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Orion Minerals managing director adds to shareholding, brings total to nearly 20 million shares

The company is shoring up its South African base metals-focused Prieska project with a bankable feasibility study.
Orion Minerals managing director adds to shareholding, brings total to nearly 20 million shares
Prieska was a historical copper mine that operated for 20 years until 1991

Orion Minerals Ltd (ASX:ORN) managing director & CEO Errol Smart has purchased 358,000 fully paid ordinary shares worth $10,001 in on-market trades.

The purchase increases Smart’s overall holding to 19,900,666 shares and 30 million options worth over $1.5 million.

Smart’s options are broken into three tranches of 10 million each, all expiring November 30, 2020 and exercisable at 2 cents, 3.5 cents and 5 cents, respectively.

READ: Orion Minerals puts in 131,000+ hours at Prieska mine ahead of March-April DFS

Orion is developing the Prieska Zinc-Copper Project in South Africa and expects to complete a bankable feasibility study in the June quarter of next year.

Recent assays from the final 17 intersections of a resource drilling program included thick, high-grade massive sulphides featuring 32 metres at 5.05% zinc, 1.7% copper, 0.3 g/t gold and 15.32 g/t silver.

Drilling also intersected a newly-identified gold-rich lens with intersections of 2.27 metres at 2.22 g/t gold, 2.8 metres at 2.4 g/t and 2.4 metres at 2.19 g/t.

This lens highlights the potential for additional mineralisation typical of volcanogenic massive sulphide (VMS) ore systems.

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