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Orion Minerals (ASX: $ORN) acquires surface rights for New Okiep Mining Project

Orion Minerals reaches agreement for surface rights acquisition


Orion Minerals Ltd (ASX: $ORN) has successfully reached an agreement to access and acquire the surface ownership rights of properties owned by Mora Plase Proprietary Limited, enabling the company to proceed with crucial drilling activities for the Bankable Feasibility Study (BFS) on the Flat Mines deposits located in the Northern Cape, South Africa. The acquisition of 12,156 hectares of surface rights, including 5,687 hectares covering the New Okiep Mining Project area, paves the way for Orion to conduct essential drilling to provide additional resource classification geotechnical and metallurgical zonation information for the project.

Executive commentary on the surface rights acquisition


Orion's Managing Director and CEO, Errol Smart, emphasized the significance of the acquisition, stating, 'This is a very important milestone for the New Okiep Mining Project. As a result of this acquisition, Orion now finally has clear access and exclusive use of the surface rights without any conflict with the surface owner to facilitate the development of the Flat Mines Mining Project.' Smart further highlighted the implications of the acquisition, including the ability to undertake future extensional drilling of the known deposits and resource categorisation drilling, as well as the optimization of surface infrastructure location for the Flat Mines Project.

Summary of the surface rights acquisition and future outlook


Orion Minerals' successful acquisition of surface rights for the New Okiep Mining Project marks a pivotal milestone, enabling the company to proceed with essential drilling activities and finalize the Bankable Feasibility Study. The ownership of the surface area not only allows for the optimization of surface infrastructure but also facilitates ongoing Social and Labour Plan projects and renewable energy generation initiatives. With the drilling and test work program scheduled for completion in the current quarter and an externally reviewed optimized BFS expected to be released in June 2024, Orion is poised to enhance the data used in the study and progress its environmental and water right permitting over the Flat Mines and surrounding prospecting rights. The acquisition also presents significant upside potential for the expansion and extension of the Flat Mines Project, positioning Orion Minerals for future growth and development in the mining sector.

Sourcehttps://announcements.asx.com.au/asxpdf/20240123/pdf/05zncdg0j3pyn2.pdf

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