Orion Minerals announces new zinc-copper find in Northern Cape

Orion Minerals announced on Wednesday that it had discovered a large new zinc-copper resource near its Prieska Project in the Northern Cape.

"This is the first new VMS discovery in the Areachap Belt in over 36 years and highlights the enormous upside over and above the large, high-quality mineral resource we have already defined," said Orion’s managing director, Errol Smart, in a statement.

The Areachap Belt is a base metals belt in the Northern Province. VMS refers to  "volcanogenic massive sulfide ore deposit", a type of mineral deposit which may contain metals such as copper, zinc, lead and gold, among others.

The Australian-headquartered company, which is dual listed on the JSE and the ASX, said in the announcement that it had upgraded its Prieska zinc-copper resource estimate to over 30 million tonnes.

Smart said that Orion’s bankable feasibility study was "well advanced" and on track to be completed in the second quarter of 2019.

"While our engineering and development team is focusing on the delivery of the Project, our exploration team will pursue the multiple emerging opportunities on the exploration front – establishing a growth pipeline that can leverage off the infrastructure we build at Prieska," he said.

ZAR/USD
17.00
(-0.09)
ZAR/GBP
21.24
(-0.12)
ZAR/EUR
19.14
(-0.13)
ZAR/AUD
11.81
(-0.13)
ZAR/JPY
0.16
(-0.20)
Gold
1774.74
(+0.03)
Silver
18.05
(+0.01)
Platinum
808.00
(+0.25)
Brent Crude
42.78
(-0.79)
Palladium
1914.01
(+0.62)
All Share
54521.90
(-0.17)
Top 40
50179.89
(-0.26)
Financial 15
10150.02
(-0.64)
Industrial 25
76554.73
(+0.52)
Resource 10
50138.02
(-1.24)
All JSE data delayed by at least 15 minutes morningstar logo
Company Snapshot
Voting Booth
Please select an option Oops! Something went wrong, please try again later.
Results
I'm not really directly affected
18% - 1576 votes
I am taking a hit, but should be able to recover in the next year
23% - 2069 votes
My finances have been devastated
34% - 3090 votes
It's still too early to know what the full effect will be
25% - 2240 votes
Vote