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ORION MINERALS LIMITED - Drilling Commences on Highly Prospective Fraser Range Targets at IGO-ORN Joint Venture, Australia

Release Date: 05/08/2019 08:01
Code(s): ORN     PDF:  
 
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Drilling Commences on Highly Prospective Fraser Range Targets at IGO-ORN Joint Venture, 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”)

DRILLING COMMENCES ON HIGHLY PROSPECTIVE FRASER RANGE TARGETS AT IGO-ORN JOINT VENTURE,
AUSTRALIA

IGO commences drilling on the North West Passage Ni-Cu JV geophysical prospect.

Drilling will also test combined Ni-Cu Intrusive and Cu-Zn VMS targets identified at the Pike, Pike-Eye and Hook Prospects.

Multiple compelling drill targets defined at the Pike Prospect by Moving Loop Electromagnetic (MLEM) ground surveys.

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

“Through our Fraser Range joint venture with IGO, we have free-carried exposure to a first-class exploration
program being undertaken by IGO in one of Australia’s most prospective new mineral frontiers – one which has
remarkable similarities to our Areachap Belt Project area in South Africa.

We are delighted that IGO has commenced diamond drilling to test a number of compelling targets at the North
West Passage and Pike Prospects, which are prospective for both intrusive nickel-copper mineralisation similar to
IGO’s world-class Nova-Bollinger deposit and VMS-style copper-zinc mineralisation.

This drilling emphasises the often overlooked value in Orion’s Australian tenements, where we are partnered with
one of Australia’s leading base metal exploration and mining groups and hold a free-carried interest in an
extremely prospective tenement package.”

Orion Minerals Limited (ASX/JSE: ORN) (Orion or the Company) is pleased to advise that its joint venture partner in
the Fraser Range belt in Western Australia, Independence Group NL (IGO), has commenced diamond drilling to
test several highly prospective intrusive nickel-copper and VMS zinc-copper targets.

Drilling is currently underway at the North West Passage Prospect, part of the IGO - ORN joint venture (JV) on the
Fraser Range Belt (Figure 1, refer ASX release 10 March 2017).

The target was initially identified by Orion on tenement E39/1654 (IGO 60%, Creasy Group 30%, Orion 10%) in a
2014 VTEM survey (refer ASX release 3 February 2014). IGO subsequently commissioned a five-line moving loop
electromagnetic (MLEM) survey across the prospect in 2017. Modelling of data from this survey highlighted a
steeply-dipping conductor which is being targeted by diamond hole 19RAFRD1001, currently underway.

The drilling forms part of a larger exploration program across the northern part of the Fraser Range and it is
expected that, following completion of drilling at the North West Passage, drilling will move to the highly
prospective Pike Trend, located on tenement E28/2367 (IGO 70% : Orion 30%) during the latter part of 2019.

The Pike Trend comprises three distinct prospects called Pike, Pike-Eye and Hook, all of which are prospective for
both coincident Ni-Cu intrusive and Volcanogenic Massive Sulphide (VMS) Cu-Zn massive sulphide mineralisation.

Drilling will test four conductors identified by the MLEM survey on the southern half of a linear VMS trend. In addition,
a distinct gravity high at Pike-Eye represents a compelling Ni-Cu intrusive hosted target.

The combination of magmatic Ni-Cu and VMS Cu-Zn mineralisation in the Fraser Range is analogous to the
Areachap Belt in South Africa, where the Company drilled several massive sulphide intersections in 2018,
identifying both magmatic Ni-Cu and VMS-style Cu-Zn deposits which provide a strong growth pipeline around
the Company’s flagship Prieska Copper-Zinc Project.

Figure 1: IGO Priority EM targets in the Fraser Range, showing the locality of North West Passage and Pike Trend targets, where Orion has a Free-
carried Interest (refer Independence Group 31 July ASX release (Quarterly Activities Report) and 2 August 2019 release (Presentation)).

Investor Presentation at Diggers & Dealers
                                                                                                                                                
Orion’s Managing Director and CEO, Errol Smart, will be providing investors with an update on its Prieska Copper-
Zinc Project in South Africa and the IGO – ORN Joint Venture, at a luncheon presentation being hosted by Read
Corporate at the Diggers & Dealers Mining Forum in Kalgoorlie today.

Details of the presentation are provided below:
    -    When:              Monday, 5 August 2019
    -    Time:              12.30pm - 2.00pm
    -    Where:             Upstairs at the Palace Hotel

Investors who are attending the Conference and would like to attend this presentation, please contact Read
Corporate via email at info@readcorporate.com.au or call +61-8 9388 1474.

Errol Smart
Managing Director and CEO

5 August 2019

ENQUIRIES

Investors                             Media                                                            JSE Sponsor
Errol Smart – Managing                Nicholas Read                        Barnaby Hayward             Rick Irving
Director & CEO
Denis Waddell – Chairman              Read Corporate, Australia            Tavistock, UK               Merchantec Capital
T: +61 (0) 3 8080 7170                T: +61 (0) 419 929 046               T: +44 (0) 787 955 1355     T: +27 (0) 11 325 6363
E: info@orionminerals.com.au          E: nicholas@readcorporate.com.au     E: orion@tavistock.co.uk    E: rick@merchantec.co.za

Suite 617, 530 Little Collins Street
Melbourne, VIC, 3000

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 (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
      negligence).




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Date: 05/08/2019 08:01:00
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