Shares spike as Orion ramps up resource confidence
Orion Minerals’ shares bolt higher as the company pushes two-thirds of its resources into higher confidence category
Orion Minerals shares closed more than 14% higher on Tuesday on news that it has converted about two-thirds of its Prieska zinc and copper resources to a higher-confidence category after a drilling campaign, pushing it closer to its bankable feasibility study. Orion, which plans to build a new mine and processing plant at the Prieska mine operated by Anglovaal Mining for two decades up to 1991, plans to release the study during the second quarter of 2019 and the latest report highlighting an improved confidence level in its resources spurred its shares higher.
Anglovaal generated 1-million tons of zinc and 430,000 tons of copper in concentrate from Prieska during a 20-year spell ending in 1991, leaving behind shaft infrastructure and a headgear that Orion plans to use to extract resources left unmined. Orion said it has converted 18.5-million tons of its 28.7-million tons of resources into the higher confidence level known as “indicated resources”. “This pivotal resource upgra...