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ORION MINERALS LIMITED - IGO preparing to re-commence drilling at IGO-ORN Joint Venture Tenements Fraser Range, Australia

Release Date: 23/04/2020 08:59
Code(s): ORN     PDF:  
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IGO preparing to re-commence drilling at IGO-ORN Joint Venture Tenements – Fraser Range, Australia

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” or “the Company”)

IGO preparing to re-commence drilling at IGO-ORN Joint Venture Tenements – Fraser Range, Australia

Logistics and services being established to support a diamond drilling program at the highly prospective Pike Eye, Pike &
Hook targets, located 16km north-east of Mawson.

Extensive air-core drilling planned over a large area surrounding the Pike, Pike Eye and Hook targets to map bedrock and
geochemistry under approximately 100m of unconsolidated cover.

Mawson has been confirmed as one of the most significant new discoveries in the Fraser Range since Nova-Bollinger, with
high-grade massive sulphide intercepts of up to 12.8m at 2.76% Ni and 1.36% Cu from 234.9m reported in diamond hole
RKDD008 (refer Legend Mining ASX release 21 April 2020).

Orion Minerals Limited (ASX/JSE: ORN) (Orion or the Company) is pleased to provide an update on the planned
exploration program at the IGO Limited (IGO) IGO-ORN Joint Venture (JV), located within the Fraser Range Belt
(refer Orion ASX release 3 February 2020).

The JV includes the Pike, Pike Eye, Hook and Garfish targets, located along trend, just 16km north-east of the
recently confirmed Mawson nickel-copper discovery (refer Figure 1), where Legend Mining (ASX: LEG) has this
week reported significant new high-grade assay results (refer Legend Mining ASX release 21 April 2020) as well as
visual results from three step-out diamond holes (refer Legend Mining ASX release 22 April 2020).

  Figure 1: IGO-ORN Fraser Range Joint Venture Tenements showing regional aeromagnetic image and locality of the Pike Prospects relative to
                                                  nearby Legend Mining Mawson Prospect.

Drilling completed by IGO towards the end of 2019 tested several moving-loop electromagnetic (MLEM)
conductors (refer Figure 2), anomalous basement geochemical anomalies and magnetic features on intrusive
magmatic nickel-copper targets, as well as a Volcanogenic Massive Sulphide (VMS) copper-zinc target, at Hook,
Pike Eye and Pike.

The intersection of anastomosing base metal sulphide veins, sulphide-bearing graphite-rich horizons and meta-
carbonate rocks hosting intrusive mafic-ultramafic bodies are considered an ideal setting for the discovery of
magmatic massive nickel-copper sulphide deposits.

Figure 2: Plan view of the Pike 1, Hook 1 and 2 prospects with diamond drill holes drilled and targeted conductors plotted on airborne magnetics.

Proposed Drilling

IGO initially plans to drill a further 2,560m in six holes, including extending hole 19AFDD1008 to test a strong off-hole
conductor detected below the current end-of-hole depth. Holes are also planned to test further electromagnetic
(EM) targets at Hook, Pike Eye and Pike (refer Figures 2 and 3). At Garfish, a gravity anomaly will be drilled to test
for a mafic – ultramafic intrusive.

Drilling at these targets will re-commence once extensive work has been completed to upgrade access tracks
which traverse long sections of very soft, dusty terrain and are unable to support heavy drilling gear required to
drill deep diamond drill holes.

Drilling conditions are also complicated by thick overlying unconsolidated material, resulting in poor drilling water
retention. As a result, a local water resource needs to be established with several wells planned.

                       Figure 3: Prospects, completed and planned diamond drill holes on tenement E28/2367.

In addition to follow-up diamond drilling, an extensive air-core drilling program (refer Figure 4) is planned to map
the surrounding bedrock geology which lies under approximately 100 metres of unconsolidated cover material.

                                  Figure 4: Planned Diamond and air-core drilling on E28/2367.

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

"We are looking forward to the re-commencement of field work at the exciting Pike, Pike Eye, Hook and Garfish
targets in the Fraser Range, which is once again emerging as front and centre of the focus of exploration attention
in Australia thanks to the very exciting new nickel-copper discovery at the Mawson Prospect, which has been
confirmed by Legend Mining this week.

“The widths and grades of mineralisation reported by Legend Mining this week from a prospect located just 16km
broadly along trend from our JV project clearly shows that this belt is still very much ‘alive’ for world-class magmatic
nickel-copper sulphide discoveries.

“While the current Covid-19 restrictions have resulted in some unexpected frustrations for the early follow-up of the
very promising drill results announced in February 2020, we are very encouraged by the progress being made by
our JV partner, IGO, to establish the required services and support infrastructure so that an intensive diamond
drilling program can be executed effectively at a site that is remote from water resources and currently relies on
poor quality field tracks for access.

“We are also pleased by the extended plan presented by IGO to use air-core drilling to map the bedrock geology
and geochemistry under unconsolidated cover over the large prospective area surrounding the initial intersection
of base metal sulphides at Pike.

“Investor interest in the Fraser Range has certainly been reignited thanks to the exploration success reported by
our neighbour, Legend Mining, and we are very much looking forward to the next phase of follow-up drilling
planned by IGO in the coming months.”

For and on behalf of the Board.

Errol Smart
Managing Director and CEO

23 April 2020


Investors                                   Media                                        JSE Sponsor
Errol Smart – Managing Director &           Nicholas Read                                Rick Irving
Denis Waddell – Chairman                    Read Corporate, Australia                    Merchantec Capital
T: +61 (0) 3 8080 7170                      T: +61 (0) 419 929 046                       T: +27 (0) 11 325 6363
E:                E:             E:

Competent Person Statement
The information in this report that relates to Exploration Results is based on information compiled by Mr Errol Smart (Pr.Sci.Nat.),
a Competent Person who is a member of the South African Council for Natural Scientific Professionals, a Recognised
Professional Organisation (RPO). Mr Smart is the CEO and Managing Director of Orion. Mr Smart has sufficient experience that
is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify
as a Competent Person as defined in the 2012 Edition of the JORC Code. Mr Smart consents to the inclusion in this
announcement of the matters based on his information in the form and context in which it appears.

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 (where
applicable). 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

Date: 23-04-2020 08:59:00
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