Highlights

  • Orion Minerals reported a high-grade copper intercept at Flat Mine East within the Okiep Copper Project.
  • Drill hole OFMED157 returned 7.88 metres at 9.24% copper, including 3.33 metres at 17.12% copper.
  • The result confirmed earlier visual sulphide observations reported in May 2026.
  • OFMED157 is located 36 metres down-dip from previously reported high-grade mineralisation in OFMED154.
  • The company said the mineralised zone remains open at depth.
  • Follow-up drilling through hole OFMED158 is currently underway.
  • Orion’s Flat Mines deposits currently host a Mineral Resource of 10.0Mt at 1.3% copper.

Orion Minerals Ltd (ASX:ORN) has reported additional high-grade copper assay results from drilling at the Flat Mine East prospect within its Okiep Copper Project in South Africa, with the latest intercept supporting the company’s ongoing resource optimisation and expansion strategy.

The latest drilling results confirmed previously reported visual sulphide mineralisation and further strengthened Orion’s interpretation of a continuous high-grade copper zone extending through the Flat Mine East deposit. Management indicated that the mineralisation remains open at depth, with additional drilling already underway to test further extensions.

Orion Minerals shares closed flat at AUD 0.029 on 20 May 2026. Despite the unchanged session performance, the stock has gained considerable attention over the past year and remains significantly higher over a twelve-month period as investors continue monitoring developments across the Okiep Copper Project.

The Okiep Copper Project is located in South Africa’s Northern Cape Province and covers approximately 703 square kilometres across one of the country’s historically productive copper Mining districts. According to Orion, around 105 million tonnes have historically been mined within the broader Okiep district over the past century, including approximately 77 million tonnes sourced from areas currently covered by the company’s prospecting and mining rights.

Latest Assays Confirm High-Grade Copper Mineralisation

The newly released results relate to drill hole OFMED157, which was designed to evaluate an open section of the Flat Mine East resource model below previously identified high-grade mineralisation.

The hole returned an intercept of 7.88 metres grading 9.24% copper from 311.29 metres, including a higher-grade interval of 3.33 metres grading 17.12% copper from 315.84 metres.

According to the company, the mineralisation encountered in OFMED157 consisted of continuous norite-hosted copper sulphides, ranging from disseminated and blebby textures through to semi-massive and massive bornite-chalcopyrite veins.

Management stated that the latest intercept validated visual observations previously disclosed earlier in May 2026 and further demonstrated continuity within the mineralised system.

The company added that the results continue to support the scale potential of the Flat Mine East deposit, particularly given the zone remains open at depth.

Drilling Extends Previously Identified High-Grade Zone

Orion noted that the OFMED157 intersection is positioned approximately 36 metres down-dip from previously reported high-grade mineralisation in hole OFMED154.

Earlier drilling in OFMED154 returned 15 metres grading 4.80% copper from 248 metres and 9.27 metres grading 3.01% copper from 185 metres, within a broader interval of 78 metres grading 1.57% copper.

The latest drill hole is also located roughly 100 metres along strike from hole OFMED153, which previously intersected 49.35 metres grading 5.05% copper, including 21.66 metres grading 9.41% copper.

According to Orion, the consistency between these intersections supports the continuity of the high-grade mineralised zone and strengthens confidence in the broader geological interpretation at Flat Mine East.

The company stated that the latest intercept enhances understanding of structural controls associated with mafic host units, which may assist in prioritising future exploration targets and reducing exploration risk across the broader project area.

Follow-Up Drilling Already Underway

Following the latest assay results, Orion has prioritised additional drilling to test the down-dip extension of the newly identified high-grade zone.

The next drill hole, OFMED158, is currently underway and is targeting mineralisation immediately below the OFMED157 intercept.

Management indicated that the follow-up drilling has the potential to further expand the resource footprint beyond current boundaries if mineralisation continuity is confirmed at greater depths.

Additional assay results from the remainder of OFMED157, as well as other ongoing drilling activities, are still pending laboratory analysis.

Orion stated that these future results will continue contributing to its broader resource optimisation strategy for the Flat Mines area.

Flat Mines Resource Forms Part of Broader Okiep Development Strategy

The Flat Mines deposits currently host a combined Mineral Resource Estimate of 10.0 million tonnes grading 1.3% copper.

This includes resources across Flat Mine North, Flat Mine East, Flat Mine South and Flat Mine Nababeep.

Flat Mine East alone currently contains an Indicated Resource of 3.4 million tonnes grading 1.37% copper and an Inferred Resource of 1.0 million tonnes grading 1.0% copper.

The broader Flat Mines resource base includes:

  • Measured Resources of 440,000 tonnes at 1.13% copper.
    • Indicated Resources of 7.24 million tonnes at 1.30% copper.
    • Inferred Resources of 2.3 million tonnes at 1.30% copper.

All resources were reported using a 0.7% copper cut-off grade.

According to the company, the latest drilling campaign aims not only to validate historical drilling information but also to identify opportunities to expand known mineralisation beyond existing resource boundaries.

Management said the Flat Mines area represents a central component of Orion’s wider development strategy for the Okiep Copper Project.

Mining Right Covers Current Drilling Area

Orion confirmed that the current drilling program is being undertaken entirely within executed Mining Right NC10150MR.

The Mining Right is surrounded by granted prospecting rights that host several historical mines and previously drilled targets considered prospective for future resource growth.

The company noted that these surrounding prospecting areas may support additional mineral resource opportunities through future drilling campaigns.

Management also highlighted that the latest results help improve confidence in geological modelling and structural interpretations, supporting future targeting strategies across the project.

Historical Mining Region Continues to Attract Exploration Interest

The Okiep district has a long mining history and remains one of South Africa’s best-known copper-producing regions.

According to Orion, historic mining across the district produced approximately 105 million tonnes over more than 100 years of operation.

The company’s current ground holdings encompass much of the historical mining district and include several past-producing mines and exploration targets.

Orion believes the combination of historical mining infrastructure, existing geological knowledge and ongoing drilling success supports additional exploration upside across the broader project area.

Management Highlights Expansion Potential

Commenting on the latest results, Managing Director and CEO Tony Lennox stated that the recent drilling continued to demonstrate a clear pathway toward expanding the Flat Mine East resource.

He noted that the mineralisation remains open at depth and said the company is moving quickly to follow up the latest intercept through ongoing drilling.

Management also stated that the recent results reinforce the quality of the Flat Mines area and strengthen its importance within Orion’s broader Okiep development plans.

What This Means for Investors?

Orion Minerals’ latest drilling update continues to support the company’s resource optimisation strategy at Flat Mine East within the Okiep Copper Project.

The newly reported high-grade copper intercepts add further evidence regarding continuity within the mineralised system and suggest potential for future resource expansion below current boundaries.

Investors are likely to monitor results from the ongoing OFMED158 drill hole, along with pending assay results from other drilling activities, as Orion continues advancing exploration and development work across the Okiep district.

The ability to expand high-grade mineralisation at depth may also remain a key area of focus as the company progresses future resource updates and development planning.