Orion Minerals Ltd. secured an option to acquire up to 73% of the highly prospective Masiqhame prospecting right near its Prieska copper-zinc project in South Africa.
Orion said Sept. 2 that its interest in Masiqhame Trading 855 Pty Ltd. will rise to 50% from 49% after the latter received ministerial consent to issue an additional 1% of its shares to Orion. Orion can acquire a further 23% stake by completing a feasibility study on any mineral project on the property.
The 980-square-kilometer Masiqhame tenement package contains the Kantienpan and Boksputs deposits, as well as several other copper-zinc occurrences.
Orion is seeking debt financing for up to 65% of the project's A$400 million price tag from South African government-sponsored finance agencies.
