Orion consolidates ownership of nickel-copper-PGE project
Jacomynspan Nickel-Copper-PGE Project, South Africa – Extensive intrusive complex is highly prospective for large-scale Ni-Cu occurrences and represents an outstanding opportunity for base metal exploration in the Northern Cape Province.
Orion Minerals Limited has announced that it has entered into an agreement whereby Orion will acquire the remaining minority interests in the Jacomynspan Nickel-Copper-PGE Project, located 65km north of its flagship Prieska Copper-Zinc Project, held by two companies, Namaqua Nickel Mining (Pty) Ltd and Disawell (Pty) Ltd.
As a result, Orion will become 70% owner with Orion’s BEE partners, staff and employee trusts to hold an aggregate 30% interest in compliance with Mining Charter III.
The Jacomynspan Intrusive Complex has important characteristics in common with major global nickel-copper occurrences such as Voisey’s Bay, Kabanga and Nova-Bollinger.
An airborne electromagnetic (EM) and magnetic survey, with follow-up ground truthing, has identified several high-priority targets for follow up work.
The geophysical targets are centred around a maiden JORC Mineral Resource of 6.8Mt containing 39,480 tonnes of Ni, 22,800 tonnes of Cu and 1,800 tonnes of Co at a 0.4% Ni cut-off with grades of 0.57% Ni, 0.33% Cu and 0.30% Co, drilled between 1971 and 2012.
“This is a well-timed deal that simplifies the ownership and management structure of the Jacomynspan Project against the backdrop of surging global nickel, copper, PGE and zinc prices and a resurgence of global investor interest in exploration for these commodities,” Orion’s Managing Director and CEO, Errol Smart, commented.
“Through this transaction, we also welcome our Namaqua and Disawell joint venture partners as Orion shareholders, giving them exposure to our world-class exploration and development portfolio including the Prieska Copper-Zinc Project, for which we recently published an updated BFS demonstrating a compelling investment case.
“The Areachap Belt in the Namaqualand region of the Northern Cape, where Orion holds over 3,200km2 of Prospecting and Mining Rights, is superbly placed to become the focus of base metal exploration in South Africa.”
Jacomynspan Project
The Jacomynspan Project, located on the Namaqua and Disawell mining and prospecting rights, contains a significant intrusive-hosted, sulphide Ni-Cu-PGE Mineral Resource. Importantly, the Mineral Resource remains open along strike and down-dip, presenting a compelling exploration opportunity.
Since commencing exploration on the Joint Venture in 2017, Orion has identified high priority targets for potential massive sulphide, base metal mineralisation (refer ASX release 3 July 2018). Orion has identified these massive sulphide targets as having potential to host both intrusive sulphide Ni-Cu-PGE and also Volcanogenic Massive Sulphide (VMS) copper-zinc mineralisation, similar to Orion’s Prieska Copper-Zinc Project located 65km to the south, where Orion recently published an updated Bankable Feasibility Study (refer ASX release 26 May 2020).
Once field operations resume, Orion intends to drill test several geophysical targets with the potential to host concentrations of Type 2 sulphide mineralisation and potential large bodies of high tenor nickel.
