Orion Gold Nl

Published : April 29th, 2016

Orion secures further exploration opportunity (29/4/16)

( 0 vote, 0/5 ) Print article
  Article Comments Comment this article Rating Follow Company  
Keywords :   Australia | Beryllium |

Orion secures further exploration opportunity (29/4/16)

Microsoft Word - 20160429 ORN ASX Masiqhame Agreement v4clean.docx

ASX Announcement / Media Release

29 April 2016

ASX Code: ORN Issued Capital:

Ordinary Shares: 421M Options: 91M

Directors: Denis Waddell


Errol Smart

Managing Director, CEO

Bill Oliver

Technical Director

Alexander Haller

Non-Executive Director

Management: Martin Bouwmeester

Company Secretary

Business Development Manager

Suite 2

64 Thomas Street West Perth WA 6005 ABN 76 098 939 274

T: +61 8 9485 2685

E: [email protected]

Orion secures further exploration opportunity 80 kilometres north of Prieska Copper Project


  • Under the agreement with Masiqhame, Orion can earn up to a 73% interest in Masiqhame.

  • Masiqhame holds a prospecting right over a large, highly prospective area located approximately 80 kilometres north of the Prieska Copper Project.

  • Known occurrences of sulphide copper-zinc and nickel are recorded on the prospecting right.

  • Prospective for VMS, SEDEX and mafic intrusive hosted base metal mineralisation, as well as lithium and rare earth element bearing pegmatite.

Orion Gold NL (ASX: ORN) is pleased to announce that it has signed a binding option agreement with Masiqhame Trading 855 Pty Ltd (Masiqhame) for Orion to earn up to a 73% interest in Masiqhame.

Orion has targeted the large Masiqhame prospecting right after analysing regional data which points to the potential for three significant styles of mineralisation.

The South African Council for Geoscience (SACG), in its 1998 Volume "Explanation: Metallogenic Sheets 2820 and 2920", indicates three metallogenic districts are represented on the Masiqhame prospecting right (Figure 1):

  1. Areachap - Copperton Metallogenic Province: Volcanic massive sulphide (VMS) and sedimentary exhalative deposits (SEDEX) Zinc - Copper mineralisation has been recorded along a volcano-sedimentary belt some 200 kilometres in length (Figure 2). Several massive sulphide occurrences are noted on the prospecting right, including some where copper and zinc are present (Figure 1). These have apparently been tested by drilling in the past, although no information is currently available. In addition, the SACG volume notes that at the Boksputs Prospect, only one sulphide body has formed a gossan and the remainder are blind to surface (page 27) increasing the potential for further bodies to be identified on the Masiqhame prospecting right.

    W: www.oriongold.com.au

  2. Jacomynspan Copper-Nickel Metallogenic District: Copper nickel mineralisation has been identified at a number of localities directly south of the prospecting right associated with mafic intrusive lithologies. The mineralisation, age, tectonic setting and metamorphic alteration of these mafic - ultramafic intrusive bodies are strongly analogous to what is encountered in the Fraser Range, Western Australia. The SACG volume quotes an undifferentiated resource of 114 million tonnes at 0.25% Nickel and 0.17% Copper(1) on the farm Jacomynspan (page 72). The known occurrences trend northward toward the Masiqhame prospecting right where the volume notes: "the presence of low tenor Cu, Ni, Co and Zn in graphitic and banded carbonaceous schist" and suggests that the strange metal assemble may represent leakage of nickel-copper mineralisation associated with an underlying intrusive body passing through the VMS / SEDEX Copper-Zinc mineralisation.

  3. The Orange River Pegmatite Belt contains recorded occurrences of pegmatites both north and south of the Masiqhame prospecting right, suggesting a trend through the prospecting right. To the south of the prospecting right the pegmatites are recorded to contain beryllium-columbite-tantalite with lithium mica and spodumene and in some cases small scale mining of these minerals has been noted.

Figure 1: Masiqhame prospecting right outline with known mineral occurrences. Source: South African Council for Geoscience.

  1. Note this resource should not be confused with a Mineral Resources as defined by the JORC Code. It is included here due to its public nature but is not JORC compliant and should not be treated as such by the reader.

    Figure 2: Regional magnetic map of the Areachap Belt showing the prospecting right currently under option to Orion and noted mineral occurrences as per published data from South African Council for Geoscience.

    A Compelling Exploration Opportunity

    The intersection of three metallogenic districts on one large prospecting right provides Orion with a unique opportunity to optimise its expertise in mafic intrusive exploration developed over the past three years in the Fraser Range, Western Australia and its experience exploring volcanogenic epithermal and VMS mineralisation.

    The indicated potential of Lithium- rare earth element pegmatites also gives Orion investors the added benefit of exposure to a new suite of minerals, currently in high demand.

    Exploration Strategy

    Orion will be compiling all available historic exploration data for the prospecting right area and analysing the data in context of modern exploration models. Orion is of the opinion that the intersection of the Nickel-Copper-Cobalt rich mafic intrusive rocks with high sulphur, base metal mineralisation in country rock could present unique conditions for massive sulphide mineralisation with high base metal tenor.

    The prospecting right area has very similar topography to that in the Fraser Range, with shallow sand and calcrete/gypsum cover obscuring most outcrop. Exploration techniques developed in the Fraser Range, including geophysics and geochemistry, have not been applied in this district and this presents a very important opportunity for Orion.

    Key Terms of the Term Sheet

    • Orion has the opportunity to earn up to a 73% interest in Masiqhame.

    • Masiqhame is a privately owned South African company with 100% Historically Disadvantaged South African ownership. Masiqhame is thus black economic empowerment (BEE) compliant from the outset and Orion will earn in to an incorporated joint venture, partnering with a BEE partner via Masiqhame.

    • Orion will have an exclusive option to undertake due diligence on the corporate entity and the prospecting right until no later than 30 September 2016 (Option), failing which the parties will be released from their obligations under the Term Sheet.

    • Following the successful completion of due diligence, should Orion elect to exercise the Option:

      • Orion will pay Masiqhame ZAR1,500,000 (A$130,000) to invest in new fully paid Masiqhame shares (Shares); and

      • Masiqhame will issue Orion with Masiqhame Shares which shall result in Orion being the holder of 50% of the total Shares on issue immediately following such issue of Shares.


    • At Completion, Orion shall have the right to appoint the majority of directors to the board of Masiqhame and shall be appointed manager and operator of the prospecting right;

    • Masiqhame will then apply the ZAR1,500,000 Orion has invested in Masiqhame Shares to execute an initial exploration program on the prospecting right.

    • Once Orion has earnt the initial 50% interest in Masiqhame through the issue of Masiqhame Shares to Orion, it can elect to increase its interest by a further 23% (to 73% in total) via:

      • provision of a shareholder loan to Masiqhame (Loan) on the following terms:

Read the rest of the article at www.publicnow.com
Data and Statistics for these countries : Australia | All
Gold and Silver Prices for these countries : Australia | All

Orion Gold Nl

ISIN : AU000000GDR8
Follow and Invest
Add to watch list Add to your portfolio Add or edit a note
Add Alert Add to Watchlists Add to Portfolio Add Note
Projects & res.
Asset profile
Contact Cpy

Orion Gold is a gold producing company based in Australia.

Orion Gold holds various exploration projects in Australia.

Its main exploration properties are WALHALLA and TUBAL CAIN in Australia.

Orion Gold is listed in Australia. Its market capitalisation is AU$ 14.3 millions as of today (US$ 10.3 millions, € 9.0 millions).

Its stock quote reached its highest recent level on December 24, 2010 at AU$ 1.12, and its lowest recent point on January 29, 2016 at AU$ 0.01.

Orion Gold has 792 419 968 shares outstanding.

Your feedback is appreciated, please leave a comment or rate this article.
Rate : Average note :0 (0 vote) View Top rated
Nominations of Orion Gold Nl
7/23/2008Appoints Managing Director
7/14/2008New Board Appointment and Market Update
1/31/2008Key Appointments - Production Team Builds
Project news of Orion Gold Nl
4/29/2016Orion secures further exploration opportunity (29/4/16)
5/23/2008(Tubal Cain)Maiden 274,000oz JORC Resource for Tubal Cain
3/14/2008(Walhalla) Eureka Delivers JORC Resource - Underpins Expanded Tubal Ca...
Corporate news of Orion Gold Nl
7/14/2016Orion Secures Highly Prospective Nickel Copper Project (14/0...
6/8/2016Drilling to commence at Key Gold and Zinc-Copper Projects (0...
5/2/2016Orion to sell non core tenement package for cash and options...
4/1/2016Appointment of Company Secretary (01/04/16)
2/1/2016Sale of Walhalla Project Mining Tenement (02/02/16)
1/20/2016Change in substantial holding (18/1/16)
12/29/2015Sale of Walhalla Project Mining Tenement (30/12/15)
12/3/2015Change in Director's Interest - 3Y's
12/3/2015Change in Director's Interests - 3Y's
12/3/2015Change in Director's Interest - 3Y
12/3/2015Appendix 3B
12/3/2015Drilling Confirms New Epithermal System at Chough Prospect (...
11/26/2015Results of AGM (26/11/15)
11/26/2015Breakaway Research Flash Note (26/11/15)
9/25/2015Full Year Statutory Accounts (25/09/15)
9/22/2015High grade surface samples from Veinglorious Prospect (22/09...
8/10/2015Sale of Mining Tenement at Walhalla Project (11/08/15)
8/3/2015Listed Option Expiry Notice (3/08/15)
8/3/2015Expiry of Unlisted Options (3/08/15)
7/31/2015June Quarterly Activities Report (31/07/15)
7/30/2015Funding Secured via Shareholder Loan Facilities (30/07/15)
7/13/2015Connors Arc Epithermal Potential Further Expanded (14/07/15)
4/26/2015Exploration Update - Connors Arc & Fraser Range
4/21/2015March Quarterly Activities Report
4/21/2015March Quarterly Cash Flow Report
3/22/2015Presentation - Exploration gathering momentum on two fronts
3/22/2015Breakaway Research Report
3/18/2015Connors Arc Project - Technical Briefing & Update
3/9/2015Key Exploration Programs Resume in QLD and Fraser Range
3/8/2015Half Year Accounts- December 2014
11/18/2014Ground EM Survey Commences at Pennor Nickel-Copper Prospect
11/5/2014Orion Closes in on Drill Targets at Connors Arc
11/5/2014Breakaway Issue Research Report
10/30/2014Entitlement Issue - Dispatch of Prospectus
10/28/2014Board Room Radio Webcast - Mr Errol Smart
1/4/2012ASX Announcement
12/21/2011ASX Announcement
11/25/2011ASX Announcement
9/30/2011ASX Announcement
8/24/2011ASX Announcement
5/3/2011ASX Announcement
3/20/2011ASX Announcement
4/30/2010Quarterly Report
9/10/2008announces A$6M convertible note loan facility.
8/25/2008Achieves Significant Milestone with Grant of Key Mining Lice...
7/31/2008June 2008 Quarterly Activities Report
7/29/2008 Announces Proposed Rights Issue
5/28/2008Corporate Office Relocation & Retirement of Managing Directo...
5/14/2008Goldstar Resources - Continuing Good Grades From Tubal Cain ...
4/29/2008Share Placement
4/24/2008Quarterly Activities Report - March 2008
4/7/2008Opes Prime
3/19/2008 Open Briefing. Goldstar Resources. Fast Tracking Tubal Cain
3/14/2008Launches Expanded Gold Strategy
Comments closed
Latest comment posted for this article
Be the first to comment
Add your comment
AU$ 0.018
10/12 11:00 -
Prev close Open
0.018 0.018
Low High
0.018 0.018
Year l/h YTD var.
0.012 -  0.022 20.00%
52 week l/h 52 week var.
0.012 -  0.022 5.88%
Volume 1 month var.
0 -%
24hGold TrendPower© : -31
Explores for Gold
Interactive chart Add to compare
Print Compare Export
Last updated on : 3/1/2010
You must be logged in to use the porfolio and watchlists (free)
Top Newsreleases
Annual variation
5 years chart
3 months chart
3 months volume chart
Mining Company News
Plymouth Minerals LTDPLH.AX
Plymouth Minerals Intersects Further High Grade Potash in Drilling at Banio Potash Project - Plannin
AU$ 0.12-8.00%Trend Power :
announces expected non-cash impairment
AU$ 7.62-0.13%Trend Power :
Oceana Gold(Au)OGC.AX
AU$ 2.20+0.00%Trend Power :
Western Areas NL(Au-Ni-Pl)WSA.AX
Advance Notice - Full Year Results Conference Call
AU$ 3.86+0.00%Trend Power :
Canadian Zinc(Ag-Au-Cu)CZN.TO
Reports Financial Results for Q2 and Provides Project Updates
CA$ 0.12+4.55%Trend Power :
Stornoway Diamond(Gems-Au-Ur)SWY.TO
Second Quarter Results
CA$ 0.02+100.00%Trend Power :
McEwen Mining(Cu-Le-Zn)MUX
US$ 7.27-0.68%Trend Power :
Rentech Announces Results for Second Quarter 2017
US$ 0.20-12.28%Trend Power :
Reduced Funding Requirement
GBX 0.67+6.35%Trend Power :
Lupaka Gold Corp.LPK.V
Lupaka Gold Receives First Tranche Under Amended Invicta Financing Agreement
CA$ 0.06+30.00%Trend Power :
Closes Bridge Loan Financing
CA$ 2.13-0.47%Trend Power :
Guyana Goldfields(Cu-Zn-Pa)GUY.TO
Reports Second Quarter 2017 Results and Maintains Production Guidance
CA$ 1.84+0.00%Trend Power :
Lundin Mining(Ag-Au-Cu)LUN.TO
d Share Capital and Voting Rights for Lundin Mining
CA$ 9.41-3.59%Trend Power :
Canarc Res.(Au)CCM.TO
Canarc Reports High Grade Gold in Surface Rock Samples at Fondaway Canyon, Nevada
CA$ 0.22+0.00%Trend Power :
Q A April 2017 Quarterly Report
AU$ 0.24-2.04%Trend Power :
Uranium Res.(Ur)URRE
Commences Lithium Exploration Drilling at the Columbus Basin Project
US$ 6.80-2.86%Trend Power :
Platinum Group Metals(Au-Cu-Gems)PTM.TO
Platinum Group Metals Ltd. Operational and Strategic Process ...
CA$ 1.44-4.64%Trend Power :
Devon Energy(Ngas-Oil)DVN
Announces $340 Million of Non-Core Asset Sales
US$ 46.69-0.13%Trend Power :
Precision Drilling(Oil)PD-UN.TO
Announces 2017Second Quarter Financial Results
CA$ 8.66-0.35%Trend Power :
2nd Quarter Report
AU$ 0.02+0.00%Trend Power :