension to the main Prieska Deep Sulphide deposit. Recent drilling by Orion within the Repli
Prospecting Right on the border with Vardocube (Figures 2 and 3) returned some of the most
successful results from the 2017 drilling campaign. Drill hole OCOD074 (refer ASX release 12 December
2017) intersected three zones of mineralisation, including a thick high-grade intersection of 26.17m
at 6.51% Zn and 1.31% Cu from 1,103.63m downhole. This hole, together with historic data, including
42 diamond drill intersections drilled by previous mine owners Anglovaal, provides encouragement
for high-grade extensions of the Prieska Deep Sulphide Mineral Resource onto the Vardocube
Prospecting Right. The area is also accessed by decline roadways reaching back to the Hutchings
Hoisting Shaft (Figure 4). Data is currently being compiled for assessment; with infill and verification
drilling planned to commence in May 2018.
The stacked lenses of massive sulphides (sulphide content > 40%) identified on the southern extension
of the Repli Prospecting Right and extending into Vardocube presents a particularly important target
for addition to the maiden Mineral Resource of 24.2Mt containing 874,000 tonnes Zn at 3.47% Zn and
297,000 tonnes Cu at 1.23% Cu recently announced by Orion (refer ASX release 8 February 2018).
While the strike of the target area increases by approximately 30%, the existence of stacked sulphide
lenses presents the opportunity to identify substantial additional tonnage in this area.
Bartotrax and the Annex VMS body
The Annex satellite VMS body (Figure 5) was discovered by Anglovaal in 1980 using electromagnetic
(EM) surveys. The Zn-Cu-bearing massive sulphide (> 40% sulphide) is covered by a 35m-thick Dwyka
tillite deposit and was tested by 42 diamond drill holes. This drilling was done contemporaneously to
the final stages of drilling by Anglovaal on the Prieska deep sulphides and is expected to be of similar
quality. Orion is compiling the extensive Annex data and assessing the quality of the available
information. The Company expects to be able to provide an update on this information shortly.
Ground EM, infill and verification drilling on this near-surface target is also expected to commence in
May 2018 with drill rigs already available on site. The refolded stratigraphy between the Prieska
Deposit and the Annex discovery is rated as a high-priority exploration area by Orion and has not
been tested by modern geophysical methods such as those intended to now be applied. Modern
EM techniques with higher power transmitters and more sensitive receivers provide more accurate
surveying and modelling of massive sulphide bodies to greater depths than previous generations of
the technology.
Orion’s Managing Director and CEO, Errol Smart, commented:
“Importantly, the new Prospecting Rights cover extensions to the Prieska deposit, which is already
accessed by primary mine development. We are confident that the Vardocube extension will be
included in the mining plan being developed as part of the Bankable Feasibility Study, which is on
track for completion in Q4 2018.”
Errol Smart
Managing Director and CEO
ENQUIRIES
Investors JSE Sponsor
Errol Smart – Managing Director & CEO Rick Irving
Denis Waddell – Chairman Merchantec Capital
T: +61 (0) 3 8080 7170 T: +27 (0) 11 325 6363
E: info@orionminerals.com.au E: rick@merchantec.co.za
Media
Michael Vaughan Barnaby Hayward
Fivemark Partners, Australia Tavistock, UK
T: +61 (0) 422 602 720 T: +44 (0) 787 955 1355
E: michael.vaughan@fivemark.com.au E: orion@tavistock.co.uk
Suite 617, 530 Little Collins Street
Melbourne, VIC, 3000
ASX Listing Rule Compliance Requirement
The Company is not aware of any new information or data that materially affects the information included in
the market announcements of 12 December 2017 and 8 February 2018 referred to in this announcement. With
regards to the Mineral Resource, first reported on 8 February 2018, the Company confirms that all material
assumptions and technical parameters underpinning the estimates continue to apply and have not materially
changed.
Disclaimer
This release may include forward-looking statements. Such forward-looking statements may include, among
other things, statements regarding targets, estimates and assumptions in respect of metal production and prices,
operating costs and results, capital expenditures, mineral reserves and mineral resources and anticipated
grades and recovery rates, and are or may be based on assumptions and estimates related to future technical,
economic, market, political, social and other conditions. These forward-looking statements are based on
management’s expectations and beliefs concerning future events. Forward-looking statements inherently
involve subjective judgement and analysis and are necessarily subject to risks, uncertainties and other factors,
many of which are outside the control of Orion. Actual results and developments may vary materially from those
expressed in this release. Given these uncertainties, readers are cautioned not to place undue reliance on such
forward-looking statements. Orion makes no undertaking to subsequently update or revise the forward-looking
statements made in this release to reflect events or circumstances after the date of this release. All information
in respect of Exploration Results and other technical information should be read in conjunction with Competent
Person Statements in this release. To the maximum extent permitted by law, Orion and any of its related bodies
corporate and affiliates and their officers, employees, agents, associates and advisers:
- disclaim any obligations or undertaking to release any updates or revisions to the information to reflect any
change in expectations or assumptions;
- do not make any representation or warranty, express or implied, as to the accuracy, reliability or
completeness of the information in this release, or likelihood of fulfilment of any forward-looking statement
or any event or results expressed or implied in any forward-looking statement; and
- disclaim all responsibility and liability for these forward-looking statements (including, without limitation,
liability for negligence).
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