- Orion Metals (ORM) has updated the market regarding exploration at its Australian projects for the period ending November 30
- Echoing the prior quarter, Orion undertook no on-ground exploration at its Top Camp Project in Queensland
- However, a renewal for mining lease 2786 has been lodged with the Department of Natural Resources, Mines and Energy
- Furthermore, the sale of the Tanami West Project in WA to PVW Tanami is nearing completion
- In August 2019, both companies entered a tenements sale agreement which will see Orion sell its 65 per cent interest in the project for $250,000
- The company has already received an initial $130,000 with the remaining $120,000 to be received upon completion of the transfer of the tenements
- Looking at its financials, Orion burnt $70,000 with the majority going towards administration, corporate and staff costs
- As of November 30 it had only $9000 left of available funding, representing 0.13 of a quarter left of use, however, the remaining $120,000 from PVW will boost Orion’s cash position
- Orion is steady on the market and shares have been trading at 2 cents since December 23
Orion Metals (ORM) has updated the market regarding exploration at its Australian projects for the period ending November 30.
Top Camp
Echoing the prior quarter, Orion undertook no on-ground exploration at its Top Camp Project in Queensland.
Despite this, the company considers there to be an opportunity for gold operations at the project which is considered prospective for iron-oxide copper-gold deposits.
Additionally, a renewal for mining lease (ML) 2786 has been lodged with the Department of Natural Resources, Mines and Energy.
This is progressing and once approved work can be undertaken for a further five years.
Tanami West
In August 2019, Orion entered a tenements sale agreement with PVW’s subsidiary, PVW Tanami, to sell its 65 per cent interest in seven exploration tenements at the Tanami West Project in WA for $250,000.
It consists of 321 square kilometres of highly prospective and underexplored rare earth element (REE) and gold mineralisation.
The region is currently being explored by the likes of Newcrest Mining and Northern Star Resources, and it is considered to be one of the most underexplored regions in Australia.
Orion has already received an initial $130,000 with the remaining $120,000 to be received upon completion of the transfer of the tenements.
Finances
Throughout the quarter, Orion burnt through $73,000 with the majority going towards administration, corporate and staff costs.
As of November 30 it had only $9000 in available funding, representing capital to sustain operations for just 0.13 of a quarter if spending levels remain the same.
However, Orion states that it will receive the remaining $120,000 from PVW soon, which will bolster its cash position.
Orion is steady on the market and shares have been trading at 2 cents since December 23.