ORION METALS LIMITED (ASX: ORM)
ACTIVITIES REPORT FOR QUARTER ENDING 31st May 2020
EXPLORATION ACTIVITIES
No on-ground exploration activities were conducted at the Top Camp project during the reporting period, being Orion's only remaining exploration project.
A Tenements Sale Agreement was executed between PVW Resources NL (PVW) and Orion Metal's wholly-owned subsidiary, Rich Resources Investments Pty Ltd (RRI), in August 2019, under which RRI has agreed to sell the seven exploration tenements in the Tanami West Project for a total of $250,000.
PROJECT LOCATION MAP
Project Updates
TOP CAMP PROJECT
GOLD COPPER PROJECT 40 km south of Cloncurry, North Queensland ML 2764, ML 2785, ML 2786, ML 2792.
The Top Camp mining leases are all 100% Orion Metals Limited owned. No on-ground exploration was conducted during this period.
ORM considers there is an opportunity for an alluvial gold operation at Top Camp. The Project is considered prospective for IOCG (iron oxide copper gold) type deposits in addition to the alluvial gold potential.
A renewal application for ML 2764 has been lodged. Compensation agreements with landholders were lodged with Department of Natural Resources, Mines and Energy during the report period and ORM is now awaiting renewal approval.
TANAMI WEST PROJECT
RARE EARTH ELEMENT (REE) & GOLD PROJECT 200 km southeast of Halls Creek, WA
E80/4029, E80/4197, E80/4558, E80/4869, E80/4919, E80/4920, E80/4921.
Orion Metals has entered into a Tenements Sale Agreement with PVW's wholly-owned subsidiary, PVW Tanami Pty Ltd (PVW Tanami). Under the Tenements Sale Agreement RRI has agreed to sell its remaining 65% interest in the the seven exploration tenements in the Tanami West Project to PVW Tanami for a total of $250,000.
PVW are continuing the management and exploration of the Tanami West Project tenements whilst the Western Australian Department of Mines effects the transfer of the tenements to PVW Tanami due to the sale of the remaining interest in the project. During the transfer phase, Orion will continue to cooperate and work with PVW to ensure all tenements are kept in good standing.
PVW has continued discussions with the Kimberley Land Council and the Aboriginal traditional owners of the area, the Tjurabalan Native Title Land Aboriginal Corporation, in order to establish a formal heritage protection protocol and work through some of the historical access and heritage issues in this area. PVW hopes to be able to commence on-ground work on the project once some of these issues have been resolved.
The Tanami West Project stands at 107 sub-blocks, for 321 square kilometres, of highly prospective, under-explored REE and gold terrane. The Tanami region is being explored by several major gold mining companies, including Newcrest Mining, Northern Star Resources and St. Barbara. Newmont Mining have been operating in the Tanami region at the world-class Callie and Granites gold mines for several years. The region is widely acknowledged to be one of the most under-explored gold terranes in Australia.
TENEMENT SCHEDULE
ORM TENEMENT LIST at 31 May 2020 | ||||||
Tenement ID | Location | Registered Holder | Status | Granted Date | Expiry Date | Area (Sub-blocks) |
TANAMI WEST PROJECT - WA | ||||||
E80/4029 | Tanami Region, WA | RRI* 65% | Granted | 16/04/2009 | 15/04/2021 | 10 |
E80/4197 | Tanami Region, WA | RRI * 65% | Granted | 15/10/2009 | 14/10/2021 | 3 |
E80/4558 | Tanami Region, WA | RRI * 65% | Granted | 13/12/2012 | 12/12/2022 | 5 |
E80/4869 | Tanami Region, WA | RRI * 65% | Granted | 17/05/2016 | 16/05/2021 | 61 |
E80/4919 | Tanami Region, WA | RRI * 65% | Granted | 17/05/2016 | 16/05/2021 | 22 |
E80/4920 | Tanami Region, WA | RRI * 65% | Granted | 17/05/2016 | 16/05/2021 | 3 |
E80/4921 | Tanami Region, WA | RRI * 65% | Granted | 17/05/2016 | 16/05/2021 | 3 |
Tenement ID | Location | Registered Holder | Status | Granted Date | Expiry Date | Area (Hectares) |
TOP CAMP PROJECT - QLD | ||||||
ML 2764 | SSW of Cloncurry | ORM 100% | Granted | 19/01/1989 | 31/01/2020 | 103 |
ML 2785 | SSW of Cloncurry | ORM 100% | Granted | 6/02/1992 | 28/02/2022 | 129.2 |
ML 2786 | SSW of Cloncurry | ORM 100% | Granted | 15/02/1990 | 28/02/2021 | 70 |
ML 2792 | SSW of Cloncurry | ORM 100% | Granted | 6/02/1992 | 28/02/2022 | 103.5 |
* Rich Resources Investments Pty Ltd - wholly owned Subsidiary of Orion Metals Limited | ||||||
Ltd. Under the Tenement Sale Agreement Orion Metals wholly-owned subisdiary, Rich Resources Investments Pty Ltd (RRI) has agreed to sell RRI's 65% interest in the the seven exploration tenements in the Tanami West Project to PVW Resources for a total of $250,000. The transfer of the remaining 65% interest from RRI to PVW Resources is currently pending, awaiting finalisation by the WA DMIRS. |
Area
Competent Person Declaration. The information in this report that relates to Exploration Results is based on information compiled by Mr Robin Wilson, a part-time consultant to Orion Metals Limited, who is a member of the Australasian Institute of Mining and Metallurgy. Mr Wilson has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr Wilson consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
CORPORATE
Company Update
In August 2019 Directors entered into an Agreement for the sale of the group's remaining 65% interest in the Tanami West tenements for $250,000 as it was decided that this was in the best interests of Orion. Initial payment of $130,000 has been received by Orion and the balance of $120,000 will be received on completion of the transfer of the tenements, which will occur as soon as reasonably practical. In this regard, there has been some delay in transfer of tenements due to a change of legislation in Western Australia, the application of which the Office of State Revenue is currently interpreting. Also, one of the tenements requires completion of a heritage agreement before transfer can be effected.
There has been no further exploration/evaluation of the Company's other Projects during the reporting period.
Directors continue to investigate potential sources of funding or any joint venture opportunities to enable the Company to continue operations and carry out its exploration program at Top Camp.
The Company also continues to seek out any other potential good attractive assets to further increase value for the benefit of all shareholders.
Financial
The Company's Quarterly Cash Flow Report (Appendix 5B) details funds flow for the most recent reporting period and cash on hand at period-end. These funds will be supplemented over coming periods from receipt of the balance of the Tanami West tenements sale and from exercise of further options by Excellence Holdings HK Limited (EHHK). Payments to related parties of the entity and their associates during the period aggregated $11k and were for an executive Director's salary and statutory superannuation.
EHHK exercised 4,200,000 options on 25 May 2020 at 0.5¢ each to raise $21,000 cash for the Company's ongoing operations.
EHHK still holds 30,800,000 options which are exercisable at 0.5¢ each to raise up to a further $154,000 that will ensure continuity of corporate expenses and meet minimum tenement and exploration commitments over coming months as funds are required.
CORPORATE DIRECTORY
ORION METALS LIMITED
ASX Code: ORM ABN: 89 096 142 737
Issued Capital as at 31 May 2020 514,297,443 shares issued & listed 375 shareholders
Top 20 shareholders
Hold 99.01% of listed shares
Largest shareholders
Excellence Holdings HK Limited 71.79%
Conglin Group / Mr Conglin Yue 20.51%
Jien Mining Pty Ltd 4.48%
Board
Mr Yi Yang - Chairman
Mr Bo Wang - Director
Mr Feng Wu - Executive Director
Mr Bin Cai - Executive Director & CFO
Company Secretary
Mr Bill Lyne
Contact Details
35 Hamish Street, Calamvale, Queensland GPO Box 7115 Brisbane Qld 4001
Phone: 61 7 3272 1725
Email:admin@orionmetals.com.auwww.orionmetals.com.au
Quarterly Activities Report is authorised by the Board of Directors of Orion Metals Limited
Attachments
- Original document
- Permalink
Disclaimer
Orion Metals Limited published this content on 30 June 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 June 2020 02:58:06 UTC